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Your Bank > Education and Advice > CNB University

Retirement Planning

Title
Date
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
May 31, 2016
Podcast: Enhance Your Financial Fitness in 2016

The experts of this show featured Donna Cator, CFP®, and Maria Caton, CFP®, Vice Presidents and Investment and Financial Planning Officers with our Wealth Strategies Group.

May 31, 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
Apr 19, 2016
Podcast: Making Your Long-Term Care Plan A Success
Maggie Whelehan, Vice President, Canandaigua National Bank and Trust, and Susan Suben, President, Long Term Care Associates, will discuss how to successfully plan for long-term care, focusing on the nature of the long-term care insurance market, claims history, affordability of premiums, and policy design.
Apr 19, 2016
Dec 21, 2015
Taxes, Retirement, and Timing Social Security
The advantages of tax deferral are often emphasized when it comes to saving for retirement. So it might seem like a good idea to hold off on taking taxable distributions from retirement plans for as long as possible. But sometimes it may make more sense to take taxable distributions from retirement plans in the early years of retirement while deferring the start of Social Security retirement benefits.
Dec 21, 2015
Nov 19, 2015
Give Your Retirement Plan an Annual Checkup
Financial professionals typically recommend that you review your employer-sponsored retirement savings plan annually and when major life changes occur. If you haven't revisited your plan yet in 2015, the end of the year may be an ideal time to do so.
Nov 19, 2015
Nov 10, 2015
Inheriting Retirement Plan Assets
As I often like to say, “How can something that should be so simple be so complicated”. But, it’s true when it comes to inheriting retirement plans. The rules are many and confusing when managing the associated Required Minimum Distributions (RMDs). The penalty for violating such rules is severe – equal to 50% of the RMD amount.
Nov 10, 2015
Oct 15, 2015
The Importance of a Beneficiary Audit

As we approach the end of the year, many of our financial reviews with clients focus on portfolio performance and potential tax loss harvesting. Of equal importance to review is a beneficiary audit. A beneficiary audit is a “check up”

Oct 15, 2015
Sep 03, 2015
Working Past Age 70

Age 65 tended to be the standard retirement age back a generation or more ago. That was when working for a single company for 40 plus years and receiving a guaranteed lifetime pension during retirement were the norm. My, how

Sep 03, 2015
Aug 27, 2015
Points to Consider If Your Retirement Goal Seems Out of Reach

Each year in its annual Retirement Confidence Survey, the Employee Benefit Research Institute reiterates that goal setting is a key factor influencing overall retirement confidence. But for many, a retirement savings goal that could reach $1 million or more may

Aug 27, 2015
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
Aug 12, 2015
Withdrawing Money in Retirement

If you’ve done the tough work of accumulating savings, you may be wondering how much can be safely withdrawn each year without running out of money in your lifetime. This is important to know since some folks hate to take

Aug 12, 2015
Aug 04, 2015
Age-Based Tips for Making the Most of Your Retirement Savings Plan

No matter what your age, your work based retirement savings plan can be a key component of your overall financial strategy. Following are some age based points to consider when determining how to put your plan to work for you.

Aug 04, 2015
Jul 15, 2015
Planning for a Successful Retirement

Think back 40 or 50 years. Formulating personal and career goals often led to thoughts about training, education, career, family, community … How to best prepare oneself to achieve these goals? Yet, how many folks give as much thought to

Jul 15, 2015
Jul 08, 2015
How Does Divorce Affect Social Security Retirement Benefits?

One of the challenges of planning for retirement is that an unexpected event, like divorce, can dramatically change your retirement income needs. If you were counting on your spouse's Social Security benefits to provide some of your retirement income, what

Jul 08, 2015
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