Retirement Planning

The retirement phase of life has increased significantly over the years as people are retiring earlier and living longer. How much money are you going to need to live comfortably? Will you have enough resources to create the experiences you dreamed of during your working years? Are you maximizing the available resources (Traditional IRA, Roth IRA, 401(k), 403(B), etc.) to build your nest egg?

The Retirement Benefits Team of WesBanco Trust and Investment Services can help you answer these questions. This team specializes in managing Individual Retirement Accounts (IRAs) and Employer Sponsored Retirement Plans (401(k), 403b, Defined Benefit Plans, etc.). With an average of 23 years of experience, the Retirement Benefits Team has the expertise to help you achieve your retirement goals.

Customized Retirement Planning and Investment Strategies

As a retirement services client of WesBanco, you will have a dedicated Retirement Specialist assigned to your account to provide personalized retirement planning services to you in your local community. In addition, a Portfolio Manager will be assigned to your account to focus on achieving your investment objectives. We make opening an IRA hassle free. Together, your dedicated Retirement Specialist and Portfolio manager will complete the transfer of assets from current IRAs and/or the rollover of assets (401(k) plans) from Employer Sponsored Retirement Plans and then customize an investment strategy to meet your goals and objectives.

Personal Retirement Accounts

Traditional IRAs

With a Traditional IRA, contributions can be made on a pretax (tax-deductible) basis if certain requirements are met. Any earnings in the Traditional IRA are tax-deferred as long as they remain in the account. Withdrawals can begin when the account owner is age 59 ½, or becomes disabled or deceased, but are subject to ordinary income tax when withdrawn. Beginning with the year you attain age 70½, required minimum distributions (RMDs) must be taken from Traditional IRAs.

Roth IRAs

With a Roth IRA, you contribute money that has already been taxed (that is, “after-tax” dollars). Any earnings in a Roth IRA have the potential to grow tax-free as long as they stay in the account. Withdrawals of earnings from Roth IRAs are federal income tax-free and penalty-free if a five-year aging period has been met and the account owner is age 59½ or over, disabled, or deceased. Roth IRAs are not subject to required minimum distribution (RMD) rules during the lifetime of the original owner, so you can leave your assets in the Roth IRA where they have the potential to continue to grow.

401(k) Rollovers

Changing jobs or retiring? You may want to consider rolling 401(k) funds from your employer account to a Traditional or Roth retirement account. Our retirement planning team can help you through the process. Here are a few times to consider a rollover:

• If you’re changing jobs or retiring, you can opt to leave your funds in your former employer’s 401(k), as long as you meet balance requirements and retain access. Alternatively, you could roll funds over into a WesBanco retirement account where they will continue to grow and you can ensure access.
• If you’ve received a distribution from a closed 401(k) or retirement account, you can deposit it into a qualified retirement account, such as a Traditional or Roth IRA to continue growing funds.
• If you’re interested in transitioning from a Traditional IRA to a Roth IRA, you can withdraw and pay taxes on your Traditional funds and reinvest them into a Roth IRA (within 60 days to avoid an early withdrawal penalty) to allow your funds to grow tax-free.

Talk to a WesBanco Retirement Planning Team Member Today

Whether you're opening a new retirement account or interested in rolling over funds, our retirement planning services team can help you make sure you find the right IRA to save for the future. Find a Local Branch and stop by or set up an appointment today.