IRA Contributions, Withdrawals & Retirement Income Options


Contributions can be made by check, or you can authorize debits from your bank account directly into your IRA. Learn more about contribution limits. 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 if I want to roll over money from another retirement plan? When you leave your employer to retire or change jobs you may be able to roll your retirement plan savings to a Mutual of America IRA. If you receive a distribution from an IRA, a qualified pension or profit-sharing plan or a tax-deferred annuity plan, you may be able to roll over the distribution to a Mutual of America IRA. Provided the rollover is made within 60 days of the distribution, it will not be currently taxable. Distributions not handled by means of a direct rollover to a Traditional IRA are subject to mandatory 20% federal tax withholding. For more information about rolling over to a new Traditional IRA, refer to the Rollover IRA.

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 offers a variety of options for withdrawing your money based on your specific needs for retirement income. Learn more about Turning Your Retirement Savings into Retirement Income. Our Participant Account Representatives and Rollover Specialists can help you review your savings and investment options and help you to choose how and when to receive your retirement income. Learn more about the Interest Account & Separate Account Investment Funds.
You should consider the investment objectives, risks, and charges and expenses of the variable annuity contract and the underlying investment funds carefully before investing. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses, which can be obtained by calling 800.468.3785 or visiting Read them carefully before investing.

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.

Individual Product