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.

Individual Retirement Accounts (IRAs)

IRAs are a great way to save for the future. Many people are looking to invest their IRA assets for diversification purposes and for the potential of producing greater return over time. Clinton National Bank can assist you in making the most of these attractive, tax advantaged accounts by helping you establish a new IRA, rollover your 401(k) or other qualified retirement plan assets, or transfer an existing IRA.

Traditional IRAs

Contributions may be tax-deductible based on income. Earnings are tax-deferred, with limited penalty-free withdrawals. After age 70 ½, contributions are disallowed and distribution becomes mandatory. 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 Contributions and all earnings may be tax-deferred until withdrawn.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.

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 70 ½ 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.

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 or other IRA accounts into a Clinton National Bank IRA account. Rolling over funds is made easy with a simple set of forms.

Employee Benefit Plans

Qualified pension, profit sharing and 401(k) plans 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.