State Farm® Can Help You Save for Retirement and Protect Your Assets
The closer you get to retirement, the more you need to focus on the amount you're saving and in developing a retirement income strategy. Your State Farm agent can work with you, showing you how to take charge of preparing for your future and protecting what's important, with free one-on-one support, insightful reports and annual check-ins to help keep you on track.
Check to see if you are on your way to achieving your goals by visiting our Retirement Calculator.
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Maximize Your Contributions
At this stage, many people are in their peak earning years. Make sure you're funding your employer's retirement plan as well as your Individual Retirement Accounts (IRAs). Once you turn 50, you're allowed to contribute even more to your Traditional or Roth IRA and to your 401(k) each year.
Your State Farm agent can tell you more.
Reconsider Your Risk Levels
Look at the risk level of your investment and retirement portfolios. Because you have a shorter timeframe to retirement, perhaps consider reallocating some of your funds into more conservative investments or options such as life annuities, which can provide a guaranteed flow of income year after year in retirement.
Your registered State Farm agent can tell you more – ask about a free Client Portfolio Report.
Create a Retirement Distribution Report
It's an analysis of your total retirement income needs, focusing first on basic expenses. Then we'll look at your expected income, including guaranteed income sources such as Social Security, pensions and annuities, and offer ideas to help fill any gaps.
Ask your State Farm agent about whether a free Retirement Distribution Report is right for you.
Have 401(k)s? Consider Rolling Them Over
If you've changed jobs and left money in various employer sponsored plans, there could be many advantages to consolidating and rolling them over into an IRA from State Farm. These may include more investment options, easier management and savings on fees.
Read more in "Retirement Planning: Changing Jobs"
Talk With Your State Farm Agent Today
Right now, you may be more comfortable with an allocation of investments that's more conservative, because of your shorter timeframe to compensate for the inevitable ups and downs of the market. Your State Farm agent can provide free one-on-one support and annual check-ins to help get your financial future to a better state.
Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact State Farm VP Management Corp (800-447-4930) for a prospectus or summary prospectus containing this and other information. Read it carefully.
Securities, insurance and annuity products 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 entities which provide banking and insurance products.
Asset allocation does not assure a profit or protect against loss.
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.
Guarantees based on the claims paying ability of the issuing State Farm life insurance company.
Neither State Farm nor its agents provide investment, tax, or legal advice.