401(k) Companies in Ballwin, MO

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

401(k) Companies in Ballwin, MO. Establishing a 401(k) plan with trusted 401(k) advisors is an excellent way for medium and small companies in Ballwin, MO to draw and retain employees, incentivize great performance, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been connecting businesses with trusted 401(k) companies in Ballwin, MO for more than 20 years. Call us today at 314-930-401(k) or contact us online to find out more about how Correct Capital can help your Ballwin, MO business and your employees prosper.

As of 2020, defined-contribution (DC) plans such as 401(k)s comprise $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 half of all businesses in the United States with under 50 employees offer a 401(k) plan to their employees, and over one-third have no current aim to do so. A different study found that a 401(k) plan is the only avenue many Americans have for setting money aside for retirement.

The J.P. Morgan survey reported that the most common incentive for employers to inquire about 401(k) companies and provide a plan was to incentivize their employees to save responsibly for retirement. In order to do this fruitfully for your prized employees, it is essential to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Ballwin, MO.

There are a great deal of advantages to using Correct Capital's 401(k) services. Correct Capital partners with many trusted and stable 401(k) companies to offer you and your employees the retirement solutions that serve your needs and individual situation. Certain plans work better for certain employers, and our Ballwin, MO 401(k) advisors help locate the preferred 401(k) company and plan for you and your employees. As independent retirement consultants, there is no restriction to which 401(k) companies we can work with . From offering investment education, advising individual employees on retirement planning, and helping you maneuver how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a vital facet of any 401(k) plan.

401(k) Consultants Ballwin, MO | Financial Advisors | Retirement Planners Near Ballwin

Benefits of Offering a 401(k) Plan | Ballwin, MO 401(k) Companies

The advantages of offering retirement planning to workers through 401(k) companies are obvious. Thirty-nine percent of employers who did not offer 401(k) plans gave their reason as being that their business was not bringing in sufficient revenue. But there are numerous reasons why setting up a 401(k) plan for your employees may be best for your bottom line in the end. The 401(k) consultants at Correct Capital will compile a comprehensive guide to the many advantages certain plans will have for you. Among them are:


Attracting and Retaining Talent | Ballwin, MO 401(k) Companies

We're in the middle of the Great Resignation; a recent survey discovered that 55% of Americans anticipated searching for a different job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer offers a retirement plan. What better way to hold on to your hardest working employees than assuring them that you care about their financial well-being, even after they are no longer working for you?


Motivating Employees | Ballwin, MO 401(k) Companies

Many Ballwin, MO businesses give greater contributions when particular performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your employees' motivation high and to maintain their production.


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

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

  1. You had less than 100 employees who collected at least $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 preceding years, you did not already have a retirement plan in place that benefited substantially the same employees.

The tax credit is obtainable for a maximum of three years, and there is another tax credit for adding an automatic enrollment feature to a new or existing 401(k) plan.

Further Tax Benefits

Other than the startup tax credit, the IRS offers two further tax benefits for sponsoring a 401(k) program:

  1. Employer contributions are tax-deductible to to the point that they do not surpass the limits dictated by Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and enjoy tax deferral until distribution.

Correct Capital's financial advisors also offer extensive tax planning services to Ballwin, MO residents and employers. We'll work to reduce your tax liability as part of our 401(k) services.

Employee Education

One of the features that makes Correct Capital different from other 401(k) consultants in Ballwin, MO is that we offer financial planning as a service to your participating employees. Through group education meetings, we'll make certain your employees understand the ideal investment opportunities for themselves, are aware of how your 401(k) plan functions, and understand how it's helping them. We can also have one-on-one sessions to talk over financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their prior company, we can assist them with their 401(k) rollover.

401(k) Company Ballwin, MO | Retirement Consultants | Financial Planning Near Ballwin

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

The Ballwin, MO 401(k) consultants at Correct Capital can help your business set up a variety of different plans through several different 401(k) companies. The most frequently used plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored plan that includes a wide array of investment options. Employers can equal their employees' contributions. Taxes are deducted when the savings and earnings 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 individual takes funds out after continuing the account for 5 years and they are at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans are specially for small businesses looking for a cost-effective way to offer their workers retirement benefits. Similar to a traditional 401(k) plan, you may 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, except that the employer must make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not carry out its annual nondiscrimination tests.

When we first meet with you, we'll get to know your Ballwin, MO company and your employee's retirement needs to find the best type of 401(k) plan for you.

Other services we offer in Ballwin, MO include:

401(k) Advising Ballwin, MO | 401(k) Companies | Retirement Planning Near Ballwin

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

Correct Capital is unique among Ballwin, MO 401(k) advisors because we provide the degree of individualized attention as smaller advisory firms, but combine it with the same savvy, experience, and connections as larger firms. We offer independent and objective counsel, always intended to do what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and ethical duty to do so. Our retirement consultants have been trusted to connect businesses to 401(k) companies for more than 25 years and presently represent over $230 million in total plan assets throughout the United States. Call us at 314-930-401(k) or contact us online to talk over your 401(k) needs today.


Are you ready to experience the Correct Capital difference?

GET STARTED

Meet our team of financial advisors.

Our Team

Services We Offer