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Your Bank > Education and Advice > CNB University

Retirement Planning

Title
Date
Mar 28, 2017
Charitable Contributions from IRAs
The Pension Protection Act of 2006 first allowed taxpayers age 70½ and older to make tax-free charitable donations directly from their IRAs. By making a qualified charitable distribution (QCD) from an IRA directly to a qualified charitable organization, older IRA owners were allowed to exclude up to $100,000 annually from gross income. These gifts, also known as "charitable IRA rollovers," would otherwise be taxable IRA distributions.
Mar 28, 2017
Mar 24, 2017
Podcast: Retirement Planning
The experts of this show featured Tom Benner, CFP® and John Richardson, Vice Presidents from the Wealth Strategies Group, Canandaigua National Bank & Trust.
Mar 24, 2017
Feb 15, 2017
Podcast: Enhancing your Financial Fitness in 2017
The experts of this show featured Jason Fitzgerald, CFP® and Jim Terwilliger, PhD, CFP®, Senior Vice Presidents from the Wealth Strategies Group, Canandaigua National Bank and Trust.
Feb 15, 2017
Jan 11, 2017
Earn Too Much for a Roth IRA? Try the Back Door!

Background Roth IRAs, created in 1997 as part of the Taxpayer Relief Act, represented an entirely new savings opportunity the ability to make after tax contributions that could, if certain conditions were met, grow entirely free of federal income taxes.

Jan 11, 2017
Dec 28, 2016
Two Ways to Roll over Retirement Funds
In general, a rollover is the movement of funds from one retirement savings vehicle to another. You may want, or need, to make a rollover for any number of reasons--your employment situation has changed, you want to switch investments, or you've received death benefits from your spouse's retirement plan. There are two possible ways that retirement funds can be rolled over--the 60-day rollover and the trustee-to-trustee transfer.
Dec 28, 2016
Dec 15, 2016
Playing Catch-Up with Your 401(k) or IRA
If you're 50 or older, you could benefit by making catch-up contributions to tax-advantaged retirement accounts. You might be surprised by how much your nest egg could grow late in your working career.
Dec 15, 2016
Dec 13, 2016
What are Required Minimum Distributions and How Are They Calculated?

Required minimum distributions are the amounts that you must withdraw each year from your traditional IRA, employer sponsored retirement plan, or tax sheltered annuity. (Lifetime minimum distributions are not required from Roth IRAs, but your beneficiaries generally must begin taking

Dec 13, 2016
Sep 27, 2016
Is There a Right Time to Retire?
We all seem to have good timing skills; we use them doing simple things like crossing the street, or cooking a big dinner, or showing up at work on time – unless the dog eats the alarm! And, we all work hard in hopes that we can someday retire. But when? What’s the timing of that?
Sep 27, 2016
Sep 26, 2016
Planning for Both Retirement and a Child’s Education
Younger parents are often faced with the difficult choice of taking care of long-term retirement needs or steering efforts toward ensuring future college expenses are handled. Both may be a long way off, but each will likely require significant savings and growth via intelligent investing.
Sep 26, 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 31, 2016
Roth Contributions, Roth Conversions - What to Do?
I often say that the Roth IRA, and more-recent Roth 401(k), is one of the greatest gifts bestowed by the US Congress on the American taxpayer. It amazes me that so many folks do not understand its value and, consequently, do not employ it as part of their retirement savings plan. When should the Roth be used?
Aug 31, 2016
Aug 24, 2016
Managing Distributions from Your Retirement Nest Egg
Those of us offering advice in the financial planning world like to identify two primary time periods in our clients’ financial lives: accumulation phase and distribution phase. Here is some insight on how to create a distribution strategy.
Aug 24, 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
Aug 19, 2016
Podcast: How to Prepare for a Secure and Rewarding Retirement
Statistics tell us that 10,000 Americans will retire every day for the next 20 years. That is a lot of people who should be thinking about planning for this stage of life. In this Ask The Experts podcast, Tom Benner and John Richardson from CNB's Wealth Strategies Group teach us how to prepare for a secure and rewarding retirement.
Aug 19, 2016
Aug 08, 2016
Social Security: When Is the Best Time to Start Collecting?

One of the hottest financial planning topics is Social Security planning. The strategy of filing and collecting at age 62 may seem simple, and when income is needed, can be a good one. However, as we all have paid into the system, it makes good financial sense to understand your options and to choose a strategy that is right for you.

Aug 08, 2016
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