Is there an easier way to manage my retirement savings?
If you answer "yes" to any of the three questions in the box to the right, consolidating your retirement accounts into a Mutual of America Rollover IRA, a variable annuity contract, may make it easier to manage your retirement savings.
Whether you have more than one retirement account with previous employers or at other financial institutions, keeping track of your investment performance can be difficult. A Mutual of America Rollover IRA provides a convenient way to consolidate your assets into one contract, including a single consolidated statement—making it easier to review performance and map out your goals. You may even save money, as fewer accounts may result in lower account maintenance fees.
In addition, when you directly transfer your assets into a Mutual of America Rollover IRA, your money continues to grow tax-deferred until you withdraw it, typically at retirement.1 In contrast, if you take your retirement plan distribution in a check, wire transfer or direct deposit, 20% will automatically be deducted for current federal income taxes, and depending on your age, you may be required to pay an early withdrawal penalty.
Most important, when you open a Rollover IRA with Mutual of America, you'll continue to work with a company you can trust. Since 1945, Americans have turned to Mutual of America to help them plan for their retirement and meet their long-term financial objectives. Today, as in the past, Mutual of America remains financially strong and is rated among the strongest companies in the life insurance industry by the major independent rating agencies.2
Before rolling over funds from plans with other providers, you should review the accounts you have with them to determine the fees and expenses you currently pay and whether there are any surrender charges that may result and to ensure that it is in your best interest to roll over your other accounts to a Rollover IRA.
For more information about Mutual of America's Rollover IRA, contact one of our Rollover Specialists. They're licensed, salaried representatives who know the ins and outs of IRAs and are available to discuss your options.
1 Withdrawals are subject to income tax at your ordinary income tax rate at the time of withdrawal, and if made prior to age 59½, a 10% federal tax penalty.
2 While these ratings do not apply to the safety or investment performance of the Separate Account investment funds available under Mutual of America's products, they do reflect the Company's ability to fulfill its General Account obligations, which include its obligations under the Interest Accumulation Account, annuity purchase rate guarantees and annuity benefit payouts, as well as life insurance and disability income payments. Third party ratings are subject to change.
Before investing, you should carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying investment funds. This and other information is contained in the contract prospectus and underlying funds prospectuses and summary prospectuses. Please read the prospectuses and summary prospectuses carefully before investing. The prospectuses and summary prospectuses can be obtained by mail or by calling 1-800-468-3785.
Mutual of America’s Rollover IRA is an individual variable annuity contract and is suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment funds you choose. Upon redemption, you could receive more or less than the principal amount invested.
A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any Rollover IRA by applicable tax law. You should carefully consider a variable annuity contract’s other features before making a decision.