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Your Bank > Education and Advice > CNB University

Retirement Planning

Title
Date
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 16, 2016
Winter 2016 Optimum Newsletter
In this issue: Taxes, Retirement, and Timing Social Security, Frequently Asked Questions on Opening a 529 Plan Account, and 2016 Travel Feature!
Dec 16, 2016
Dec 15, 2016
Playing Catch-Up with Your 401(k) or IRA

A recent survey of baby boomers (ages 53 to 69) found that just 24% were confident they would have enough money to last throughout retirement. Forty five percent had no retirement savings at all, and of those who did have

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
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
Jul 19, 2016
Podcast: Recent Changes in Planning for Long-Term Care Costs

Ask the Experts is a financial forum for education and advice as CNB’s experts answer your questions on financial topics that interest you.  The experts of this show featured Maggie Whelehan, Vice President, Canandaigua National Bank and Trust, and Susan Suben, President, Long Term Care Associates.

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
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