401(k) Companies in Concord, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Concord, MO. Establishing a 401(k) plan with trustworthy 401(k) advisors is an excellent way for small and mid-sized businesses in Concord, MO to draw and retain employees, encourage great performance, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been introducing companies to trusted 401(k) companies in Concord, MO for over two decades. Call us today at 314-930-401(k) or contact us online to find out more about how Correct Capital can help your Concord, MO business and your employees succeed.
As of 2020, defined-contribution (DC) plans such as 401(k)s made up $9.9 trillion of the total $32.3 trillion in retirement plan capital 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 less than 50 employees provide a retirement plan as an employee benefit, and more than 33% have no present plans to do so. Another 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 research 401(k) companies and provide a plan was to encourage their employees to put money aside responsibly for retirement. In order to do this effectively for your best employees, it is essential to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Concord, MO.
There are a great deal of advantages to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and secure 401(k) companies to bring you and your employees the retirement solutions that work for your best interests and unique situation. Specific plans work better for certain companies, 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 restriction to which 401(k) companies we can work with . From offering investment education, counseling 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) advisory services are an invaluable part of any 401(k) plan.
Benefits 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. Thirty-nine percent of employers who did not offer 401(k) plans stated that their business was not bringing in sufficient income. But there are a lot of reasons why initiating a 401(k) plan for your employees might be best for your bottom line down the road. The 401(k) advisors at Correct Capital will put together a comprehensive guide to the myriad advantages certain plans will have for you. Among them are:
Recruiting and Retaining Talent | Concord, MO 401(k) Companies
We're enduring the Great Resignation; a recent survey found that 55% of Americans anticipated looking for a new 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 keep your favorite employees than assuring them that you care about their financial security, even after they've moved on?
Motivating Employees | Concord, MO 401(k) Companies
Many Concord, MO companies give increased contributions when their employees meet specific performance goals. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your employees' motivation high and to maintain 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 costs if they fulfill three requirements laid out by the IRS:
- You had 100 or fewer staff who collected a minimum of $5,000 in compensation from you the preceding year.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- Your business 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 accessible for up to three years, and there is a different tax credit for adding an automatic enrollment feature to a new 401(k) plan or one you already had.
Additional Tax Benefits
Other than the startup tax credit, the IRS offers two other tax benefits for having a 401(k) program:
- 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.
- Elective deferrals and investment gains are not taxed and enjoy tax deferral until distribution.
One of the things that sets Correct Capital apart from other 401(k) consultants in Concord, MO is that we offer financial planning as a benefit to your participating staff. With group education gatherings, we'll make certain your employees know the best investment options for themselves, know how your 401(k) plan works, and understand how it's benefiting them. We can also have one-on-one meetings to discuss financial portfolio and asset management with individual employees. When a new member joins your team and they 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 a variety of 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 may equal what their employees put in. Taxes are deducted when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, with the exception 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 takes funds out after continuing 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 who want 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. However, 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 staff members pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, however they must include employer contributions that are fully vested when made. In return 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 ideal type of 401(k) plan for you.
Other services we offer in Concord, MO include:
- Small Business Retirement Plans
- Tax Planning
- Social Security Consultants Near Me
- Retirement Calculator
- Retirement Planning
- Rollover 401(k)
- Wealth Management
- Financial Advisor
- Asset Management
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 personalized care as smaller financial firms, but pair it with the same knowledge, accomplishment, and partnerships as larger firms. We offer independent and objective guidance, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and ethical responsibility to do so. Our retirement consultants have been trusted to connect employers to 401(k) companies for over 25 years and at present we 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.