Basics
Save for retirement with a MetLife IRA
Contributing to an IRA—or Individual Retirement Account—is a great way to supplement your 401k (or other employer-sponsored retirement plan) if you have one; if you don't, an IRA can be key to your retirement savings efforts. Like many employer-sponsored retirement savings plans, an IRA can offer valuable tax advantages, such as tax-deductible contributions and tax-deferred growth of your savings.
An IRA makes sense for you if you want to:
- Help secure your retirement with tax-advantaged savings
- Save more than the maximum allowed by your company-sponsored retirement savings plan
- Have the flexibility to invest in a range of financial products
MetLife offers several IRA strategies and products that can help you build up your retirement savings.
Consider any of the following products for your IRA:
Details
Make your money work harder with a tax-advantaged IRA
There are two primary types of IRA accounts: traditional and Roth IRAs. But which one makes the most sense for you? The answer is as individual as you are.
Learn more about traditional and Roth IRAs—and how to choose between them—by downloading our brochure, Understanding IRAs.
A traditional IRA offers both tax benefits and investment flexibility. In fact, you can allocate your assets among a wide variety of investment choices based on your financial objectives, time horizon, and risk tolerance. And no matter what investment you choose, they will grow tax-deferred. In other words, you don't have to pay taxes on your earnings until you make withdrawals*—a significant benefit that can help your money grow faster.
For many individuals, contributions to a Traditional IRA may also be tax-deductible. Deductibility depends on whether or not you are an active participant in a company-sponsored retirement plan, and your Adjusted Gross Income.
Compare traditional and Roth IRAs
*Withdrawals from a Traditional IRA are generally subject to ordinary income taxes and, if taken prior to age 59½, an additional 10% penalty.
Like Traditional IRAs. Roth IRAs offer tax-deferred accumulation. Unlike Traditional IRAs, however, Roth IRAs offer tax-free distributions at retirement if your account has been open for 5 years and you are over the age of 59½.* Contributions, however, are not tax deductible. In order to contribute to a Roth IRA, your Adjusted Gross Income must be below certain limits.
Compare traditional and Roth IRAs
*Withdrawals of earnings in a Roth IRA prior to age 59½ are generally subject to ordinary income taxes and an additional 10% penalty.
A spouse who has little or no earned income can still have an IRA. Here's how it works: a married couple can contribute to two IRAs—one for each spouse—each up to the limit for an individual. All that's required is that 1) the couple's combined earned income is at least as much as the total contribution to both IRAs and 2) the couple file jointly in the tax year for which the contributions are made.
When you retire or change jobs, one option you have is to roll the money from your employer's retirement plan into an IRA. By doing so, you can keep your retirement nest egg growing tax-deferred until you need it.
When you roll over your money it's important to follow the rules that govern rollovers, both to preserve tax deferral and for other reasons as well. A MetLife representative can help you make sure your rollover goes smoothly.
Contact a MetLife representative
Learn more about rollover opportunities by downloading our brochure, Understanding your Retirement Plan Choices.
The Stretch IRA strategy is a way to pass more of your IRA assets to your loved ones—when you don't need those assets to meet your own retirement income needs. By keeping required distributions to a minimum during your life, you can maximize tax-deferred growth during your lifetime and provide an opportunity for a tax-deferred legacy for your beneficiaries.
Learn more about the Stretch IRA strategy by downloading our brochure, Stretch your IRA Distributions.
MetLife offers a full range of products that can be used for your IRA. The table below summarizes some key differentiating characteristics. Click on the link to learn more about a particular product or speak with your MetLife Representative for guidance.
Comparing Different Investment Options for your IRA
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Note: an IRA can not hold life insurance policies or collectibles.
*Tax deferral is one major reason why people buy deferred annuities. Many people also use deferred annuities for their IRAs because they value the benefits and features of annuities. But keep in mind that IRAs are already tax-deferred; an annuity doesn’t add any additional tax benefit to an IRA.
A MetLife Representative can help you determine which IRA is right for you, and get you started.
1 All product guarantees are based on the financial strength and claims paying ability of the issuing insurance company.
Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. Federal Tax Advice contained in this website (including any links) is not intended to (and cannot) be used by anyone to avoid IRS penalties. It is intended to support the sale of retirement savings products. Our customers should seek advice based on their particular circumstances from an independent tax advisor.
MetLife, its agents, and representatives may not give legal or tax advice. Any discussion of taxes herein or related to this document is for general information purposes only and does not purport to be complete or cover every situation. Tax law is subject to interpretation and legislative change. Tax results and the appropriateness of any product for any specific taxpayer may vary depending on the facts and circumstances.
Mutual funds and variable annuities, are offered by prospectus only which is available from you registered representative. The prospectus contains information about the product's features, risks, charges and expenses, and the investment objectives, risks and policies of the underlying portfolios, as well as other information about the underlying funding choices. Read the prospectus and consider this and other information carefully before you invest. Product availability and features may vary by state.
Annuities issued by Metropolitan Life Insurance Company, New York, NY 10166. Securities products offered through MetLife Securities Corp., (member FINRA/SIPC), 200 Park Avenue, New York, NY 10166. Banking products offered by MetLife Bank, N.A., Member FDIC. The other products offered by affiliates of MetLife Bank are not FDIC insured, not a MetLife Bank obligation or guaranteed by MetLife Bank, are subject to investment risk, including possible loss of principal. Metropolitan Life Insurance Company, MetLife Securities, Inc. and MetLife Bank are MetLife companies.
