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Setting up a 403B-Mutual of America

qlinyear

I recently started contributing to my employer's retirement plan. I have a 403B with Mutual of America. I am having difficulty setting it up in Quicken.

When I add a 401k/403b account, Mutual of America is not included in among the financial institution options so I select "Advanced Setup." I then select "Enter My Transactions Manually." I name the account and enter my employer. I select "No" to the question "Do I know how many shares of each security I own?" Then it asks to enter each security along with a "Ticker*"

This is where I get lost. When I enrolled in my 403B I selected "Mutual of America 2030 Retirement Fund" as my fund. This fund does have a unit value and when I log into Mutual of America I can see the number of units that I have.

Are units the same as shares? I confused how to set this up and manually enter transactions in my 403B account in Quicken.

Thanks.

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Accepted answers

Jim_Harman

How best to set up your retirement account in Quicken depends on your goals.

If you want to track the performance of the investments with 100% accuracy, you will have to enter or download all the transactions, including your contributions and the shares or units purchased, and keep the unit prices up to date.

If you just care about the balance, you could simply enter a cash balance adjustment to match each statement.

There are other options between these extremes .

All comments

Jim_Harman

Yes, units are like shares. They vary in value and each time you contribute, you purchase some of them. One difference is that because they are not publicly traded, Quicken can't download the prices.

NotACPA

@qlinyear You should also be told that your QW2016 is going to lose ALL ability to download on 4/30/19, approximately 3.5 years after it was first released.

qlinyear

Thank you @Jim_Harman. What is your suggestion for using Quicken with my retirement fund? Is it worth it to use Quicken to track my retirement fund? I'm assuming that if I do use Quicken to track my retirement fund I would enter each transaction manually? For example would I enter 2/1/2019 2030 Mutual of America-Employee Contribution $20.35? Or would I enter 2/1/2019 2030 Mutual of America-Employee Contribution and the number of units along with the unit value to arrive at the amount? Or is this manual entry worth the effort? Thanks so much.

Jim_Harman