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Your Bank > Education and Advice > CNB University

Mazzochetti, Mark

Title
Date
Nov 28, 2016
I Need Money: Can I Take Funds from My IRA?

Yes, but the taxable portion of your distribution may be subject to a 10 percent penalty for early withdrawal if you're not yet age 59½. If you are 59½ or older and take money from your traditional IRA, you will

Nov 28, 2016
Sep 15, 2016
Can I Take Money from My IRA Without Any Penalty?
Can I take money from my IRA without any penalty?
Sep 15, 2016
Aug 19, 2016
What Are My Options if I Inherit an IRA or Benefit from an Employer-Sponsored Plan?
If you don't want the money, you can always disclaim (refuse to accept) the inherited IRA or plan funds. But if you're like most people, you will want the money. Your first thought may be to take a lump-sum distribution, but that's usually not the best idea. Although a lump sum provides you with cash to meet expenses or invest elsewhere, it can also result in a huge income tax bill (in most cases, due all in one year). A lump-sum distribution also removes the funds from a tax-deferred environment. Fortunately, you probably have other alternatives.
Aug 19, 2016
Jul 19, 2016
Changing Jobs? Take Your 401(k) and Roll It
If you've lost your job, or are changing jobs, you may be wondering what to do with your 401(k) plan account. It's important to understand your options.
Jul 19, 2016
Jun 22, 2016
Understanding IRAs

The two major types of IRAs are traditional IRAs and Roth IRAs. Both allow you to contribute as much as $5,500 in 2016 (unchanged from 2015). You must have at least as much taxable compensation as the amount of your IRA contribution. But if you are married filing jointly, your spouse can also contribute to an IRA, even if he or she has little or no taxable compensation, as long as your combined compensation is at least equal to your total contributions. The law also allows taxpayers age 50 and older to make additional "catch-up" contributions. These folks can contribute up to $6,500 in 2016 (unchanged from 2015).

Jun 22, 2016
Apr 22, 2016
Six Potential 401(K) Rollover Pitfalls
You're about to receive a distribution from your 401(k) plan, and you're considering a rollover to a traditional IRA. While these transactions are normally straightforward and trouble free, there are some pitfalls you'll want to avoid.
Apr 22, 2016
Aug 19, 2015
Converting Your After-Tax 401(k) Dollars to a Roth IRA

Here's the dilemma You have a traditional 401(k) that contains both after tax and pre tax dollars. You'd like to receive a distribution from the plan and convert only the after tax dollars to a Roth IRA. By rolling over

Aug 19, 2015
Dec 23, 2014
Deciding What to Do with Your 401(k) Plan When You Change Jobs

When you change jobs, you need to decide what to do with the money in your 401(k) plan. Should you leave it where it is, or take it with you? Should you roll the money over into an IRA or

Dec 23, 2014
Aug 14, 2014
New Rule for IRA Rollovers

August, 2014Recently, the IRS has announced a new rule that limits the number of individual retirement account (IRA) rollovers that an individual may complete during any 12 month period. One method used by individuals to transfer funds tax free between

Aug 14, 2014
Jun 13, 2014
IRA Owners Bill of Rights

As Canandaigua National Bank & Trust’s Certified IRA Specialist, I am constantly researching topics and reading articles and various blogs related to IRAs. One recent blog I read is an excellent summary of 10 different rules related to IRAs that you

Jun 13, 2014
Jan 03, 2014
Should You Roll Your 401(k) to an IRA?

If you’re entitled to a distribution from your 401(k) plan (for example, because you’ve left your job, or you’ve reached age 59½), and it’s rollover eligible, you may be faced with a choice. Should you take the distribution and roll

Jan 03, 2014
Sep 22, 2013
Podcast: Take Charge of Your Retirement

Ask the Experts is CNB's financial forum for education and advice as local experts answer your questions on financial topics that interest you. The experts of the last call included Denise Kelly-Dohse, Assistant Vice President, Financial Planning Officer and Mark Mazzochetti, CISP, Vice President, Retirement Services Officer, as they discussed ways to take charge of your retirement.

Sep 22, 2013
Feb 07, 2012
Caution: Rollover in Progress

Rolling over a distribution from your employer sponsored retirement plan account to a traditional individual retirement account (IRA) isn’t difficult. Still, it’s easy to make a mistake that could cost you a chunk of your savings. Here are a few

Feb 07, 2012
Jan 29, 2012
Impacts of the Kodak Bankruptcy on Former Employees and Retirees

  We hope you enjoyed listening to "Ask the Experts" on 1180 WHAM, Sunday, January 29th at 8pm.Ask the Experts is CNB’s financial forum for education and advice as local experts answer your questions on financial topics that interest you.

Jan 29, 2012
Jan 11, 2012
Changing Jobs? Remember Your Retirement Plan Account

You’ve cleaned out your desk and said goodbye to your coworkers, and now you’re eager to start that new job you’ve accepted. But aren’t you forgetting something? What about the assets you have in your employer sponsored retirement plan account?

Jan 11, 2012
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