401(k) Companies in Clarkson Valley, MO
401(k) Companies in Clarkson Valley, MO. Setting up a 401(k) plan with dependable 401(k) advisors is an excellent way for medium and small companies in Clarkson Valley, MO to appeal to and retain employees, encourage great work, and get those much-needed tax breaks. Correct Capital Wealth Management has been introducing employers to trustworthy 401(k) companies in Clarkson Valley, MO for over two decades. Call us today at 877-930-4015 or contact us online to find out more about what Correct Capital can do for your Clarkson Valley, 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 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 retirement plan to their employees, and over one-third have no current plans to do so. An additional study found that a 401(k) plan is the only avenue many Americans have for putting money aside for retirement.
The J.P. Morgan survey found that the most frequent reason for employers to look into 401(k) companies and offer a plan was to encourage their employees to put money aside conscientiously for retirement. In order to do this effectively for your best employees, it is critical to consult 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 stable 401(k) companies to bring you and your employees the retirement solutions that are in your best interests and individual circumstances. Specific plans work better for certain companies, and our Clarkson Valley, MO 401(k) advisors help recognize the preferred 401(k) company and plan for you and your employees. As an independent advisory firm, there is no restriction to which 401(k) companies we can work with . From offering investment education, counseling individual employees on retirement planning, and helping you understand how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a vital part of any 401(k) program.
Schedule a Meeting With an Advisor Today
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.
Schedule a 15-Minute Introductory Call
More From Correct Capital Wealth Management
Explore how Correct Capital Wealth Management can help guide you toward smarter decisions, clearer goals, and lasting financial success.
Subscribe To Our Newsletter Listen To Our Podcast Watch Our YouTube Channel
Advantages of Offering a 401(k) Plan | Clarkson Valley, MO 401(k) Companies
The advantages of providing retirement planning to employees through 401(k) companies are clear. Thirty-nine percent of employers who did not offer 401(k) plans stated that their business was not generating sufficient earnings. But there are many reasons why implementing a 401(k) plan for your employees might be best for your bottom line in the end. The 401(k) advisors at Correct Capital will put together an all-inclusive guide to the myriad advantages certain plans will have for you. Among them are:
Attracting and Retaining Talent | Clarkson Valley, MO 401(k) Companies
We're going through the Great Resignation; a recent survey stated that 55% of Americans anticipated looking for a new job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer provides a defined contribution plan. What better way to hang on to your favorite employees than letting them know their financial security matters to you, even after they've left the workforce?
Incentivizing Employees | Clarkson Valley, MO 401(k) Companies
Many Clarkson Valley, 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 keep up their production.
Plan Startup Tax Credits | Clarkson Valley, MO 401(k) Companies
Small and medium companies are able to get a tax credit for plan startup expenses if they fulfill three requirements dictated by the IRS:
- You had under 100 employees who received a minimum of $5,000 in compensation from you the previous year.
- You had at least one plan participant who was a non-highly compensated employee.
- In the three preceding years, you did not already have a retirement plan in place that covered substantially the same employees.
The tax credit is obtainable for up to three years, and there is a further tax credit for adding an automatic enrollment feature to a new or existing 401(k) plan.
Additional Tax Advantages
In addition to the startup tax credit, the IRS offers two additional tax benefits for having a 401(k) program:
- Employer contributions are tax-deductible to to the point that they do not surpass the limits dictated by Section 404 of the Internal Revenue Code.
- 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 Clarkson Valley, MO businesses. We'll work to decrease your tax liability as part of our 401(k) services.
Employee Education
One of the things that sets Correct Capital apart from other 401(k) advisors in Clarkson Valley, MO is that we offer financial planning as a perk to plan participants. Through group education gatherings, we'll make sure your employees understand the best investment opportunities for themselves, are aware of how your 401(k) program works, and see how it's benefiting them. We can also have one-on-one sessions to talk over financial portfolio and asset management with individual staff. When a new employer joins your team and they had a 401(k) plan with their old company, we can offer assistance with their 401(k) rollover.
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 set up several different plans through many different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that offers numerous investment options. Employers can equal their employees' contributions. Taxes are paid when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are analogous traditional plans, except that 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 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 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 can withhold money from an employee's paycheck as their contribution. However, the employer must make either:
- A matching contribution of no more than 3% of a worker's earnings; or
- A non-elective contribution of 2% of a staff members earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, but the employer is required to make contributions that are fully vested when made. In exchange for for required contributions, the IRS does not carry out its yearly nondiscrimination tests.
In our first meeting, we'll get to know your Clarkson Valley, MO business and your employee's retirement needs to offer the ideal type of 401(k) plan for you.
Other services we offer in Clarkson Valley, MO include:
The Correct Capital Difference | Clarkson Valley, MO 401(k) Companies
Correct Capital is distinctive among Clarkson Valley, MO 401(k) advisors because we offer the degree of individualized care as smaller advisory firms, but combine it with the same wisdom, experience, and connections as larger firms. We provide independent and objective advice, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and ethical responsibility to do so. Our retirement consultants have been trusted to introduce companies to 401(k) companies for over two decades and at present we represent over $230 million in total plan assets across the United States. Call us at 877-930-4015 or contact us online to go over your 401(k) needs today.
