Farmers Traditional IRA

Will you be able to retire comfortably?
Thanks to the Taxpayer Relief Act of 1997, IRAs today are more flexible, and more people have access to their tax advantages. And, IRAs aren't just for retirement, either. You can withdraw funds from your IRA without tax penalties for qualified educational expenses or to buy your first home.

A Traditional IRA offers great tax benefits. Your contributions today are tax-deductible and taxes on earnings are deferred until withdrawal. With a Farmers Traditional IRA, you get a competitive interest rate and you can convert it to an annuity at retirement to provide a lifetime income.

Can you qualify for a Farmers Traditional IRA?
If you're under 70 1/2, you may be able to contribute up to $3,000 a year if single, or $6,000 if married. If neither you nor your spouse participate in a retirement plan, each of you can deduct the full $3000 IRA contribution for a total of $6,000 a year.

If one spouse participates in an employer plan, there are income limits restricting deductibility of IRAs. These adjusted gross income limits, which gradually phase out tax-deductible contributions, will increase from $40,000 to $80,000 for joint filers by the year 2007 (and from $25,000 to $50,000 by the year 2005 for a single taxpayer). A non-working spouse can take the full $3,000 tax deduction if the other spouse participates in a retirement plan, but that is phased out beginning at $150,000 joint adjusted gross income.

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