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  • Traditional IRA

  • Who is eligible for a traditional IRA?
    Starting in tax year 2021, anyone 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

    How much can be contributed?
    The maximum contribution amount for 2021 is $6,000 ($7,000 if you are age 50 or older). The combined contribution for a couple participating in IRAs cannot exceed $12,000 ($14,000 if both are at least age 50), with no more than $6,000 ($7,000 if both are at least age 50) allocated to either IRA.

    What are the benefits?
    Deductible contributions and interest grow tax-deferred until withdrawn. Per IRS rules, with some exceptions, there is a 10% penalty on pre-age 59½ withdrawals. Required minimum distributions also must begin at age 70½ if born before July 1, 1949 or age 72 if born on or after July 1, 1949.

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

    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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