401(k) Companies in Arnold, MO

401(k) Companies in Arnold, MO A Great 401(k) Plan Benefits You and Your Employees

401(k) Companies in Arnold, MO. Setting up a 401(k) plan with dependable 401(k) advisors is a great way for small and mid-sized companies in Arnold, MO to appeal to and retain employees, incentivize great work, and get those much-needed tax breaks. Correct Capital Wealth Management has been introducing businesses to trustworthy 401(k) companies in Arnold, MO for over 20 years. Call us today at 314-930-401(k) or contact us online to find out more about what Correct Capital can do for your Arnold, MO business and employees.

As of 2020, defined-contribution (DC) plans such as 401(k)s constitute $9.9 trillion of the total $32.3 trillion in retirement plan funds held in the United States, as reported by the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than 50% of all employers in the United States with under 50 employees offer a retirement plan as an employee benefit, and more than a third have no current intentions to do so. An additional study found that a 401(k) plan is the only vehicle many Americans have for putting money aside for retirement.

The J.P. Morgan survey reported that the most frequent motive for employers to explore 401(k) companies and offer a plan was to incentivize their employees to save conscientiously for retirement. In order to do this effectively for your valued employees, it is crucial to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Arnold, MO.

There are numerous benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and safe 401(k) companies to put forward for you and your employees the retirement solutions that are in your best interests and individual situation. Specific plans work better for certain employers, and our Arnold, MO 401(k) advisors help locate the best 401(k) company and plan for you and your employees. As independent retirement consultants, there is no limit to which 401(k) companies we can connect you to . From offering financial planning education, counseling individual employees on retirement planning, and assisting you navigate how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are a vital part of any 401(k) plan.

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Advantages of Offering a 401(k) Plan | Arnold, MO 401(k) Companies

The advantages of offering retirement planning to workers through 401(k) companies are obvious. Almost 40% of employers who did not offer 401(k) plans stated that their business was not bringing in enough revenue. But there are numerous reasons why initiating a 401(k) plan for your employees might be best for your bottom line down the road. The 401(k) consultants at Correct Capital will compile an extensive guide to the myriad benefits certain programs will have for you. Among them are:

Recruiting and Retaining Talent | Arnold, MO 401(k) Companies

We're living through the Great Resignation; a recent survey discovered that 55% of Americans expected to look for a different job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer offers a retirement plan. What better way to hang on to your hardest working employees than letting them know you care about their financial security, even after they've moved on?

Motivating Employees | Arnold, MO 401(k) Companies

Many Arnold, MO employers give higher contributions when particular performance goals are met. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your best employees motivated to continue their performance.

Plan Startup Tax Credits | Arnold, MO 401(k) Companies

Small and medium companies can collect a tax credit for plan startup expenses if they satisfy three requirements laid out by the IRS:

  1. You had 100 or fewer workers who were paid a minimum of $5,000 in compensation from you the previous year.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. In the three years prior, you did not already have a retirement plan in place that covered substantially the same employees.

The tax credit is accessible for a maximum of three years, and there is a further tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.

Further Tax Advantages

In addition to the startup tax credit, the IRS offers two added tax benefits for sponsoring a 401(k) plan:

  1. Employer contributions are tax-deductible to the extent that the contributions do not surpass the limits set out in Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and have the benefit of tax deferral until distribution.

Correct Capital's financial advisors also offer comprehensive tax planning services to Arnold, MO businesses. We'll work to lower your tax liability as part of our 401(k) services.

Employee Education

One of the features that sets Correct Capital apart from other 401(k) consultants in Arnold, MO is that we offer financial planning as a perk to your participating employees. With group education meetings, we'll make certain your employees know the best investment opportunities for themselves, understand how your 401(k) program functions, and recognize how it's benefiting them. We can also use one-on-one sessions to go through financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their old employer, we can help them with their 401(k) rollover.

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Types of 401(k) Plans | Arnold, MO 401(k) Companies

The Arnold, MO 401(k) consultants at Correct Capital can help your companies implement many different plans through a variety of different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored plan that offers numerous investment options. Employers can match their employees' contributions. Taxes are deducted when the savings and gains are withdrawn.
  • Roth 401(k) Plans: Roth plans are much the same traditional plans, with the exception contributions are made with money you have already paid taxes on. Income earned in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws money after preserving the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans exist specially for small businesses who want a cost-efficient way to offer their employees a retirement plan. Like a traditional 401(k) plan, you can take money out of an employee's paycheck as their contribution. But, the employer must make either:
    • A matching contribution of up to 3% of an employee's pay; or
    • A non-elective contribution of 2% of a staff members pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, with the exception they must include employer contributions that are fully vested when made. In exchange for for required contributions, the IRS does not carry out its yearly nondiscrimination tests.

In our initial meeting, we'll gain an understanding of your Arnold, MO business and your employee's retirement needs to identify the best type of 401(k) plan for you.

Other services we offer in Arnold, MO include:

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The Correct Capital Difference | Arnold, MO 401(k) Companies

Correct Capital is unique among Arnold, MO 401(k) advisors because we offer the degree of individualized care as smaller financial firms, but combine it with the same savvy, experience, and partnerships as larger firms. We provide independent and objective guidance, always geared toward doing what's best for you; as an Accredited Investment Fiduciary®, it's our legal and moral obligation to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for more than 25 years and at present we represent over $230 million in total plan assets across the United States. Call us at 314-930-401(k) or contact us online to discuss your 401(k) needs today.

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