[This article was archived on 4/18/2016.]
Yes, you have until April 18, 2016, to make up to a $5,500 ($6,500 if you were age 50 or older in 2015) tax-deductible contribution to a Traditional IRA for the 2015 tax year, if you qualify.1 For more information, visit the 2015 Contribution Limits.
You also have until April 18, 2016, to contribute to a Roth IRA for the 2015 tax year.2 Of course, you can contribute to an IRA for the 2016 tax year as well.
To contribute to your existing Mutual of America Traditional IRA or Roth IRA, both individual variable annuity contracts, log in to My Account today. Or to contribute to a new Traditional IRA or Roth IRA, visit the Individual Products section of our website to download an application. If you have questions, please contact your local Regional Office representative or call 1-800-468-3785.
1Contributions may not exceed 100% of your taxable compensation for the year if your compensation was less than these dollar limits. For more information, please visit the 2015 Contribution Limits.
2The Roth IRA does not provide up-front income tax deductions for contributions. All contributions are made on an after-tax basis. The Roth IRA provides the opportunity for tax-free investment earnings and tax-free distributions if qualified distributions are made.
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 or brochure and underlying funds prospectuses and summary prospectuses. Please read the contract prospectus or brochure and underlying fund prospectuses and summary prospectuses carefully before investing. The contract prospectus or brochure and underlying fund prospectuses and summary prospectuses can be obtained by mail or by calling 1-800-468-3785.
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.