Getting Started
Securing your financial well-being is one of the most important things in life.
FAQs
Contribute to your employer-sponsored retirement savings plan to help begin building a secure financial future.
- It’s Easy: Your contributions are automatically deducted from your pay and deposited directly into your account — this way you aren’t tempted to spend the money because income you don’t see, you don’t spend.
- It Reduces Your Current Taxes: Depending on your plan, you may be able to contribute to your retirement savings plan account before taxes are taken out. That means you have the opportunity to put more money toward your retirement savings.
- It Grows Tax-Deferred: Pre-tax contributions and earnings are not subject to tax until funds are withdrawn from the plan.
- It’s Never Too Early: The younger you are, the longer you can take advantage of the power of tax-deferred contributing and compounding. Compounding is simply your money earning money.
- It’s Never Too Late: Even if you didn’t start early, you need not despair. If you’re over age 50, you may be eligible to make catch-up contributions.
- It’s Your Choice: You can decide how much you want to contribute, subject to plan limits and legal limits. Generally, you also have the ability to choose which funding options, with different levels of risk and potential returns, are right for your account allocation.
- Your Employer May Be Contributing As Well: Some employers make contributions to their employee retirement savings plans. Others make contributions based on your contributions to the plan — referred to as matching contributions. Refer to the plan documents or check with your employer to determine whether your employer makes contributions to the plan.
- Convenient Access to Your Account: You have the ability to keep track of your account by either logging onto the plan’s website or calling the toll-free phone number.
Now! When it comes to saving for retirement, time is your best friend. Over time, your money benefits from compounding — where you can earn growth on your earnings. If you haven't begun saving through your employer's retirement savings plan, it's wise to start right away.
The power of compounding can be impressive, but it takes time for it to do its work. If you wait, you may miss a great opportunity and have to make much larger annual contributions later to help reach your retirement savings goal. Don’t procrastinate! See how starting early impacts how much more you can save for the future.
Enrolling online in your retirement plan with EnrollNow is quick, easy and convenient.
Be Ready: Decide how much you want to start saving and how you want to invest your retirement savings. You’ll find videos and information on this website that can help you make informed retirement planning decisions.
Get Set: Have your Plan Number, Social Security Number and your beneficiary's Social Security Number handy.
EnrollNow: Visit metlife.com/enrollnow to enroll online now.
Watch this video to see how easy it is to enroll online.
When you save for retirement, you may be able to get money back, or reduce the amount owed when you file your federal income taxes. It comes in the form of a tax credit which is a dollar-for-dollar reduction in your tax bill.
The Saver’s Credit is available to individuals who are 18 years or older, not a full-time student and not claimed as a dependent on another person's tax return. Certain income limits apply. Rollover contributions (money that you moved from another retirement plan or IRA) are not eligible for the Saver’s Credit. Also, the amount of any contribution eligible for the credit may be reduced by certain taxable distributions received by the taxpayer and the taxpayer’s spouse, if filing jointly. To obtain the benefit of this credit, you must file a federal income tax return and use the credit to offset your other federal income taxes.
A beneficiary is a person, trust or entity you want to inherit your retirement savings. You can assign one or more beneficiaries to your retirement account. Naming a beneficiary will help ensure that your assets pass to the persons, trusts or entities that you want them to go to. If you are married, by default, your primary beneficiary is your spouse, unless your plan provides otherwise. Your spouse may need to consent to the designation of other beneficiaries. You can select alternate beneficiaries, if desired, should none of your primary beneficiaries survive you. Be ready with your beneficiary’s Social Security Number.
When it comes to retirement planning, we all know what saving is — putting your money away. But just as important is how to put your savings to work for you. Successful investing requires setting goals, evaluating the choices available, as well as understanding and managing risks. Learn the basics about mutual funds, stocks, bonds, asset allocation, and diversification.
To learn more about your risk-tolerance complete this questionnaire.
