Tennessee Turns to Us for Insurance! My Account / Register Get Quote Insurance About Member Savings Claims and Service What are Annuities? An annuity may be immediate, starting as soon as the premium has been paid, or deferred, starting at a designated later date. Annuities are a great way to make sure your retirement income will last as long as it needs to. Farm Bureau Insurance proudly offers the following options: Traditional IRA A traditional IRA allows you to set aside retirement savings on a tax-deductible and tax-deferred basis. This means you can take deductions from the money you put in the Traditional IRA, and you don’t pay taxes on your earnings until you withdraw them. This allows you to earn interest on earnings that would have been lost to taxes. (Withdrawals are subject to certain IRS restrictions.) There are maximum contribution limits defined by the IRS. With our Traditional IRAs, we review interest rates quarterly while offering a guaranteed rate as well. Roth IRA This type of IRA is similar to a traditional IRA because it also offers tax-free growth on your retirement savings. However, the Roth IRA is not tax-deductible. The big benefit to a Roth IRA is that you pay no taxes on interest when you take money out of the account because you’ve already paid them up front. So you know the money you have set aside for retirement is all your money; there’s no guessing about how much you will have to pay in taxes upon withdrawal. Roth IRAs often make more sense than traditional IRAs for people who expect to have lower tax rates now than in the future. Like, traditional IRAs, the Roth IRA is also a way to establish independence from employer-based retirement systems. It also provides the ability to leave the money in your account directly to the beneficiary of your choice. (Withdrawals are subject to certain IRS restrictions.) There are maximum contribution limits defined by the IRS. With our Roth IRAs, we review interest rates quarterly while offering a guaranteed rate as well. Single Premium Deferred Annuity If you have retirement savings that you'd like to transfer into a secure plan, a single premium deferred annuity is a great alternative. It pays a competitive interest rate with a guaranteed minimum interest rate as well. Single Premium Immediate Annuity With a single premium immediate annuity, you pay us a single premium and we pay it back to you on a periodic basis (monthly, quarterly, etc.). The payments can continue for the rest of your life or for a specific number of years. 403(b) Tax-Sheltered Annuities Tax-sheltered annuities are available to employees of organizations that qualify under the tax code as nonprofit organizations. Simplified Employee Pension (SEP) A Simplified Employee Pension (or SEP) is a tax-deferred retirement plan for self-employed persons or owners of small companies. The SEP allows a larger amount of your income to be set aside for retirement than traditional and Roth IRAs. Insurance Quote Auto Insurance Auto Insurance Home Insurance Renters Insurance Life Insurance Go Insurance Agents by Zip Go Search by City or County Fast Policy Service Pay My Bill Pay My Bill File A Claim Access My Account Customer Service Update My Policy Renew My Membership Go About Us FAQ Member Savings Tennessee Farm Bureau Buy Or Sell Stock Careers Agents By County Agents By City Farm Bureau Health Plans Auto Liability Collision Comprehensive Other Coverage Options The First Mile Youth Discount Auto Clause Home Farmowners Insurance Renters Insurance Commercial Property Insurance Property Clause Homeowners Insurance Life Term Life Insurance Whole Life Insurance Universal Life Insurance Annuities Policy Service Pay My Bill Customer Service Renew My Membership Access My Account Update My Policy File A Claim Leave A Review Contact Us Tennessee Farmers Insurance Companies P.O. Box 307 Columbia, TN 38402-0307 Customer Service Center 877-876-2222 © Tennessee Farmers Insurance Companies 2021 Terms And Conditions Privacy Policy