IRAs

Individual Retirement Accounts (IRAs).

A way to start working on a comfortable retirement today.

Saving for retirement can seem like a goal that can wait a few years when you're busy taking care of life's day-to-day expenses. But getting started early may help you reach your retirement goals sooner. An Individual Retirement Account (IRA) could be an attractive savings choice to help you reach those goals. IRAs offer some tax deferral and can help your retirement savings grow faster than similar taxable investments.

Allstate can help make it easier to take the next step. We can help you set up an automatic deposit that goes straight from your paycheck into an IRA. You'll get used to not seeing or spending that money. And you can start focusing on your financial future while still providing for your family today.

IRAs At A Glance

  • An IRA is a simple way to save for retirement with certain tax advantages.
  • The money you contribute to an IRA and earnings on that money grow over time.
  • You can choose from three types of IRAs depending on you goals.

Get to know how an IRA works.

  • Savings: Think of an IRA as a basket that holds savings, also known as investments.
  • Investmensts: You can put investments like mutual funds , stocks, bonds, annuities, certificates of deposit (CDs) or other financial products into your IRA basket.
  • Benefits: Traditional and Roth IRAs each offer different tax benefits, so talk to your tax advisor or contact an Allstate Personal Financial Representative to learn more.
Allstate Life Insurance Strategies

Allstate can help you choose an IRA which is right for you.

Traditional IRA

A way to save for retirement that gives you tax benefits. Contributions are taken pre-tax from your paycheck. While you will pay taxes on withdrawals, you'll likely be in a lower tax bracket when you retire and owe less in taxes on your withdrawals.

Roth IRA

Another way to save for retirement. You can wait until retirement to take out your money or withdraw some of your funds without penalty for certain situations like buying your first home or paying for certain medical expenses. You won't be taxed on those withdrawals because both are considered eligible expenses.

Rollover IRA

A helpful option for your retirement savings when you leave a job. You can move your savings from your employer's retirement plan into a direct rollover IRA tax-free. Each time you change jobs or when you retire, you can move that money into this same rollover IRA without paying penalties to keep your retirement savings in one place.

For self employed, small business owners and stay at home spouses, there are other types of IRAs that might be right for you. Contact an Allstate Personal Financial Representative to learn more. We'll help you get started.

Traditional IRA and Roth IRA Comparison Chart

* This amount, or 100% of your earned income, whichever is less.
** After death of Roth IRA owner, required minimum distributions will generally apply to beneficiary.

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Please note that Allstate Life Insurance Company or its agents and representatives cannot give legal or tax advice. The brief discussion of taxes on this page may not be complete or current. The laws and regulations are complex and subject to change. For complete details consult your attorney or tax advisor.

Qualifying exceptions: Distributions received before you're 59½ may not be subject to the 10 percent federal penalty tax if the distribution is for a first-time home purchase (lifetime maximum, $10,000), postsecondary education expenses, substantially equal periodic payments taken under IRS guidelines, certain medical expenses exceeding 7.5 percent of your adjusted gross income, an IRS levy on the IRA, health insurance premiums (after you have received at least 12 consecutive weeks of unemployment compensation), or your disability or death. You may wish to consult a tax advisor about your situation.

Securities offered by Personal Financial Representatives through Allstate Financial Services, LLC (LSA Securities in LA and PA). Registered Broker-Dealer. Member FINRA and SIPC, Main Office: 2920 South 84th Street, Lincoln, NE 68506, 877-525-5727.

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