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Life Events
Planning for Retirement
Like most people, you’re busy and enjoying life and the thought of retirement seems like a far off dream. But, taking charge of your retirement funding has become even more important in today’s world. People are spending more time in retirement, contributions to company pension plans have decreased and the future of Social Security is uncertain. List your needs and goals The number of years you are from retirement Sources of retirement income you will have, including part-time work Retirement expenses, including health insurance and long-term care insurance Travel plans Where you’ll live and if you plan to have more than one home Current retirement assets Evaluate your options Employer-sponsored plans — your employer may offer a retirement plan that allows you to contribute a portion of your income, usually on a pre-tax basis, which lowers your taxable income. Funds grow tax-deferred and your employer may also match a portion of your contributions. Traditional IRA — if you are employed or self-employed, you and your spouse may contribute to a Traditional IRA each year up to age 70. You may deduct all or part of your IRA contribution on your federal income taxes, and all earnings accumulate tax-deferred. — provides no income tax deduction for contributions, but earnings grow tax-deferred and may be withdrawn tax-free if the plan has been established for at least five years and you are age 59½ or older. Non-qualified funds — with certain options, money can be accumulated outside of a formal retirement plan for your future needs. Self-employed plans — if you are self-employed, a variety of retirement plans may reduce your taxable income, offer tax deferral on earnings and usually allow tax-free transfers between investment options. Take action to build retirement income Farm Bureau can help maximize your retirement income strategy so you can enjoy life now…and later. Find an agent today .
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Journal of Wishes and Records IMPORTANT: The information and material contained on this Web site is not an offer to sell or a solicitation to buy any security or any insurance product in any jurisdiction. No security or other insurance product is offered or will be sold in any jurisdiction in which such offer or solicitation purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction. Not all products are available in all states. Exclusions, limitations and reductions may apply. This Web site briefly highlights Farm Bureau's insurance policies and their benefits. The contract is contained only in the policy. Farm Bureau products are offered by Farm Bureau agents -- for more information about any Farm Bureau product, please contact your local agent or nearest office using the Agent Locator. Neither the company nor its agents give tax, accounting or legal advice. There are various income limits and other requirements to quality for some of the tax-saving benefits of all IRAs. Please consult your professional adviser in these areas for more information regarding your particular situation. |
