You don’t have to be an expert to take a more active role in managing your Metro-ILA IAR account. The key to retirement planning is making sure you’ll have enough money to live once you stop working. Taking charge of how your account is invested may mean the difference between having enough money just to get by when you retire, or having enough money to live the way you want to live!
Here are a few tips on getting started:
1. Take MassMutual’s “Investor Profile Quiz” right here on our website. In only 10 minutes, you can find out what your investment strategy is and suggestions on how to customize your account with the various fund choices available through MassMutual. Just answer the 9 questions on the quiz and click to calculate your score. This score will tell you, based on your answers, if your investment strategy is: Short-term, Conservative, Moderate, Aggressive, or Ultra-Aggressive.
2. Develop a Custom Portfolio: After seeing the results of the Investor Profile Quiz, click on “Choose a Custom Portfolio” to the right of your quiz score. This will take you to a chart that lists all the Investment Options available under the Plan. And, you can also see an example of how to allocate your account into the various Investment choices based upon your personal investment strategy. Your I.A.R. plan offers many investment choices. Keep it simple. You probably don’t need them all.
3. Consider Making Changes to your Account Based Upon the Custom Portfolio You Develop in Step #2. To do this you need to access your account. You can do so either by phone at 1-800-743-5274 or online at www.massmutual.com/retire. It’s important to stay on top of your account. Access it periodically to check your account balances, review investment performance, change your investment selections, transfer assets, and monitor employer contributions.
4. Changes Over Time. Once you choose investments, market fluctuations can change your asset allocation. For example, let’s say you originally allocated 60% to stocks and 40% to bonds or cash. If stock prices rose significantly, your allocation may have become 70% stocks and 30% bonds/cash. If you wanted to maintain your target 60/40 balance, you should rebalance your investments back to your original allocation. MassMutual offers an automatic rebalancing feature to help keep your investment strategy on track. If you’re interested in this feature, just log on to www.massmutual.com/retire and under “My Account” choose “Investment Selection”.
5. Review Your Progress and Consider Adjusting Your Investment Strategy as Your Needs Change. Consider changing your investments if: your marital status changes, you have children, or if your health changes. You can always take the Investor Profile Quiz again to see if your investment strategy has changed.
We hope these tips encourage you to take a more hands-on role regarding your Metro-ILA I.A.R. account with MassMutual. We can’t give you investment advice, but we’ll certainly try to offer some effective tools you can use as you make important decisions about your financial future.