401(k) Companies in Concord, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Concord, MO. Initiating a 401(k) plan with dependable 401(k) advisors is a great way for small and mid-sized companies in Concord, MO to draw and retain employees, encourage great work, and receive those much-desired tax breaks. Correct Capital Wealth Management has been connecting employers with trustworthy 401(k) companies in Concord, 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 Concord, 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, according to 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 to their employees, and over 33% have no present intent 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 common reason for employers to explore 401(k) companies and provide a plan was to incentivize their employees to set money aside conscientiously for retirement. In order to do this successfully for your valued employees, it is critical to consult a trustworthy, independent retirement planning advisory firm like Correct Capital based in Concord, MO.
There are various benefits to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and secure 401(k) companies to put forward for you and your employees the retirement solutions that are in your best interests and unique situation. Specific plans are more apt for certain companies, and our Concord, MO 401(k) advisors help pick out the best 401(k) company and plan for you and your employees. As independent advisors, there is no limit to which 401(k) companies we can connect you to . From offering investment education, guiding individual employees on retirement planning, and assisting you navigate how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a crucial facet of any 401(k) plan.
Advantages of Offering a 401(k) Plan | Concord, MO 401(k) Companies
The benefits of offering retirement planning to workers through 401(k) companies are clear. Almost 40% of employers who did not offer 401(k) plans said that their company was not generating enough earnings. But there are numerous reasons why setting up a 401(k) plan for your employees could wind up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an all-inclusive guide to the various benefits certain plans will have for you. Among them are:
Recruiting and Retaining Talent | Concord, MO 401(k) Companies
We're going through the Great Resignation; a recent survey discovered that 55% of Americans anticipated searching for a new job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer provides a retirement plan. What better way to keep your favorite employees than letting them know their financial security matters to you, even after they are no longer working for you?
Incentivizing Employees | Concord, MO 401(k) Companies
Many Concord, MO businesses give increased contributions when certain performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to continue their production.
Plan Startup Tax Credits | Concord, MO 401(k) Companies
Small and medium companies are able to get a tax credit for plan startup expenses if they satisfy three requirements stipulated by the IRS:
- You had under 100 workers who collected a minimum of $5,000 in compensation from you the year prior.
- You had a minimum of 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 benefited substantially the same employees.
The tax credit is available 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.
Additional Tax Advantages
In addition to the startup tax credit, the IRS offers two added tax benefits for having a 401(k) program:
- Employer contributions are tax-deductible to to the point that they do not go over the limits set out in Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and have the advantage of tax deferral until distribution.
One of the things that makes Correct Capital different from other 401(k) advisors in Concord, MO is that we offer financial planning as a benefit to your participating staff. Through group education gatherings, we'll make sure your employees know the ideal investment opportunities for themselves, are aware of how your 401(k) program functions, and appreciate how it's benefiting them. We can also use one-on-one sessions 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 employer, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Concord, MO 401(k) Companies
The Concord, MO 401(k) advisors at Correct Capital can help your business set up a variety of different plans through several different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that includes numerous investment options. Employers can equal their employees' contributions. Taxes are deducted when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, other than the fact that contributions are made with after-tax dollars. Gains earned in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws funds after preserving the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are in place specially for small businesses looking for a cost-efficient 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. However, the employer must make either:
- A matching contribution of no more than 3% of a staff members pay; or
- A non-elective contribution of 2% of a staff members earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, with the exception the employer is required to make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not carry out its yearly nondiscrimination tests.
When we first meet with you, we'll get to know your Concord, MO business and your employee's retirement needs to identify the best type of 401(k) plan for you.
Other services we offer in Concord, MO include:
- Financial Advisor
- Asset Management
- Retirement Consultant
- Financial Portfolio Management
- 401(k) Rollover
- Financial Advice
- Retirement Planning Services
The Correct Capital Difference | Concord, MO 401(k) Companies
Correct Capital is distinctive among Concord, MO 401(k) advisors because we provide the degree of personalized care as smaller financial firms, but combine it with the same knowledge, experience, 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 responsibility to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for over 25 years and currently represent over $230 million in total plan assets across the United States. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.