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 dependable 401(k) advisors is a great way for medium and small businesses in Ballwin, MO to attract and retain employees, incentivize great work, and receive those much-desired tax breaks. Correct Capital Wealth Management has been connecting businesses with dependable 401(k) companies in Ballwin, MO for more than two decades. Call us today at 877-930-4015 or contact us online to discover more about how Correct Capital can help your Ballwin, MO business and your employees flourish.
As of 2020, defined-contribution (DC) plans such as 401(k)s made up $9.9 trillion of the total $32.3 trillion in retirement plan assets held in the United States, according to the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than half of all employers in the United States with less than 50 employees provide a 401(k) plan as an employee benefit, and more than a third have no present intent to do so. A different 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 reported that the most common motivation for employers to explore 401(k) companies and offer a plan was to incentivize their employees to put money aside responsibly for retirement. In order to do this fruitfully for your prized employees, it is important to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Ballwin, MO.
There are numerous advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and secure 401(k) companies to bring you and your employees the retirement solutions that work for your best interests and unique circumstances. Certain plans are more appropriate for certain employers, and our Ballwin, MO 401(k) advisors help recognize the best 401(k) company and plan for you and your employees. As an independent advisory firm, there is no restraint to which 401(k) companies we can connect you to . From offering investment education, guiding individual employees on retirement planning, and helping you maneuver how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an invaluable aspect of any 401(k) program.

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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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Benefits of Offering a 401(k) Plan | Ballwin, MO 401(k) Companies
The advantages of offering retirement planning to staff through 401(k) companies are evident. Almost 40% of employers who did not offer 401(k) plans said that their reason was that their business was not bringing in enough earnings. But there are numerous reasons why initiating a 401(k) plan for your employees could be best for your bottom line in the end. The 401(k) advisors at Correct Capital will put together a comprehensive guide to the myriad advantages certain programs will have for you. Among them are:
Attracting and Retaining Talent | Ballwin, MO 401(k) Companies
We're enduring the Great Resignation; a recent survey found that 55% of Americans expected to look for a new job in 2021 and 2022. Workers feel 45% more at-ease about their retirement when their employer offers a 401(k) plan. What better way to retain your favorite employees than letting them know you care about their financial health, even after they've left the workforce?
Motivating Employees | Ballwin, MO 401(k) Companies
Many Ballwin, MO companies offer increased contributions when their employees accomplish particular performance goals. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be a successful way to keep your best employees motivated to sustain their production.
Plan Startup Tax Credits | Ballwin, MO 401(k) Companies
Small and medium companies are able to receive a tax credit for plan startup expenses if they meet three requirements dictated by the IRS:
- You had 100 or fewer workers who were paid at least $5,000 in compensation from you the preceding year.
- You had at least one plan participant who was a non-highly compensated employee.
- Your business 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 available for a maximum of three years, and there is a different tax credit for adding an automatic enrollment feature to a new 401(k) plan or one you already had.
Additional Tax Advantages
Other than the startup tax credit, the IRS offers two other tax benefits for having a 401(k) program:
- Employer contributions are tax-deductible to to the point that they do not exceed the limits dictated by Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and enjoy tax deferral until distribution.
Correct Capital's financial advisors also offer all-inclusive tax planning services to Ballwin, MO companies. We'll work to decrease your tax liability as part of our 401(k) services.
Employee Education
One of the facets that makes Correct Capital different from other 401(k) advisors in Ballwin, MO is that we offer financial planning as a service to plan participants. With group education gatherings, we'll make sure your employees understand the best investment opportunities for themselves, know how your 401(k) program works, and appreciate how it's helping them. We can also have one-on-one sessions to discuss financial portfolio and asset management with individual workers. When a new employer joins your team and they had a 401(k) plan with their prior employer, we can help them with their 401(k) rollover.

Types of 401(k) Plans | Ballwin, MO 401(k) Companies
The Ballwin, MO 401(k) advisors at Correct Capital can help your companies set up many different plans through a variety of different 401(k) companies. The most frequently used plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that includes numerous investment options. Employers can equal their employees' contributions. Taxes are taken out when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are similar to traditional plans, but 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 withdraws funds after continuing the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are in place specially for small businesses who want a cost-efficient way to offer their employees 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:
- An equal contribution of up to 3% of an employee's pay; or
- A non-elective contribution of 2% of a worker's earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, however they must include employer contributions that are fully vested when made. In return for required contributions, the IRS does not carry out its yearly nondiscrimination tests.
In our first meeting, we'll gain an understanding of your Ballwin, MO company and your employee's retirement needs to offer the best type of 401(k) plan for you.
Other services we offer in Ballwin, MO include:

The Correct Capital Difference | Ballwin, MO 401(k) Companies
Correct Capital stands out among Ballwin, MO 401(k) advisors because we offer the degree of individualized care as smaller financial firms, but combine it with the same knowledge, experience, and connections as larger firms. We provide independent and objective counsel, always intended to do what's best for you; as an Accredited Investment Fiduciary®, it's our legal and ethical duty to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for over two decades and currently represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to discuss your 401(k) needs today.