401(k) Companies in Chesterfield, MO

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

401(k) Companies in Chesterfield, MO. Setting up a 401(k) plan with dependable 401(k) advisors is an excellent way for small and mid-sized businesses in Chesterfield, MO to attract and retain employees, encourage great production, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been connecting businesses with secure 401(k) companies in Chesterfield, MO for over 20 years. Call us today at 314-930-401(k) or contact us online to learn more about how Correct Capital can help your Chesterfield, MO business and your employees succeed.

As of 2020, defined-contribution (DC) plans like 401(k)s made up $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 companies in the United States with less than 50 employees provide a 401(k) plan as an employee benefit, and more than one-third have no current aim to do so. A different 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 inquire about 401(k) companies and offer a plan was to incentivize their employees to set money aside responsibly for retirement. In order to do this successfully for your prized employees, it is important to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Chesterfield, MO.

There are countless advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many reliable and secure 401(k) companies to put forward for you and your employees the retirement solutions that serve your best interests and unique circumstances. Specific plans work better for certain companies, and our Chesterfield, MO 401(k) advisors help identify the best 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 connect you to . From offering financial planning education, advising individual employees on retirement planning, and assisting you navigate how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an invaluable part of any 401(k) plan.

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

The advantages of offering retirement planning to staff 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 income. But there are a lot of reasons why initiating a 401(k) plan for your employees could end up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an extensive guide to the various advantages certain plans will have for you. Among them are:

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

We're enduring the Great Resignation; a recent survey stated that 55% of Americans thought they would look 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 keep your best employees than letting them know their financial well-being is important to you, even after they are no longer working for you?

Incentivizing Employees | Chesterfield, MO 401(k) Companies

Many Chesterfield, MO companies offer greater contributions when their employees achieve particular performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your best employees motivated to keep up their performance.

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

Small and medium companies can receive a tax credit for plan startup costs if they fulfill three requirements stipulated by the IRS:

  1. You had under 100 employees who received a minimum of $5,000 in compensation from you the preceding year.
  2. You had a minimum of one plan participant who was a non-highly compensated employee.
  3. Your company 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 obtainable for a maximum of three years, and there is another tax credit for adding an automatic enrollment feature to a new or extant 401(k) plan.

Further Tax Benefits

In addition to 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 exceed the limits stipulated by Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and benefit from tax deferral until distribution.

Correct Capital's financial advisors also offer extensive tax planning services to Chesterfield, MO residents and employers. We'll strive to decrease 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 Chesterfield, MO is that we offer financial planning as a benefit to your participating employees. With group education gatherings, we'll make certain your employees recognize the ideal investment opportunities for themselves, are aware of how your 401(k) program functions, and appreciate how it's serving them. We can also have one-on-one sessions to talk over financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their prior company, we can offer assistance with their 401(k) rollover.

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

The Chesterfield, MO 401(k) consultants at Correct Capital can help your companies set up many different plans through several different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored plan that offers a wide array of investment options. Employers may equal their employees' contributions. Taxes are paid when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are much the same traditional plans, however contributions are made with after-tax dollars. Income made in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws funds after maintaining the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans exist specially for small businesses looking for a cost-effective way to offer their workers a retirement plan. Like a traditional 401(k) plan, you can take money out of an employee's paycheck as their contribution. However, the employer must make either:
    • An equal contribution of up to 3% of a worker's pay; or
    • A non-elective contribution of 2% of an employee's earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, except that the employer is required to make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not perform its annual nondiscrimination tests.

In our first meeting, we'll get to know your Chesterfield, MO business and your employee's retirement needs to identify the best type of 401(k) plan for you.

Other services we offer in Chesterfield, MO include:

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

Correct Capital stands out among Chesterfield, MO 401(k) advisors because we offer the degree of personalized care as smaller financial firms, but pair it with the same savvy, accomplishment, and partnerships as larger firms. We offer 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 more than two decades 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.

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