When you contribute to a State Farm® Individual Retirement Account, your money grows tax deferred. This gives your retirement savings the potential to grow faster than if in a taxable account. Plus, you may contribute to a State Farm Individual Retirement Account even if you participate in a retirement program at work.*
Both Traditional and Roth IRAs let your earnings grow tax-deferred until you make withdrawals. However, there are key differences between the two.
For more information, see Traditional IRA.
For more information, see Roth IRA.
The contribution limit for 2019 is $6,000 or 100% of your earned income, whichever is less. The annual contribution limits apply to the combination of all of your Traditional and Roth IRAs.
If you are age 50 or older, you may make an additional $1,000 "catch-up" contribution to your IRA.
Check out the different ways you can fund your IRAs with State Farm.
State Farm Bank®
State Farm Annuities
Have you ever changed jobs? Are between jobs? Or are retired?
If you have money in a retirement plan from a previous employer, you may be able to roll it over to a State Farm IRA without paying federal income taxes or penalty taxes. This may make it easier to manage your savings.
Learn more at Rollovers.
A 10 percent tax penalty may apply for withdrawals from tax-qualified products before age 59½.
* For Traditional IRAs, deductibility of contributions affected by participation in Employer retirement plan. Roth IRA has income phase out limits.
When rolling over a 401 (k) into an IRA it's important to do a full comparison on the differences in the guarantees and protections offered by each respective type of account as well as the differences in liquidity/loans, types of investments, fees, and any potential penalties.
Neither State Farm® nor its agents provide tax or legal advice.
Securities distributed by State Farm VP Management Corp.
State Farm VP Management Corp. is a separate entity from those State Farm entities which provide banking and insurance products.
State Farm Bank, F.S.B., Bloomington, Illinois ("Bank"), is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and may be subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com® or by contacting the Bank at 877-SF4-BANK (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services. To apply for a Bank product, you may also see your participating State Farm Agent.