A target date fund invests in a set of underlying mutual funds with different investment styles which invest in different asset classes, such as stocks, bonds and cash. The "target date" refers to a potential retirement date or the date when you plan to begin withdrawing money. Typically, the investments within a target date fund are weighted more towards equities when the target date is far away and adjusts over time, so that it becomes more heavily weighted towards bonds as the target date approaches.
However, each target date fund determines its own mix of equities and bonds so that two funds with the same target date may have different asset allocations between equities and bonds, different investment strategies and different risk profiles. In addition, while the "target date" may align with your goal for withdrawing money, a particular fund's asset mix may not coincide with your risk tolerance and financial situation. You should consult the prospectus for the fund for more details before you decide to invest.
Risk-based portfolios are tailored to an investor’s level of risk tolerance. They feature a mix of different investment types and equity levels.
Source: https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-6
Employee-sponsored retirement plans benefit from dollar cost averaging. But what is dollar cost averaging? It’s the process of investing a set amount of money at regular intervals over a long period of time — regardless of the share price. This approach can potentially reduce the risk of investing a large amount in a single investment when the cost per share is inflated. Basically, you purchase more shares when prices are low and fewer shares when prices are high.
Dollar cost averaging is a good way to develop a disciplined investing habit and the process can be automated. If you set up regular, automatic contributions, you’re less likely to miss the money you invest, more likely to develop investing discipline, and more likely to stick to your plan. It can also reduce the anxiety of trying to time the market and minimize regret for an investor who tends to pull out of the market when it takes a dip — potentially causing an inopportune loss in profit.
After you've decided how much to contribute to your retirement savings plan, you need to choose where those dollars will be invested — this process is called asset allocation. Investors typically diversify by allocating certain percentages of their accounts to one or more of the three major asset classes: stocks, bonds, and cash equivalents. Each asset class has its own risk and return characteristics. Also, each asset class has a benchmark index, which tracks a particular group of funds that are representative of a market, as a way of measuring that market's performance.
The idea behind diversification is that each type of funding option has strengths and weaknesses in various market situations. By spreading your money among various types of investments and asset classes, you take advantage of their respective strengths without exposing all of your plan account to an investment in one concentrated area. While diversification through an asset allocation strategy is a useful technique that can help to manage overall portfolio risk and volatility, there is no certainty or assurance that a diversified portfolio will enhance overall return or outperform one that is not diversified.
An annuity is a long-term retirement savings vehicle specifically designed to help individuals save for retirement, providing them with a stream of retirement income that they cannot outlive. Guaranteed income payments can be set up to last for either a specific number of years or the rest of your life and can start right away or on a future date.
A variable annuity provides funding options you may choose from that have the potential to grow your retirement savings, depending on market performance. It may also offer other features (typically for an additional fee), such as a death benefit and the ability to make payments to an individual for the individual's lifetime. Additional separate account investment-related fees and expenses will apply to the selected funding options. Although a variable annuity may be an appropriate choice for some people as part of an overall retirement portfolio, it is not suitable for everyone. Please note that the account value is subject to market fluctuations and investment risk so that, when withdrawn, it may be worth more or less than its original value. Please read the prospectus for complete details before investing.
Alternatively, a fixed annuity is a type of annuity for individuals who desire a committed interest rate with no risk of market loss. It offers a guaranteed initial rate of interest for each contribution as defined in the contract. Upon the expiration of the initial interest rate, a new interest rate will be declared for that contribution. Fixed annuities are designed for long-term retirement savings and provide the opportunity to obtain a guaranteed stream of payments for life.
Annuities have two phases: the accumulation phase and the payout phase. Contributions as part of your employer-sponsored retirement savings plan are part of the accumulation phase. The payout phase begins when you take money from your employer-sponsored retirement savings plan. You may be offered a choice between a lump sum payment, installment distributions or systematic withdrawals, and a guaranteed stream of income — sometimes known as annuitization.
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