401(k) Companies in Clarkson Valley, MO

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

401(k) Companies in Clarkson Valley, MO. Initiating a 401(k) plan with trusted 401(k) advisors is a wonderful way for small and mid-sized businesses in Clarkson Valley, MO to appeal to and hold onto employees, incentivize great performance, and get those much-needed tax breaks. Correct Capital Wealth Management has been introducing businesses to secure 401(k) companies in Clarkson Valley, MO for over 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 Clarkson Valley, MO business and your employees succeed.

As of 2020, defined-contribution (DC) plans like 401(k)s constitute $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 employers in the United States with under 50 employees provide a 401(k) plan to their employees, and over 33% have no current plans to do so. An additional study found that a 401(k) plan is the only instrument many Americans have for saving for retirement.

The J.P. Morgan survey reported that the most frequent incentive for employers to explore 401(k) companies and provide a plan was to incentivize their employees to set money aside responsibly for retirement. In order to do this effectively for your valued employees, it is critical to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Clarkson Valley, 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 offer you and your employees the retirement solutions that work for your needs and individual circumstances. Specific plans are more appropriate for certain businesses, and our Clarkson Valley, MO 401(k) advisors help determine 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 financial planning 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 indispensable aspect of any 401(k) plan.

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Advantages of Offering a 401(k) Plan | Clarkson Valley, MO 401(k) Companies

The benefits of providing retirement planning to staff through 401(k) companies are obvious. Almost 40% of employers who did not offer 401(k) plans said that their reason was that their company was not bringing in enough earnings. But there are countless reasons why setting up a 401(k) plan for your employees could be best for your bottom line in the end. The 401(k) consultants at Correct Capital will compile a comprehensive guide to the myriad advantages certain programs will have for you. Among them are:

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

We're enduring the Great Resignation; a recent survey found that 55% of Americans thought they would search for a new job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer provides a retirement plan. What better way to hold on to your hardest working employees than letting them know you care about their financial health, even after they are no longer working for you?

Incentivizing Employees | Clarkson Valley, MO 401(k) Companies

Many Clarkson Valley, MO employers give higher contributions when specific 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 maintain their performance.

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

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

  1. You had less than 100 workers who received a minimum of $5,000 in compensation from you the previous year.
  2. You had a minimum of 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 accessible for up to three years, and there is a different tax credit for attaching 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 implementing a 401(k) program:

  1. Employer contributions are tax-deductible to the extent that the contributions do not go over the limits stipulated by Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and posses tax deferral until distribution.

Correct Capital's financial advisors also offer comprehensive tax planning services to Clarkson Valley, 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 Clarkson Valley, MO is that we offer financial planning as a service to your participating staff. Through group education gatherings, we'll ensure your employees recognize the ideal investment opportunities for themselves, are aware of how your 401(k) plan functions, and appreciate how it's serving them. We can also have one-on-one sessions to discuss financial portfolio and asset management with individual staff. When a new member joins your team and they had a 401(k) plan with their prior employer, we can help them with their 401(k) rollover.

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Types of 401(k) Plans | Clarkson Valley, MO 401(k) Companies

The Clarkson Valley, MO 401(k) advisors at Correct Capital can help your business initiate several different plans through a variety of different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored program that offers a range of investment options. Employers are able to match their employees' contributions. 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 made in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes money out after continuing 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 who want a cost-effective way to offer their employees retirement benefits. Like 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 no more than 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 similar to to regular 401(k)s, with the exception they must include employer contributions that are fully vested when made. In exchange for 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 Clarkson Valley, MO business and your employee's retirement needs to find the ideal type of 401(k) plan for you.

Other services we offer in Clarkson Valley, MO include:

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

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

Correct Capital is unique among Clarkson Valley, MO 401(k) advisors because we offer the degree of individualized attention as smaller financial firms, but couple it with the same knowledge, accomplishment, and connections as larger firms. We offer independent and objective direction, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and moral obligation to do so. Our retirement consultants have been trusted to connect companies to 401(k) companies for more than two decades and presently 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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