A Traditional IRA is a tax-advantaged arrangement that allows earnings and deductible contributions to grow tax deferred. That means you don't pay income taxes on the earnings and deductible contributions of your IRA until you begin taking withdrawals.
You must not attain the age of 70½ during the year you contribute to a Traditional IRA. You must also have earned income (compensation) in order to contribute to a Traditional IRA.
For educational purposes only.
1State Farm and its affiliates do not provide tax, investment, or legal advice. Federal and state tax laws are subject to change. If tax, investment, or legal advice is required, please seek the services of a licensed professional.
State Farm Bank, F.S.B., Bloomington, Illinois offers deposit and loan products. Other insurance, securities or investment products are offered by affiliate companies.
State Farm Bank ("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 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). Callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service. To apply for a Bank product, you may also see your participating State Farm agent.