Farmers Roth IRA

Are you satisfied with your retirement plan? Will you have the resources you need for a comfortable life?

The Farmers Roth IRA allows you to buy an Individual Retirement Annuity with after-tax dollars now and withdraw principal and earnings tax-free after five years. You can withdraw funds after age 59 1/2, or sooner to pay for qualified educational expenses or the purchase of a new home.

Broader eligibility requirements
There is no age limit for making contributions to a Roth IRA. You must have earned income equal to the amount of your contribution, up to $3,000 annually for an individual or a combined $6,000 for a couple. Contact your local Farmers agent for more details.

Limits on contributions
If your adjusted gross income exceeds $150,000 and you file jointly ($95,000 for single filers), the amount you may contribute is gradually reduced and phased out. The combined total of IRA and Roth IRA accounts cannot exceed the maximum annual contribution of $3,000 per individual. The Roth IRA must be kept in a separate account

Qualified distribution
Under certain conditions, you can withdraw from your Roth IRA without paying taxes or penalties. First, you must wait five years after the first tax year in which you made contributions. Second, you must have reached the age of 59 ½ or the withdrawals must be due to:

Disability
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