SunAmerica Roth IRA

(Roth Individual Retirement Account)

About the Plan

A Roth IRA is a retirement plan for individuals who are not eligible for a deduction for contributions into a Traditional IRA and are seeking long term tax advantages. These individuals may be expecting to be in a higher tax bracket in retirement than now. This plan is an ideal vehicle for investors to save outside of their employer-sponsored plan.

Key Plan Benefits

  • Tax free growth and earnings
  • Contributions are 100% discretionary
  • No Required Minimum Distributions (RMD)
  • No age limit to contribute
  • May be used to simplify tax/estate planning
  • Minimal record keeping and reporting requirements
  • Low administrative costs

Eligibility Requirements

Individual filers earning less than $131,000 and joint filers earning less than $193,000 are eligible to contribute.

Establishment and Funding

The Roth IRA must be established and funded by the individual’s tax return due date without extension. Contributions can vary by year. Minimum initial contribution is $250 per fund.

Contribution Limits

An individual may contribute up to $5,500 ($6,500 for individuals age 50 or older).

Income Limits for Contribution Eligibility

Allowable contribution may be modified depending on income.
For single filers: Up to $116,000 (to qualify for a full contribution); $116,000 - $131,000 (partial contribution). Not eligible to contribute when income is above $131,000.
For joint filers: Up to $183,000 (to qualify for a full contribution); $183,000 - $193,000 (partial contribution). Not eligible to contribute when income is above $193,000.

 

Contact your Financial Representative or call the SunAmerica Retirement Plans Group at 800.858.8850 x6010 or Contact Us.

PLEASE NOTE: None of the information in this website should be considered legal and tax advice. You should consult your legal or tax advisers for information concerning your own specific tax situation. The forms and numbers shown in this website are for illustrative purposes only.