401(k) Companies in Central West End, MO

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

401(k) Companies in Central West End, MO. Initiating a 401(k) plan with trusted 401(k) advisors is an excellent way for medium and small companies in Central West End, MO to attract and hold onto employees, encourage great production, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been connecting companies with dependable 401(k) companies in Central West End, MO for more than 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 Central West End, MO business and employees.

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, 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 less than 50 employees offer a retirement plan as an employee benefit, and over 33% have no current aim to do so. A further study found that a 401(k) plan is the only avenue many Americans have for saving for retirement.

The J.P. Morgan survey reported that the most frequent motivation for employers to inquire about 401(k) companies and offer a plan was to encourage their employees to set money aside conscientiously for retirement. In order to do this effectively for your prized employees, it is essential to consult a trustworthy, independent retirement planning advisory firm like Correct Capital based in Central West End, MO.

There are countless advantages to using Correct Capital's 401(k) services. Correct Capital partners with many reliable and stable 401(k) companies to put forward for you and your employees the retirement solutions that serve your needs and individual situation. Certain plans work better for certain employers, and our Central West End, MO 401(k) advisors help pick out the preferred 401(k) company and plan for you and your employees. As independent retirement consultants, there is no restraint to which 401(k) companies we can work with . From offering financial planning education, advising individual employees on retirement planning, and assisting you understand how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an indispensable aspect of any 401(k) plan.

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Benefits of Offering a 401(k) Plan | Central West End, MO 401(k) Companies

The benefits of offering retirement planning to employees through 401(k) companies are obvious. Thirty-nine percent of employers who did not offer 401(k) plans stated that their business was not generating sufficient revenue. But there are a lot of reasons why initiating a 401(k) plan for your employees could be best for your bottom line down the road. The 401(k) advisors at Correct Capital will put together an extensive guide to the various advantages certain programs will have for you. Among them are:


Recruiting and Retaining Talent | Central West End, MO 401(k) Companies

We're in the middle of the Great Resignation; a recent survey reported that 55% of Americans expected to search for a new job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer has a 401(k) plan. What better way to hang on to your best employees than assuring them that you care about their financial security, even after they are no longer working for you?


Incentivizing Employees | Central West End, MO 401(k) Companies

Many Central West End, 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 great way to keep your employees' motivation high and to sustain their production.


Plan Startup Tax Credits | Central West End, MO 401(k) Companies

Small and medium companies are able to obtain a tax credit for plan startup expenses if they satisfy three requirements dictated by the IRS:

  1. You had 100 or fewer staff who received at least $5,000 in compensation from you the preceding 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 benefited substantially the same employees.

The tax credit is accessible for up to three years, and there is a further tax credit for attaching an automatic enrollment feature to a new or existing 401(k) plan.

Further Tax Advantages

Besides the startup tax credit, the IRS offers two other tax benefits for implementing a 401(k) program:

  1. Employer contributions are tax-deductible to the extent that the contributions do not exceed 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 extensive tax planning services to Central West End, 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 Central West End, MO is that we offer financial planning as a benefit to plan participants. With group education meetings, we'll ensure your employees understand the ideal investment opportunities for themselves, understand how your 401(k) program 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 a new member joins your team and they had a 401(k) plan with their old employer, we can assist them with their 401(k) rollover.

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Types of 401(k) Plans | Central West End, MO 401(k) Companies

The Central West End, MO 401(k) consultants at Correct Capital can help your business implement 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 program that offers a range of investment options. Employers are able to equal their employees' contributions. Taxes are paid 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. Gains obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws money after maintaining the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans are specifically for small businesses looking for a cost-efficient way to offer their workers a retirement plan. Similar to a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. But, the employer must make either:
    • An equal contribution of no more than 3% of a staff members earnings; or
    • A non-elective contribution of 2% of a worker's pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, except that they must include employer contributions that are fully vested when made. In consideration of for required contributions, the IRS does not carry out its yearly nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your Central West End, MO company and your employee's retirement needs to find the best type of 401(k) plan for you.

Other services we offer in Central West End, MO include:

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The Correct Capital Difference | Central West End, MO 401(k) Companies

Correct Capital is distinctive among Central West End, MO 401(k) advisors because we provide the level of individualized care as smaller financial firms, but pair it with the same savvy, experience, and connections as larger firms. We provide independent and objective counsel, always geared toward doing what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to connect companies to 401(k) companies for more than 25 years and currently represent over $230 million in total plan assets nationwide. Call us at 314-930-401(k) or contact us online to discuss your 401(k) needs today.


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