With 2022 inching closer, now is a good time to check in on the goals you set back in January and to take stock of how you’re tracking against them. If you haven’t achieved your retirement savings goals for 2021 yet, don’t despair! Remember, saving for retirement is a long-term journey, so whether your retirement is on the horizon or decades away, there are still many small steps you can take before we ring in the new year—and afterward—to stay on track with your long-term goals for retirement.
Increase your per-paycheck retirement contributions
- Consider bumping up your per-paycheck contributions for the last few paychecks of the year to bring you closer to your retirement goals.
Take advantage of catch-up contributions
- There are still a few paychecks left, so if you’re age 50 or older and have maxed out at the 2021 IRS contribution limit of $19,500 to your 401(k) or 403(b) retirement plan, you still have time in the next few weeks to make catch-up contributions of up to an additional $6,500 for 2021.
Revisit your asset allocation
- Quiz yourself with our Investment Questionnaire, which can help determine a potential asset class mix that corresponds with your investment objectives and tolerance for risk, going forward. From there, you may want to review and update your portfolio allocations accordingly ahead of 2022.*
Consolidate retirement assets from old employer(s)
- Take the first steps today to begin the process of rolling over your assets from your qualified retirement plan(s) to a Mutual of America Rollover IRA, a variable annuity contract. Before making a transfer, it’s important to review any fees and expenses associated with your current account(s), and if there are any surrender charges that may result, to ensure it’s in your best interest to roll over these accounts to an IRA.
About the Author
Brian Ross joined Mutual of America in 2018 and has 14 years of experience in the retirement services industry. Mr. Ross is a Chartered Retirement Plan Specialist, has completed FINRA Series 7 and Series 63 requirements, and holds applicable insurance licenses in New Jersey and New York. Mr. Ross is responsible for providing the day-to-day delivery of services to Mutual of America clients and their plan participants, including plan design and amendment consultations, administrative support, and employee education oversight. In his role, Mr. Ross monitors regulatory and legislative changes impacting the retirement industry, as well as ongoing trends and initiatives, in order to deliver the best possible retirement solutions to Mutual of America clients.