401(k) Companies in Country Life Acres, MO

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. Establishing a 401(k) plan with trustworthy 401(k) advisors is a great way for small and mid-sized businesses in Country Life Acres, MO to attract and retain employees, encourage great performance, and receive those much-desired tax breaks. Correct Capital Wealth Management has been connecting businesses with dependable 401(k) companies in Country Life Acres, 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 Country Life Acres, MO business and your employees thrive.

As of 2020, defined-contribution (DC) plans like 401(k)s made up $9.9 trillion of the total $32.3 trillion in retirement plan assets 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 401(k) plan to their employees, and over 33% have no present aim to do so. A different 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 motive for employers to inquire about 401(k) companies and provide a plan was to encourage their employees to set money aside responsibly for retirement. In order to do this successfully for your prized employees, it is important to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Country Life Acres, MO.

There are various advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and safe 401(k) companies to offer you and your employees the retirement solutions that work for your needs and individual circumstances. Certain plans work better for certain employers, and our Country Life Acres, MO 401(k) advisors help recognize 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 connect you to . From offering financial planning education, advising individual employees on retirement planning, and helping you understand 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) program.

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Benefits of Offering a 401(k) Plan | Country Life Acres, MO 401(k) Companies

The benefits of providing retirement planning to workers through 401(k) companies are evident. Thirty-nine percent of employers who did not offer 401(k) plans gave their reason as being that their company was not generating sufficient income. But there are a lot of reasons why implementing 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 an all-inclusive guide to the various benefits certain programs will have for you. Among them are:

Recruiting and Retaining Talent | Country Life Acres, MO 401(k) Companies

We're living through the Great Resignation; a recent survey reported that 55% of Americans thought they would search for a different job in 2021 and 2022. Workers are 45% more at-ease about their retirement when their employer offers a 401(k) plan. What better way to hang on to your hardest working employees than letting them know their financial well-being matters to you, even after they are no longer working for you?

Incentivizing Employees | Country Life Acres, MO 401(k) Companies

Many Country Life Acres, MO businesses give higher contributions when certain performance goals are met. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your best employees motivated to keep up their production.

Plan Startup Tax Credits | Country Life Acres, MO 401(k) Companies

Small and medium companies can collect a tax credit for plan startup expenses if they fulfill three requirements dictated by the IRS:

  1. You had 100 or fewer workers who received at least $5,000 in compensation from you the preceding year.
  2. You had a minimum of one plan participant who was a non-highly compensated employee.
  3. 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 obtainable 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.

Further Tax Advantages

In addition to the startup tax credit, the IRS offers two other tax benefits for sponsoring a 401(k) program:

  1. Employer contributions are tax-deductible to the extent that the contributions do not exceed the limits stipulated by Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and enjoy tax deferral until distribution.

Correct Capital's financial advisors also offer comprehensive tax planning services to Country Life Acres, MO residents and employers. We'll strive to decrease your tax liability as part of our 401(k) services.

Employee Education

One of the features that makes Correct Capital different from other 401(k) advisors in Country Life Acres, MO is that we offer financial planning as a service to your participating employees. Through group education gatherings, we'll ensure your employees understand the best investment options for themselves, understand how your 401(k) program works, and recognize how it's helping them. We can also use one-on-one meetings to discuss financial portfolio and asset management with individual staff. When a new employer joins your team and they had a 401(k) plan with their old employer, we can offer assistance with their 401(k) rollover.

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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 business initiate several different plans through several different 401(k) companies. The most frequently used plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored program that offers a range of investment options. Employers are able to match what their employees put in. Taxes are taken out when the savings and gains are withdrawn.
  • Roth 401(k) Plans: Roth plans are much the same traditional plans, except 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 employee withdraws funds after maintaining the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans are in place specially for small businesses who need a cost-efficient way to offer their employees retirement benefits. Like a traditional 401(k) plan, you can withhold money from an employee's paycheck as their contribution. But, the employer must make either:
    • An equal contribution of up to 3% of an employee's earnings; or
    • A non-elective contribution of 2% of a worker's pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, with the exception they must include employer contributions that are fully vested when made. In exchange for for required contributions, the IRS does not perform its yearly nondiscrimination tests.

In our first meeting, we'll gain an understanding of your Country Life Acres, MO company and your employee's retirement needs to offer the best type of 401(k) plan for you.

Other services we offer in Country Life Acres, MO include:

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The Correct Capital Difference | Country Life Acres, MO 401(k) Companies

Correct Capital is distinctive among Country Life Acres, MO 401(k) advisors because we offer the degree of individualized care as smaller advisory firms, but couple it with the same savvy, experience, and connections as larger firms. We offer independent and objective advice, always intended to do what's best for you; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to connect businesses to 401(k) companies for more than 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 go over your 401(k) needs today.

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