401(k) Companies in Arnold, MO
401(k) Companies in Arnold, MO. Setting up a 401(k) plan with trusted 401(k) advisors is a wonderful way for medium and small businesses in Arnold, MO to attract and hold onto employees, encourage great production, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been connecting companies with trustworthy 401(k) companies in Arnold, MO for over 20 years. Call us today at 877-930-4015 or contact us online to find out more about how Correct Capital can help your Arnold, MO business and your employees succeed.
As of 2020, defined-contribution (DC) plans like 401(k)s constitute $9.9 trillion of the total $32.3 trillion in retirement plan funds held in the United States, according to the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than 50% of all businesses in the United States with less than 50 employees offer a 401(k) plan as an employee benefit, and more than 33% have no present intent to do so. An additional study found that a 401(k) plan is the only vehicle many Americans have for setting money aside for retirement.
The J.P. Morgan survey stated that the most frequent motive for employers to inquire about 401(k) companies and offer a plan was to incentivize their employees to put money aside conscientiously for retirement. In order to do this successfully for your best employees, it is important to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Arnold, MO.
There are countless benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and safe 401(k) companies to bring you and your employees the retirement solutions that are in your best interests and individual situation. Specific plans are more apt for certain businesses, and our Arnold, MO 401(k) advisors help determine the preferred 401(k) company and plan for you and your employees. As an independent retirement planning firm, there is no restriction to which 401(k) companies we can work with . From offering investment education, counseling individual employees on retirement planning, and assisting you understand how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an indispensable facet of any 401(k) program.
Benefits of Offering a 401(k) Plan | Arnold, MO 401(k) Companies
The benefits of providing retirement planning to employees through 401(k) companies are apparent. Almost 40% of employers who did not offer 401(k) plans gave their reason as being that their company was not bringing in enough income. But there are countless reasons why implementing a 401(k) plan for your employees might wind up being best for your bottom line. The 401(k) advisors at Correct Capital will put together an extensive guide to the myriad advantages certain plans will have for you. Among them are:
Attracting and Retaining Talent | Arnold, MO 401(k) Companies
We're enduring the Great Resignation; a recent survey reported that 55% of Americans expected to search for a new job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer offers a 401(k) plan. What better way to hang on to your favorite employees than assuring them that you care about their financial well-being, even after they've left the workforce?
Motivating Employees | Arnold, MO 401(k) Companies
Many Arnold, MO employers give increased contributions when particular performance goals are met. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your best employees motivated to maintain their performance.
Plan Startup Tax Credits | Arnold, MO 401(k) Companies
Small and medium companies are able to collect a tax credit for plan startup expenses if they satisfy three requirements dictated by the IRS:
- You had 100 or fewer workers who received at least $5,000 in compensation from you the preceding year.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- Your company did not already have a retirement plan benefiting substantially the same employees during the three years preceding the year for which you are claiming credit.
The tax credit is obtainable for up to three years, and there is another tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.
Additional Tax Benefits
In addition to the startup tax credit, the IRS offers two other tax benefits for implementing a 401(k) plan:
- Employer contributions are tax-deductible to to the point that they do not exceed the limits set out in Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and posses tax deferral until distribution.
Correct Capital's financial advisors also offer all-inclusive tax planning services to Arnold, MO companies. We'll strive to decrease your tax liability as part of our 401(k) services.
Employee Education
One of the aspects that makes Correct Capital different from other 401(k) advisors in Arnold, MO is that we offer financial planning as a benefit to plan participants. Through group education gatherings, we'll ensure your employees understand the ideal investment opportunities for themselves, understand how your 401(k) plan works, and appreciate how it's serving them. We can also use one-on-one sessions to go through financial portfolio and asset management with individual employees. When a new employer joins your team and they had a 401(k) plan with their previous employer, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Arnold, MO 401(k) Companies
The Arnold, MO 401(k) advisors at Correct Capital can help your business 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 program that includes a range of investment options. Employers may match what their employees put in. Taxes are deducted when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, except that contributions are made with money you have already paid taxes on. Gains 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 are in place specially for small businesses looking for a cost-effective way to offer their employees retirement benefits. Similar to a traditional 401(k) plan, you can withhold money from an employee's paycheck as their contribution. However, the employer must make either:
- An equal contribution of up to 3% of an employee's earnings; or
- A non-elective contribution of 2% of a staff members earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, however 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.
When we first meet with you, we'll get to know your Arnold, MO company 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:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
The Correct Capital Difference | Arnold, MO 401(k) Companies
Correct Capital is distinctive among Arnold, MO 401(k) advisors because we provide the degree of personalized care as smaller advisory firms, but couple it with the same savvy, experience, and connections as larger firms. We provide independent and objective advice, always geared toward doing what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and ethical responsibility to do so. Our retirement consultants have been trusted to connect employers to 401(k) companies for more than 25 years and at present we represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to go over your 401(k) needs today.
