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Farm Bureau Insurance of Michigan

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Individual Retirement Account

Who is eligible for a traditional IRA?
Anyone under the age of 70 1/2 who has earned income (including the self-employed) can contribute to an IRA. Also, certain unemployed spouses can contribute. An unemployed spouse may open an IRA if:
  • You file a joint return.
  • One spouse has earned income and
  • The unemployed spouse is under the age 70 1/2 before the close of the tax year.
The maximum contribution amount for 2008 is $5,000 ($6,000 if you are age 50 or older). The combined contribution for a couple participating in IRAs cannot exceed $10,000 ($12,000 if both are at least age 50), with no more than $5,000 ($6,000 if both are at least age 50) allocated to either IRA.

No one but an insurance company can guarantee an income for life. When you have a Traditional IRA, you have an income that you cannot outlive and you can select the payout option that best suits your financial needs.

Contact your Farm Bureau Insurance agent for more information.


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The product information included in the Farm Bureau Insurance of Michigan web site is intended for Michigan residents only, and is neither an offer to sell nor an invitation to purchase any insurance product.



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