SASS has a built-in rgba() function to evaluate values.
rgba($color, $alpha)
E.g.
rgba(#00aaff, 0.5) => rgba(0, 170, 255, 0.5)
An example using your own variables:
$my-color: #00aaff;
$my-opacity: 0.5;
.my-element {
color: rgba($my-color, $my-opacity);
}
Outputs:
.my-element {
color: rgba(0, 170, 255, 0.5);
}