SunAmerica Traditional IRA

(Individual Retirement Account)

About the Plan

A Traditional IRA is a retirement plan for individuals looking for a tax deduction on their contribution and expecting to be in a lower 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

  • Individual tax-deferred investing
  • Contributions are 100% discretionary
  • Accepts rollovers from other retirement plans to maintain their tax-deferred status
  • Minimal record keeping and reporting requirements
  • Low administrative costs

Eligibility Requirements

Individuals under age 70½ with earned income are eligible to contribute.

Establishment and Funding

The Traditional 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 Tax Deductions

Contributions are tax-deductible if neither spouse participates in a company sponsored plan. Otherwise, contributions are fully tax-deductible for adjusted gross income (AGI) up to $98,000 ($61,000 for single filers) and phase out when AGI exceeds $118,000 ($71,000 for single filers).

 

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.