Tax advantages in retirement
Why a Roth IRA?
While contributions to a Roth IRA aren’t tax-deductible, earnings grow tax-deferred and can be withdrawn penalty- and tax-free in two ways: after you’re 59 ½ years old;1 or if you’ve owned your account for at least five years and are purchasing a first home, paying for college or experiencing other qualifying life events.2
A Roth IRA is right for you if you're interested in tax-free withdrawals.
A Roth IRA may help ease your tax burden in retirement, if you expect to retire and move into a higher tax bracket.
Advantages of an Amica Life Roth IRA
- Avoid additional fees – An Amica Life deferred IRA has no front-end sales charges, service fees or annual administrative costs.
- Tax-deferred growth – With a Roth IRA, you could earn more than in a taxable account with the same interest rate.
- Proven steady performance – Amica Life’s conservative investment portfolio has consistently resulted in a competitive yield with minimal risk.
- Competitive fixed interest rates – Earn regardless of market or economic conditions.
- Flexible payout choices – You choose a plan for receiving your money or the maturity date that best fits your lifestyle.
- Stability – Amica Life has received an A+ (Superior) rating from AM Best,3 a leading authority on insurance company financial stability.
- No age contribution limits – Your eligibility to make a Roth IRA contribution depends on your (and, if applicable, your spouse’s) filing status, as allowed by the IRS, and modified adjusted gross income.
- Contribution limits – Roth IRA contribution limits for tax year 2023 for you and your spouse are $6,500 per person. Please note that there are IRS income requirements that also apply to Roth IRAs.
- Catch-up provision – For tax year 2023, individuals ages 50 and over with earned income can make an additional catch-up contribution of $1,000 per person.
Planning your retirement doesn’t have to be complicated. Let’s talk.
and speak with an Amica Life annuity specialist today.
Not available in all states. Before purchase of an IRA, you should consult with a tax advisor to ensure that you have selected the best options for your retirement. Guaranteed returns are based on the claims-paying rating of your insurer. Fixed annuities are not insured or guaranteed by any agency that insures deposits.
1 Subject to additional distribution requirements.
2 Withdrawals up to $10,000 may be made after 5 years and if certain special criteria are met.
3 AM Best Company, Feb. 8, 2023.