401(k) Companies in Country Life Acres, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Country Life Acres, MO. Initiating a 401(k) plan with trusted 401(k) advisors is a great way for small and mid-sized companies in Country Life Acres, MO to appeal to and hold onto employees, encourage great production, and get those much-desired tax breaks. Correct Capital Wealth Management has been introducing employers to secure 401(k) companies in Country Life Acres, MO for over two decades. Call us today at 314-930-401(k) or contact us online to discover more about how Correct Capital can help your Country Life Acres, MO business and your employees thrive.
As of 2020, defined-contribution (DC) plans like 401(k)s constitute $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 half of all companies in the United States with under 50 employees offer a retirement plan to their employees, and over 33% have no current intent to do so. An additional study found that a 401(k) plan is the only vehicle many Americans have for setting money aside for retirement.
The J.P. Morgan survey reported that the most frequent incentive for employers to inquire about 401(k) companies and provide a plan was to incentivize their employees to save conscientiously for retirement. In order to do this successfully for your prized employees, it is important to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Country Life Acres, MO.
There are countless benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many reliable and secure 401(k) companies to put forward for you and your employees the retirement solutions that serve your needs and unique situation. Certain plans are more apt for certain businesses, and our Country Life Acres, MO 401(k) advisors help locate the best 401(k) company and plan for you and your employees. As an independent retirement planning firm, there is no restriction to which 401(k) companies we can work with . From offering investment education, counseling individual employees on retirement planning, and helping you understand how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an invaluable facet of any 401(k) plan.
Benefits of Offering a 401(k) Plan | Country Life Acres, MO 401(k) Companies
The benefits of offering retirement planning to employees 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 income. But there are countless reasons why implementing a 401(k) plan for your employees could be best for your bottom line down the road. The 401(k) consultants at Correct Capital will compile an extensive guide to the myriad advantages certain programs will have for you. Among them are:
Attracting and Retaining Talent | Country Life Acres, MO 401(k) Companies
We're living through the Great Resignation; a recent survey discovered that 55% of Americans thought they would look for a different job in 2021 and 2022. Workers are 45% more at-ease about their retirement when their employer offers a retirement plan. What better way to hang on to your favorite employees than assuring them that you care about their financial well-being, even after they are no longer working for you?
Motivating Employees | Country Life Acres, MO 401(k) Companies
Many Country Life Acres, MO companies offer greater contributions when their employees accomplish specific performance goals. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be an effective way to keep your best employees motivated to sustain their production.
Plan Startup Tax Credits | Country Life Acres, MO 401(k) Companies
Small and medium companies are able to receive a tax credit for plan startup expenses if they fulfill three requirements laid out by the IRS:
- You had less than 100 employees who received a minimum of $5,000 in compensation from you the previous year.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- 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 a maximum of three years, and there is an additional tax credit for adding an automatic enrollment feature to a new or existing 401(k) plan.
Further Tax Benefits
Apart from the startup tax credit, the IRS offers two added tax benefits for having a 401(k) program:
- Employer contributions are tax-deductible to the extent that the contributions do not surpass 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 features that makes Correct Capital different from other 401(k) consultants in Country Life Acres, MO is that we offer financial planning as a perk to your participating employees. With group education gatherings, we'll make certain your employees recognize the best investment opportunities for themselves, know how your 401(k) plan works, and appreciate how it's benefiting 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 old employer, we can help them with their 401(k) rollover.
Types of 401(k) Plans | Country Life Acres, MO 401(k) Companies
The Country Life Acres, MO 401(k) advisors at Correct Capital can help your companies implement several different plans through many different 401(k) companies. The most frequently used plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that includes numerous investment options. Employers may equal what their employees put in. Taxes are paid when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are similar to traditional plans, except that contributions are made with money you have already paid taxes on. Gains obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes funds out after preserving the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are specifically for small businesses who want a cost-efficient way to offer their workers retirement benefits. Similar to a traditional 401(k) plan, you may take money out of an employee's paycheck as their contribution. But, the employer must make either:
- A matching contribution of up to 3% of an employee's earnings; or
- A non-elective contribution of 2% of a staff members pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, except that the employer must make 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 Country Life Acres, MO company and your employee's retirement needs to offer the ideal type of 401(k) plan for you.
Other services we offer in Country Life Acres, MO include:
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Social Security Consultants Near Me
- Retirement Calculator
- Retirement Planning
The Correct Capital Difference | Country Life Acres, MO 401(k) Companies
Correct Capital is unique among Country Life Acres, MO 401(k) advisors because we provide the degree of individualized attention as smaller advisory firms, but pair it with the same knowledge, experience, and connections as larger firms. We offer independent and objective direction, 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 companies to 401(k) companies for over 25 years and currently represent over $230 million in total plan assets nationwide. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.