Retirement Plans

retirement plans

Building financial security for the future is just as important as protection for today. A 401(k) allows you to reserve money for retirement through pre-tax deductions from your paycheck and tax-deferred earnings.

Whether retirement is a lifetime away or right around the corner, Nextep's MassMutual retirement plans can help you achieve your retirement goals.

Retirement Plan Features
  • Excellent support with award-winning assistance
  • No quarterly participant fees and reduced asset management fees
  • RetireSmartSM helps participants plan for their retirement and assess their plan's health
  • Option to set automatic deferral increases
  • Plan sponsors have various options when setting up the company's plan parameters
  • Participants have the option to change elections anytime

Download a printable summary of the plan:
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How Much Do I Need to Retire?

How Much Do I Need to Retire?

One of the first questions most people ask when they’re considering how much to save for retirement is: How much money do I need to retire? Find Out!

Small Changes

Why Healthy Financial Habits are Essential

Our habits have a greater impact on our savings goals than we think. Without basic money skills, it’s easy to make poor...Learn More!

Type of Investor

What Type of Investor are You?

Building an investment strategy is an essential part of retirement planning. Your plan should reflect the kind of investor you are...Read More

Tradition vs. Roth

Traditional vs. Roth 401(k)

Do you think taxes will be higher or lower by the time you’re ready to retire? Find Out!

 

Answers to your questions

Questions? We have answers! Here are your most frequent retirement plan questions.

Q: How and when can I enroll?

A: Check your company's age and eligibility requirements. For more details on the plan and fund performance, contact Nextep's retirement plan experts.

Q: How often can I make changes?

A: You can make changes at anytime to your contribution amount, but it may not be immediately reflected on your paycheck. Administrative updates are done on a weekly basis, so your changes will be made as soon as possible. Fund allocations (how your money is invested) can be changed as frequently as you'd like online.

Q: What is the minimum deferral?

A: You may defer as little as 1% from each paycheck. Because financial emergencies happen, you can change your deferral to 0% at any time. When ready, you may resume deferrals on the first of the following month.

Q: When can I take funds out?

A: Withdrawals may happen at age 59 ½ or older, for loan or hardship, long-term disability or death, or upon termination of employment. Funds withdrawn early are subject to IRS taxation and penalties.

Q: How much do I need?

A: Calculating your retirement needs is a challenging and personal task. Get started here.

For more in-depth financial planning review MassMututal's financial goals calculator.

Q: What is a Roth 401(k)?

A: A Roth 401(k) works like a traditional plan, except funds are deducted after taxes. Because Roth 401(k) contributions have been taxed, qualified withdrawals at retirement are tax-free.

This calculator from MassMututal can help you determine which plan may be best for you.

Nextep's benefits department is here to help!

Do you have more questions about our benefits? Log in to your account and chat with us, call 888-811-5150, or submit your question here.