Boost Your Retirement Savings with an Individual Retirement Account (IRA)
When you contribute to a State Farm® IRA, 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 IRA even if you participate in a retirement program at work.*
Get your retirement savings to a better state. Talk with a State Farm agent today about a State Farm IRA. Our agents provide the support you're looking for when choosing the IRA that's right for your individual needs.
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Both Traditional and Roth IRAs let your earnings grow tax-deferred until you make withdrawals. However, there are key differences between the two.
- Contributions may be deductible on your federal income tax return
- There are no income limitations for making contributions. However, deductibility is affected by income amounts.
- Earnings are exempt from federal income tax return until withdrawn
- Must start taking withdrawals at age 70½
For more information, see Traditional IRA.
- For federal income tax return purposes, contributions are not tax-deductible, but can be withdrawn any time — tax-free
- Earnings are tax-free for qualified distributions
- No mandatory withdrawals at any age
- Contributions are subject to income limitations
For more information, see Roth IRA.
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Mutual Funds Risk Disclosures
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.