401(k) Companies in Clayton, MO

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

401(k) Companies in Clayton, MO. Establishing a 401(k) plan with dependable 401(k) advisors is a great way for small and mid-sized companies in Clayton, MO to attract and hold onto employees, incentivize great work, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been introducing employers to secure 401(k) companies in Clayton, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to learn more about what Correct Capital can do for your Clayton, MO business and employees.

As of 2020, defined-contribution (DC) plans like 401(k)s accounted for $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 retirement plan as an employee benefit, and more than one-third have no current intentions to do so. Another 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 common motivation for employers to look into 401(k) companies and provide a plan was to incentivize their employees to put money aside responsibly for retirement. In order to do this effectively for your valued employees, it is important to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Clayton, MO.

There are a great deal of benefits to using Correct Capital's 401(k) services. Correct Capital partners with many reliable and stable 401(k) companies to bring you and your employees the retirement solutions that are in your needs and unique circumstances. Certain plans are more apt for certain companies, and our Clayton, MO 401(k) advisors help pick out the best 401(k) company and plan for you and your employees. As an independent advisory firm, there is no restraint to which 401(k) companies we can work with . From offering investment education, guiding individual employees on retirement planning, and assisting 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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Benefits of Offering a 401(k) Plan | Clayton, MO 401(k) Companies

The benefits of providing retirement planning to employees through 401(k) companies are obvious. Thirty-nine percent of employers who did not offer 401(k) plans said that their business was not generating sufficient revenue. But there are countless reasons why setting up a 401(k) plan for your employees might wind up being best for your bottom line. The 401(k) consultants at Correct Capital will put together an extensive guide to the various benefits certain programs will have for you. Among them are:


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

We're living through the Great Resignation; a recent survey reported that 55% of Americans anticipated looking for a different job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer offers a defined contribution plan. What better way to retain your best employees than letting them know you care about their financial well-being, even after they are no longer working for you?


Incentivizing Employees | Clayton, MO 401(k) Companies

Many Clayton, MO businesses give greater contributions when specific performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your best employees motivated to sustain their performance.


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

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

  1. You had under 100 workers who collected at least $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 benefiting substantially the same employees during the three years preceding the year for which you are claiming credit.

The tax credit is obtainable for up to three years, and there is another tax credit for attaching 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 extra tax benefits for having 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 posses tax deferral until distribution.

Correct Capital's financial advisors also offer comprehensive tax planning services to Clayton, MO companies. We'll strive 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) consultants in Clayton, MO is that we offer financial planning as a benefit to plan participants. With group education gatherings, we'll ensure your employees recognize the best investment opportunities for themselves, understand how your 401(k) program works, and see how it's serving them. We can also have one-on-one meetings to go through financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their previous company, we can help them with their 401(k) rollover.

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

The Clayton, MO 401(k) consultants at Correct Capital can help your companies initiate many 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 a wide array of 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, other than the fact that contributions are made with money you have already paid taxes on. Income made in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws funds after maintaining the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans are specially for small businesses looking for a cost-effective way to offer their employees a retirement plan. Similar to a traditional 401(k) plan, you can 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 pay; or
    • A non-elective contribution of 2% of a staff members pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, however they must include employer contributions that are fully vested when made. In exchange for for required contributions, the IRS does not perform its annual nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your Clayton, MO company and your employee's retirement needs to identify the ideal type of 401(k) plan for you.

Other services we offer in Clayton, MO include:

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

Correct Capital is unique among Clayton, MO 401(k) advisors because we offer the level of individualized attention as smaller financial firms, but couple it with the same wisdom, experience, and partnerships as larger firms. We provide independent and objective guidance, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and ethical obligation to do so. Our retirement consultants have been trusted to introduce businesses to 401(k) companies for over 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 talk over your 401(k) needs today.


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