Contributions & Withdrawals

Contributions
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. Our contracts assess 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 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.

Learn more about the Interest Account & Separate Account Investment Funds.

Before investing in our variable annuity contracts, you should consider the investment objectives, risks, charges and expenses (a contract fee, Separate Account expenses and Underlying Funds expenses) carefully. This and other information is contained in the contract prospectus and Underlying Funds prospectuses. Please read the prospectuses carefully before investing. The prospectuses can be obtained by mail or by calling 1-866-954-4321.

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 IRA by applicable tax law. You should carefully consider a variable annuity contract’s other features before making a decision. Form IRA-2004 or applicable state variation.


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