401(k) Companies in Cottleville, MO

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

401(k) Companies in Cottleville, MO. Setting up a 401(k) plan with trusted 401(k) advisors is a great way for small and mid-sized companies in Cottleville, MO to appeal to and retain employees, encourage great production, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been connecting businesses with trusted 401(k) companies in Cottleville, MO for more than 20 years. Call us today at 314-930-401(k) or contact us online to find out more about what Correct Capital can do for your Cottleville, MO business and employees.

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 funds held in the United States, according to 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 to their employees, and more than one-third have no current aim to do so. A different study found that a 401(k) plan is the only instrument many Americans have for saving for retirement.

The J.P. Morgan survey stated that the most common incentive for employers to look into 401(k) companies and offer a plan was to encourage their employees to set money aside conscientiously for retirement. In order to do this effectively for your prized employees, it is critical to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Cottleville, MO.

There are a great deal of advantages to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and safe 401(k) companies to put forward for you and your employees the retirement solutions that work for your needs and specific situation. Specific plans work better for certain businesses, and our Cottleville, MO 401(k) advisors help identify the preferred 401(k) company and plan for you and your employees. As an independent retirement planning firm, there is no restraint to which 401(k) companies we can connect you to . From offering financial planning education, counseling 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) consultant services are a crucial facet of any 401(k) plan.

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Advantages of Offering a 401(k) Plan | Cottleville, MO 401(k) Companies

The benefits of offering retirement planning to workers through 401(k) companies are obvious. Almost 40% of employers who did not offer 401(k) plans gave their reason as being that their business was not generating sufficient revenue. But there are many reasons why initiating a 401(k) plan for your employees might wind up being best for your bottom line. The 401(k) advisors at Correct Capital will compile an extensive guide to the many advantages certain programs will have for you. Among them are:


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

We're living through the Great Resignation; a recent survey found 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 offers a retirement plan. What better way to hold on to your favorite employees than letting them know their financial security is important to you, even after they are no longer working for you?


Incentivizing Employees | Cottleville, MO 401(k) Companies

Many Cottleville, MO companies give increased contributions when their employees accomplish particular performance goals. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be an effective way to keep your best employees motivated to sustain their performance.


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

Small and medium companies are able to collect a tax credit for plan startup costs if they meet three requirements laid out by the IRS:

  1. You had less than 100 workers who were paid at least $5,000 in compensation from you the year prior.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. 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 obtainable for up to three years, and there is a further tax credit for adding 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 having a 401(k) program:

  1. Employer contributions are tax-deductible to to the point that they do not exceed the limits dictated by 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 all-inclusive tax planning services to Cottleville, MO businesses. 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) consultants in Cottleville, MO is that we offer financial planning as a benefit to your participating employees. With group education gatherings, we'll ensure 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 meetings to talk over financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their old employer, we can assist them with their 401(k) rollover.

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

The Cottleville, MO 401(k) advisors at Correct Capital can help your business implement 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 are able to equal their employees' contributions. Taxes are deducted 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 after-tax dollars. Income earned in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws funds after preserving the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans exist specifically 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:
    • An equal contribution of no more than 3% of a worker's earnings; or
    • A non-elective contribution of 2% of an employee's earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, other than the fact that they must include employer contributions that are fully vested when made. In consideration of for required contributions, the IRS does not perform its yearly nondiscrimination tests.

In our first meeting, we'll gain an understanding of your Cottleville, MO business and your employee's retirement needs to identify the ideal type of 401(k) plan for you.

Other services we offer in Cottleville, MO include:

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

Correct Capital is unique among Cottleville, MO 401(k) advisors because we provide the degree of individualized attention as smaller financial firms, but combine it with the same savvy, accomplishment, and partnerships as larger firms. We provide independent and objective guidance, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and ethical obligation to do so. Our retirement consultants have been trusted to connect companies 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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