401(k) Companies in Concord, MO
401(k) Companies in Concord, MO. Initiating a 401(k) plan with trusted 401(k) advisors is an excellent way for small and mid-sized businesses in Concord, MO to draw and retain employees, incentivize great performance, and get those much-needed tax breaks. Correct Capital Wealth Management has been connecting companies with dependable 401(k) companies in Concord, MO for more than 20 years. Call us today at 877-930-4015 or contact us online to learn more about how Correct Capital can help your Concord, MO business and your employees flourish.
As of 2020, defined-contribution (DC) plans like 401(k)s comprise $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 50% of all businesses in the United States with under 50 employees offer a retirement plan as an employee benefit, and more than a third have no present intentions to do so. An additional 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 found that the most frequent reason for employers to research 401(k) companies and provide a plan was to incentivize their employees to put money aside conscientiously for retirement. In order to do this successfully for your best employees, it is critical to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Concord, MO.
There are a great deal of advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many dependable and safe 401(k) companies to bring you and your employees the retirement solutions that work for your needs and individual circumstances. Specific plans work better for certain businesses, and our Concord, 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 investment education, guiding individual employees on retirement planning, and helping you navigate how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an indispensable part of any 401(k) plan.
Benefits of Offering a 401(k) Plan | Concord, MO 401(k) Companies
The advantages of providing retirement planning to workers through 401(k) companies are apparent. Thirty-nine percent of employers who did not offer 401(k) plans said that their company was not bringing in enough revenue. But there are many reasons why setting up a 401(k) plan for your employees may be best for your bottom line down the road. The 401(k) advisors 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 | Concord, MO 401(k) Companies
We're enduring the Great Resignation; a recent survey reported that 55% of Americans anticipated searching for a new job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer has a retirement plan. What better way to hang on to your best employees than letting them know you care about their financial health, even after they are no longer working for you?
Incentivizing Employees | Concord, MO 401(k) Companies
Many Concord, MO employers offer higher contributions when their employees accomplish certain performance goals. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a great way to keep your best employees motivated to maintain their production.
Plan Startup Tax Credits | Concord, MO 401(k) Companies
Small and medium companies can receive a tax credit for plan startup costs if they satisfy three requirements dictated by the IRS:
- You had less than 100 employees who received at least $5,000 in compensation from you the previous year.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- In the three years prior, you did not already have a retirement plan in place that covered substantially the same employees.
The tax credit is accessible for a maximum of 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.
Further Tax Benefits
Apart from the startup tax credit, the IRS offers two further tax benefits for sponsoring a 401(k) plan:
- Employer contributions are tax-deductible to to the point that they do not go over the limits dictated by Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and posses tax deferral until distribution.
Correct Capital's financial advisors also offer extensive tax planning services to Concord, MO companies. We'll strive to decrease your tax liability as part of our 401(k) services.
Employee Education
One of the facets that sets Correct Capital apart from other 401(k) advisors in Concord, MO is that we offer financial planning as a benefit to plan participants. Through group education meetings, we'll make certain your employees know the best investment options for themselves, know how your 401(k) plan functions, and recognize how it's helping them. We can also use one-on-one sessions to discuss financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their previous company, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Concord, MO 401(k) Companies
The Concord, MO 401(k) consultants at Correct Capital can help your business set up several different plans through a variety of different 401(k) companies. The most frequently used plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that includes a wide array of investment options. Employers may match their employees' contributions. Taxes are deducted when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are similar to traditional plans, other than the fact that 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 individual takes money out after preserving the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans exist specifically for small businesses looking for a cost-effective way to offer their staff a retirement plan. 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:
- An equal contribution of up to 3% of a staff members pay; or
- A non-elective contribution of 2% of an employee's pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, other than the fact that 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 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:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
The Correct Capital Difference | Concord, MO 401(k) Companies
Correct Capital is distinctive among Concord, MO 401(k) advisors because we offer the level of individualized care as smaller advisory firms, but couple it with the same savvy, experience, and partnerships as larger firms. We offer independent and objective direction, always geared toward doing what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and moral duty 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 across the United States. Call us at 877-930-4015 or contact us online to discuss your 401(k) needs today.
