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    Home > Personal Banking > Retirement Plans

    Retirement Plans

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  • Retirement planning is essential to securing a level of comfort for you and your family when you retire. The most important steps to a happy retirement are saving and investing your money. After working for a long time, a big rest is exactly what you need. Whether you want to travel, pick up a new hobby, or just relax in your retirement, it's important to plan for those "golden years".

    We will help you plan for your retirement years with a wide variety of investment* vehicles and insurance products as shown below.

    Individual Retirement Accounts were established by the federal government to encourage people to save for their retirement by providing a variety of tax advantages.

    Traditional IRAs
    Contributions made are tax-deductible and taxes are not paid until money is withdrawn.

    Roth IRA
    A Roth IRA allows a person to put contributions on a after tax basis so that distributions can be taken as tax free, after the period set by the IRS.

    Simple IRA
    SIMPLE IRA plans are retirement vehicles, maintained on a calendar year basis, for small employers (no more than 100 employees earning at least $5,000 for the preceding year), which permits contributions under a qualified salary reduction agreement.

    Annuities can provide a series of payments that typically start at retirement and continue for the rest of the contract owner's life. Annuities can provide retirement income for either a fixed period of time or for the rest of an annuitant's life. Retirement income payments can begin immediately with the purchase of an annuity or be deferred to sometime in the future.

    A 401(k) plan allows you to postpone receiving a portion of your salary until you retire. You choose the amount of income you'd like to "send to the future," or defer annually. Advantages of a 401(k) include:
    • Chance of lowering your income rate by deferring a portion of your taxable income.
    • Ability to access the money for certain situations like buying a house, college fees, or in some hardship situations.
    • Your Social Security contributions and benefits will not be impacted by your 401(k) plan.
    • Your account is transferable--so you can take it with you from job to job.

    Long Term Care Insurance Long-Term Care has been defined as "medically necessary assistance, recommended by a physician for the treatment of a chronic illness or debilitating injury on a long term basis. Recovery is usually not expected. Care is oriented toward helping a person function, not toward a cure."

    Long-term care is typically not covered by your health plan, disability coverage or Medicare. Medicaid does cover long-term care, but only after you have used up your assets paying for care.

    Contact us today for more information about retirement.**

    * Securities and Investment advisory services are offered by duly Authorized Registered Representatives of MML Investors Services, Inc., member SIPC. Supervisory office: 5788 Widewaters Pkwy, Syracuse, NY 13214, 315-449-3000. Bailey, Haskell & LaLonde is not an affiliate or subsidiary of MML Investors Services, Inc.

    ** Medicare varies by state. Contact your local Medicaid/Medicare office for details.


    Life Insurance and retirement planning services provided by BCG, Benefit Consulting Group. BCG is a wholly owned subsidiary of Oneida Savings Bank.

    Securities and investment advisory services offered through Registered Representatives of Cadaret, Grant & Co., Inc., member FINRA/SIPC.

    Benefit Consulting Group LLC and Cadaret, Grant are separate entities.
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