Retirement Planning

The Trust and Investment Management Group provides retirement planning advice for any life stage. See why it’s easier to plan for your retirement with Century Bank and Trust.

Retirement used to be a relatively short period of time. Now being retired for 20 or 30 years is not out of the question. A longer retirement requires more planning and greater financial resources. Underestimating your future needs can change your retirement lifestyle and put you at risk of outliving your resources. 

How much income will you need when you retire? A financial planning rule of thumb is to estimate between 70% and 80% of the income you are earning at the time you retire. Some of the daily living expenses will be less and your mortgage may be paid off. Other expenses, such as medical costs or leisure-time travel may increase in retirement. If your retirement dreams include extensive travel, you may need to base your income needs on a higher percentage of your current income.

Building your Nest Egg

Monthly investment required to accumulate each $100,000 of savings:

35 Years to Retirement

4% - $111

5% - $88

6% - $70

7% - $56

8% - $44

30 Years to Retirement

4% - $145

5% - $120

6% - $100

7% - $82

8% - $67

25 Years to Retirement

4% - $196

5% - $268

6% - $144

7% - $123

8% - $105

20 Years to Retirement

4% - $274

5% - $243

6% - $216

7% - $192

8% - $170

Individual Retirement Account*

During your working years, you have the option of contributing to an IRA. Traditional and Roth IRAs provide you with savings alternatives that offer both tax and non-tax advantages**. By opening your IRA with Century Bank and Trust, you will be well on your way to a successful retirement.

Save money for your retirement.

  • Multiple IRA account types to choose from.
  • Maintain all your accounts at Century Bank and Trust.
  • Schedule a free consultation today!

Contact Us

**Consult your tax advisor.

401(k) Rollover

If you are about to retire or change jobs, and you have participated in your employer’s qualified retirement plan (401(k)), you may be eligible to receive a substantial sum of money. It is very important to consider all of your options before “cashing out.” One option is the IRA Rollover. By rolling your funds from your qualified retirement plan into an IRA* at Century Bank and Trust you are able to continue deferring income taxes** until you begin taking distributions.

Hassle free! Century Bank and Trust will assist you with the entire process; from completing the paperwork to establishing a well diversified investment portfolio to meet your needs.

Discover your options with the full service Century Bank and Trust Department and receive free financial advice from a qualified Trust Officer.

To discover your options, contact us today!

**Consult your tax advisor.


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