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  • Roth IRA

  • What is a Roth IRA?
    The Roth IRA was designed to provide retirement savings opportunities to more Americans. It offers higher income limits and more relaxed eligibility rules than are available with the Traditional IRA.

    For tax year 2021, individuals earning up to $125,000 per year and couples earning up to $198,000 per year can fully contribute to a Roth, even if they are covered by an employer-sponsored retirement plan. Those individuals whose earnings are between $125,000 and $140,000 and couples whose income is between $198,000 and $208,000 may contribute a reduced amount adjusted for their income. The maximum contribution amount for 2021 is $6,000 ($7,000 if you are age 50 or older).

    When can I use my Roth IRA assets?
    With a Roth IRA, the retirement contributions are not tax deductible. However, withdrawals can be made completely tax-free once you reach age 59 1/2.

    Certain requirements regulate tax-free withdrawals from a Roth IRA:

    • The account must have been open for at least five years from the initial contribution.
    • The investor must be age 59 1/2 or older.

    Exceptions to these requirements may apply in cases of death, disability, or the first-time purchase of a home.

    Guaranteed Safety
    No matter how market conditions change, you will never lose your initial investment. A fixed annuity has minimum interest guarantees and cannot experience negative growth.

    Contact your Farm Bureau Insurance agent for more information on insurance products from Farm Bureau Insurance of Michigan.


    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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