Rollover IRA Contributions, Withdrawals & Retirement Income Options
ContributionsContributions can be made by check, or you can authorize debits from your bank account directly into your Rollover IRA. Learn more about Automatic Contributions. Withdrawals You can withdraw some or all of your Traditional IRA account balance subject to any applicable taxes. Mutual of America imposes no withdrawal charge. There is a contract fee (unless you elect to receive documents electronically), and investments in the Separate Account investment funds are subject to Separate Account charges and underlying funds investment management fees and expenses. 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.
What are your payment options?When you are ready to start receiving benefit payments from your account, you have the following options:
- Specified Payments Option (SPO) - This option allows you to receive regular monthly payments from your account. The SPO payment amount ($100 minimum) can be changed or stopped at any time.
- Annuity - All forms of annuities available under the plan provide a monthly benefit to you for life. The amount of your monthly annuity income will depend on the annuity you select. You may start receiving annuity payments as early as age 55.
- Single Sum - You may withdraw your account balance in a single sum.
Mutual of America's IRAs are individual variable annuity contracts and are 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 qualified retirement plan or IRA by applicable tax law. You should consider a variable annuity contract’s other features before making a decision.Form IRA-2004 or applicable state variation.