401(k) Companies in Central West End, MO

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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 dependable 401(k) advisors is a great way for medium and small businesses in Central West End, MO to attract and retain employees, incentivize great work, and get those much-needed tax breaks. Correct Capital Wealth Management has been connecting employers with trustworthy 401(k) companies in Central West End, MO for over two decades. Call us today at 877-930-4015 or contact us online to discover more about what Correct Capital can do for your Central West End, MO business and employees.

As of 2020, defined-contribution (DC) plans like 401(k)s constitute $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 under 50 employees offer a 401(k) plan as an employee benefit, and over a third have no current aim to do so. A further 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 motivation for employers to research 401(k) companies and offer a plan was to encourage their employees to save conscientiously for retirement. In order to do this fruitfully for your prized employees, it is crucial to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Central West End, MO.

There are countless benefits to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and safe 401(k) companies to put forward for you and your employees the retirement solutions that work for your needs and unique circumstances. Specific plans work better for certain businesses, and our Central West End, MO 401(k) advisors help identify the preferred 401(k) company and plan for you and your employees. As an independent advisory firm, there is no limit to which 401(k) companies we can work with . From offering investment education, counseling individual employees on retirement planning, and helping you navigate how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an indispensable part of any 401(k) plan.

401(k) Consultants Central West End, MO | Financial Advisors | Retirement Planners Near Central West End 

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

The benefits of providing retirement planning to staff through 401(k) companies are apparent. Thirty-nine percent of employers who did not offer 401(k) plans stated that their business was not generating sufficient earnings. But there are countless reasons why setting up a 401(k) plan for your employees might be best for your bottom line down the road. The 401(k) advisors at Correct Capital will compile an all-inclusive 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 going through the Great Resignation; a recent survey discovered that 55% of Americans thought they would search for a new job in 2021 and 2022. Workers are 45% more at-ease about their retirement when their employer has a retirement plan. What better way to keep your best employees than assuring them that you care about their financial well-being, even after they've moved on?

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

Many Central West End, MO employers give greater contributions when specific performance goals are met. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be an effective way to keep your best employees motivated to continue their performance.

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

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

  1. You had under 100 staff who collected a minimum of $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. Your business did not already have a retirement plan covering 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 an additional tax credit for adding an automatic enrollment feature to a new 401(k) plan or one you already had.

Further Tax Advantages

Other than the startup tax credit, the IRS offers two other tax benefits for implementing a 401(k) plan:

  1. Employer contributions are tax-deductible to to the point that they 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 advantage of tax deferral until distribution.

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

Employee Education

One of the things that makes Correct Capital different from other 401(k) advisors in Central West End, MO is that we offer financial planning as a benefit to your participating employees. Through group education meetings, we'll make sure your employees understand the ideal investment options for themselves, are aware of how your 401(k) program functions, and appreciate how it's helping them. We can also use one-on-one meetings to discuss financial portfolio and asset management with individual workers. When a new member joins your team and they had a 401(k) plan with their previous company, we can offer assistance 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) advisors at Correct Capital can help your business implement several 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 numerous investment options. Employers can match what their employees put in. Taxes are taken out when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, however 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 takes funds out after maintaining the account for 5 years and they are at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans exist specifically for small businesses looking for a cost-effective way to offer their workers retirement benefits. Similar to a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. However, the employer must make either:
    • An equal contribution of no more than 3% of an employee's earnings; or
    • A non-elective contribution of 2% of an employee's earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, however the employer must make contributions that are fully vested when made. In exchange for for required contributions, the IRS does not perform its yearly nondiscrimination tests.

In our initial meeting, we'll get to know your Central West End, MO company and your employee's retirement needs to identify the ideal type of 401(k) plan for you.

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

401(k) Advising Central West End, MO | 401(k) Companies | Retirement Planning Near Central West End

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 offer the level of individualized attention as smaller advisory firms, but couple it with the same wisdom, accomplishment, 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 ethical obligation to do so. Our retirement consultants have been trusted to introduce companies to 401(k) companies for over 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 discuss your 401(k) needs today.

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