Retirement planning for all of life's stages
The law imposes a 10% tax penalty on early withdrawals. Additionally, you incur a tax penalty for withdrawing your money before you turn 59 1/2, unless your withdrawal meets one of the standard exceptions.
You can make annual contributions to a Traditional or Roth IRA from January 1 until the tax-filing deadline for the contribution year, which is usually April 15.
Neither State Farm® nor its agents provide tax or legal advice.
A 10% tax penalty may apply for withdrawals from tax-qualified products before age 59½.