| A Traditional IRA is a personal retirement account into which you may contribute a specified amount each year. The contributions may be tax-deductible for that year. The interest earned on the contributions is not taxed until withdrawn, usually at the time of retirement.
- A Traditional IRA may be suitable for people who are not participating in a qualified retirement plan.
- There are set income guidelines for deductibility. With a Traditional IRA, if your income falls outside these guidelines, you may want to consider a Roth IRA.
- A Traditional IRA can provide a tax deduction during the year that funds are contributed. It is most favorable if you expect your income-tax bracket to be lower at retirement.
- If you are employed or self-employed, you and your working spouse may contribute to a Traditional IRA each year.
|
- Expanded income limits allow more people who participate in an employer-sponsored retirement plan to deduct all or part of their IRA contributions from federal income taxes.
- You can make non-deductible contributions regardless of income level, even if you have a qualified plan at work.
- If one spouse participates in a qualified retirement plan and the joint income limit is not exceeded, the non-participating spouse can still have a deductible IRA.
- Penalty-free withdrawals can be taken for first-time home purchases and qualifying educational expenses before age 59½.
|
|
|  |
 |
For additional information regarding Farm Bureau's products and services, please contact your local registered representative using the
Agent Locator . |
|
|
IMPORTANT: The information and material contained on this Web site is not an offer to sell or a solicitation to buy any security or any insurance product in any jurisdiction. No security or other insurance product is offered or will be sold in any jurisdiction in which such offer or solicitation purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction. Not all products are available in all states. Exclusions, limitations and reductions may apply. This Web site briefly highlights Farm Bureau's insurance policies and their benefits. The contract is contained only in the policy. Farm Bureau products are offered by Farm Bureau agents -- for more information about any Farm Bureau product, please contact your local agent or nearest office using the Agent Locator.
Agent must be a registered representative of EquiTrust Marketing Services, LLC to discuss mutual funds or variable products.
There are various income limits and other requirements necessary to qualify for some of the tax-savings benefits of all IRAs. See your Farm Bureau representative and tax adviser for information regarding your particular situation.
Life insurance and annuity products offered through Farm Bureau Life Insurance Company+/West Des Moines, IA
|
Back to Retirement Funding
