Saving for Retirement
Enjoying your future begins with saving today. That’s why Farm Bureau Insurance offers a variety of annuities that protect your contributions and grow for your future. Your agent will help you decide which plan is the best option for you and your family.
For retirement, annuities often have greater tax advantages than other options like saving accounts. Farm Bureau Insurance offers retirement saving plans for both individuals and for small businesses.
You want to protect your retirement. Farm Bureau Insurance of Michigan has a variety of options to help you do just that.
Single Premium: You can use a single sum of money to pay for the annuity.
Flexible Premium: Make contributions to your annuity when you have the funds to do so.
IRAs or Roth IRAs: Eligible individuals or their spouses may make contributions to an IRA or Roth IRA. We also accept transfer and rollovers from eligible sources.
Non-qualified Accounts: Have bank cd’s? Funds from the sale of a house? Or not eligible for life insurance? We can start a Non-qualified annuity for you. Taxes are typically not due until funds are removed from the account.
Employer Sponsored Annuities
Your employees are important to you. Help protect their future with one of Farm Bureau’s employer sponsored annuities.
SEP IRAs: Create a way for you to share your company’s profits with your employees while encouraging your employee to create a traditional IRA.
Simple IRAs: Create a matching contribution plan with your employees. Elections can be changed annually. Employers with 100 or fewer employees are eligible for this annuity.
Tax Deferred Annuities (TDAs): These retirement plans are available for churches, schools, and governments. These plans utilize a plan sharing agreement.
Frequently Asked Questions
If you need additional income during retirement, or want to receive steady payments for life, an annuity may be the best strategy for you. An annuity could also support you if you were to use up your other retirement assets too quickly. You can make one contribution, or several overtime, and payment is distributed to you either over a few years, or for life.
A deferred annuity is created after making a single contribution, or several, and the funds are received at a future, predetermined date. An immediate annuity allows you to start receiving funds instantly after your initial investment. Both usually provide tax advantages and serve as additional income options during retirement.
A fixed annuity has minimum interest guarantees and cannot experience negative growth. No matter how market conditions change, you will keep your initial investment if you have a fixed annuity. If you have specific questions about your annuity plan, [contact your agent]. Don’t have an agent, find one today here.
The following Policy Change forms are available online:
- Absolute Assignment and Transfer of Policy
- Assignment of Life Insurance Policy
- Change of Beneficiary
- Loan Repayment
- Request for Taxpayer ID Number
- Withholding Certificate for MI Pension or Annuity
Please print and sign your form before mailing or delivering to your agent. You may also mail your completed form to the following address:
Farm Bureau Life Insurance Company of Michigan
7373 W. Saginaw Hwy., PO Box 30200
Lansing, MI 48909-7700