FAQ
How do I open My Ami IRA?
To open an account, click the Create your Account link and/or follow the instructions to enter the requested information.
- Enter your identifying information;
- Enter your beneficiary information (you will need Social Security numbers, addresses, and dates of birth for beneficiaries), or you can skip this section and enter it at another time;
- Identify where the money is coming from to fund the account; and
- Customize your account security information.
You will then be prompted to log into your account and electronically sign account documents.
Once money arrives in your account, you will receive an email prompting you to login and customize your investments.
Should I open a Traditional IRA or Roth IRA?
This is an important, complex question with tax consequences now and in retirement. You may want to contact your tax advisor for clarification to ensure you achieve your tax and retirement savings goals.
If you are making contributions to My Ami IRA:
The primary difference between Traditional IRAs and Roth IRAs is when you pay tax on your savings. A Traditional IRA allows you to make tax-deductible contributions, which means you aren’t paying income tax on the amount you put into a Traditional IRA. You’ll pay tax on your contributions and investment growth when you withdraw money from the IRA. Roth IRA contributions, on the other hand, are not tax-deductible. But you can withdraw your contributions tax-free at any time, and if you have a Roth IRA for at least five years and wait to withdraw your investment earnings until you are at least 59½, you’ll never have to pay tax on the investment growth in a Roth IRA.
If you are moving money from another retirement account to your My Ami IRA:
If you are moving money from an existing IRA, you will generally want to select the same type as My Ami IRA. For example, if you are moving money from a Traditional IRA, open a Traditional IRA. Roth IRA assets may only go to another Roth IRA.
If you are moving money from a retirement plan (like a 401(k) plan), and your account consists of your and/or your employer’s pre-tax contributions, you can open a Traditional IRA to receive that money. (“Pre-tax” contributions are made when your 401(k) plan contributions reduce your taxable wages and/or the employer made contributions to your account such as matching contributions.) If you made after-tax contributions to a Roth account in an employer plan (no reduction to your taxable income), open a Roth IRA to receive that money.
You may also move pre-tax money in an IRA or retirement plan to a Roth IRA, but this is a taxable event for which you may want professional tax advice.
How will my money be invested?
When your money arrives, it will be invested in for no additional fee, and you will be prompted by email to log into your account and review the initial investment allocation. If you want to change that allocation, go to Investments on the left-hand side and select Edit Investment Strategy. You then have two options:
- Ongoing Professional Advice – Receive customized advice on your portfolio by selecting the managed account service offered through Morningstar® Retirement ManagerSM. Select Morningstar here to initiate the customized advice process. After completing a questionnaire, you can either accept or reject the advice you receive. If you accept the advice, your account will automatically be allocated to the new investment selections.
- Do-It-Yourself – Direct the investment of your account into any of the diversified investment options offered by the My Ami IRA Program by selecting Change Strategy. You can change your allocations as you see fit.
We recommend you log into My Ami IRA periodically to review your investment allocation to help ensure you stay on track to meet your goals.
How do I access My Ami IRA?
You can access your account securely online 24 hours a day, 7 days a week by logging in with the Username and Password you established when creating the account.
What if I forget my password?
Go to the login screen and select Forgot Username/Password. Your username and a new password will be sent to your email address.
Can I add money to my IRA account?
Absolutely. To add to your account simply log in, select Add/Remove Money, then select Contribution. From there, just follow the instructions. Contributions can be a transfer from another IRA, a rollover from a retirement plan, or a cash contribution directly from your bank account.
Do I need to select a beneficiary?
We recommend naming a beneficiary(ies) as soon as possible, knowing you can always make changes. By naming a beneficiary for your account, you ensure that upon your death your remaining IRA assets will pass directly to the person (or entity) you intended. If you do not name a beneficiary, your named beneficiaries do not survive you, or we cannot locate your beneficiaries after a reasonable search, the account will be paid in the following order of priority to your (i) surviving spouse; (ii) children, including adopted children in equal shares (and if a child is not living, that child’s share will be distributed to that child’s living descendants; (iii) surviving parents, in equal shares; or (iv) estate. Note that the beneficiary(ies) or executor of the estate will be required to provide a copy of a death certificate to start the process.
How can I withdraw funds from My Ami IRA?
You always have full control of your account. However, when you choose to withdraw money from an IRA, or another qualified retirement account, you may be subject to taxation and potential penalties depending on the type of IRA and your age.
The easiest way to exercise any of your withdrawal options is to log into your account, select Add/Remove, and select Distribution. Then complete and eSign an online distribution request.
Note that upon completion of the process, funds may take up to 10 business days to arrive at your requested location.