Skip to Main Content

Start Of Main Content

 

The CARES Act waives the 2020 Required Minimum Distribution (RMD) for IRA holders and participants in defined contribution qualified retirement plans. This includes RMDs for the 2020 calendar tax year, as well as 2019 first-time RMDs required to be taken by April 1, 2020 that were not already taken in 2019. The waiver for 2020 also extends to beneficiaries, including those who have elected to deplete the account under the five-year rule, in effect extending the period to six years.

Earn a retirement account bonus.
Roll over or transfer funds to a new or existing State Farm® Traditional or Roth IRA. Do it before June 30, 2021 and you may qualify for a cash bonus.

Have questions about recent mailings?

To simplify the process for our current customers we will begin handling annual IRA fees differently beginning 9/30/20. Click here to view the notice.

Please contact your State Farm agent with questions.

Tax-Advantaged Savings with an Individual Retirement Account (IRA)

Plan your future with an Individual Retirement Account (IRA)

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.*

Mutual Funds Risk Disclosures

A 10% 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.

Securities are not FDIC insured, are not bank guaranteed and are subject to investment risk, including possible loss of principal.

State Farm VP Management Corp. is a separate entity from those State Farm® and/or unaffiliated entities which provide banking and insurance products.

AP2020/09/0928