Retirement Services

Live the Life You want in Retirement

We'll help you identify the best solution for your future goals and how accessible you want your money to be. This ensures that you get on track to live the life you want when it comes time to retire.

Traditional IRAs

Contributions may be tax-deductible based on income. Earnings are tax-deferred, with limited penalty-free withdrawals. After age 73, contributions are disallowed and distribution becomes mandatory. Individuals who began taking their RMDs following the rules of previous legislation are required to continue regardless of the current triggering age. For individuals who qualify, a smart way to build a retirement nest egg is to take advantage of the tax-deferred growth offered through a traditional IRA.

Deductible IRAs provide a double tax benefit. Contributions and all earnings may be tax-deferred until withdrawn. You can also deduct (from taxable income) the full amount contributed if you are in an employer-sponsored retirement plan, and your adjusted gross income (AGI) is under a certain level.

IRA Rollovers

If you are changing jobs or wish to consolidate existing IRA accounts into a single IRA, Clinton National Bank can help. Rollover or transfer retirement funds from a former employer’s plan, such as a 401(k), or other IRA accounts into a Clinton National Bank IRA account. Rolling over funds is made easy with a simple set of forms.

Roth IRAs

Contributions are not tax-deductible but earnings can become tax-free on qualified distributions for accounts open five or more years. There are income limitations and limited penalty-free withdrawals. Contributions can continue after age 73 with no mandatory distributions.

Although contributions to a Roth IRA are not tax-deductible, earnings grow tax-deferred and withdrawals are tax-free if made more than five years after the Roth IRA was established, and the taxpayer has reached age 59 ½, becomes disabled, or dies.

Employee Benefit Plans

Qualified pension, profit sharing, 401(k) plans and Simple IRA's offer many benefits to both employers and employees. Along with favorable tax treatment, these accounts strengthen retirement benefits which can help build employee morale. An employer sponsored retirement account can help to attract and retain qualified employees.

The administration of a qualified plan can be complicated and technical. Clinton National Bank can provide the plan documents and record keeping, as well as developing investment options, programs and education for employees.

A Simplified Employee Pension (SEP) plan is another type of employee benefit plan and provides business owners with a simplified method to contribute toward their employees' retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account (IRA) set up for each plan participant (a SEP-IRA). Generally, SEP IRAs are best for self-employed people or small-business owners with few or no employees.