401(k) Companies in Country Life Acres, MO
401(k) Companies in Country Life Acres, MO. Establishing a 401(k) plan with dependable 401(k) advisors is a great way for medium and small businesses in Country Life Acres, MO to draw and hold onto employees, encourage great production, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been introducing employers to trusted 401(k) companies in Country Life Acres, MO for more than two decades. Call us today at 877-930-4015 or contact us online to learn more about what Correct Capital can do for your Country Life Acres, MO business and employees.
As of 2020, defined-contribution (DC) plans like 401(k)s comprise $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 companies in the United States with less than 50 employees provide a retirement plan as an employee benefit, and more than a third have no present aim to do so. A further study found that a 401(k) plan is the only avenue many Americans have for putting money aside for retirement.
The J.P. Morgan survey reported that the most common reason for employers to look into 401(k) companies and provide a plan was to incentivize their employees to set money aside responsibly for retirement. In order to do this fruitfully for your valued employees, it is important to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Country Life Acres, MO.
There are a great deal of benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and stable 401(k) companies to offer you and your employees the retirement solutions that serve your needs and unique situation. Specific 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 limit to which 401(k) companies we can connect you to . From offering financial planning 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) consultant services are a vital facet of any 401(k) plan.
Benefits of Offering a 401(k) Plan | Country Life Acres, MO 401(k) Companies
The advantages of providing retirement planning to employees through 401(k) companies are clear. Thirty-nine percent of employers who did not offer 401(k) plans said that their reason was that their business was not generating enough revenue. But there are countless reasons why implementing a 401(k) plan for your employees could end up being best for your bottom line. The 401(k) advisors at Correct Capital will put together a comprehensive 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 found that 55% of Americans thought they would search for a new 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 keep your best employees than letting them know their financial health matters to you, even after they've moved on?
Motivating Employees | Country Life Acres, MO 401(k) Companies
Many Country Life Acres, MO employers give higher contributions when particular performance goals are met. 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 continue their performance.
Plan Startup Tax Credits | Country Life Acres, MO 401(k) Companies
Small and medium companies are able to collect a tax credit for plan startup costs if they meet three requirements stipulated by the IRS:
- You had less than 100 workers who were paid at least $5,000 in compensation from you the previous year.
- You had at least one plan participant who was a non-highly compensated employee.
- 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 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 Advantages
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 to the point that they do not exceed the limits dictated by Section 404 of the Internal Revenue Code.
- 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 businesses. We'll strive to lower your tax liability as part of our 401(k) services.
Employee Education
One of the aspects 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 staff. Through group education gatherings, we'll ensure your employees recognize the best investment options for themselves, know how your 401(k) program functions, and understand how it's helping them. We can also have one-on-one meetings to go through financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their prior company, we can offer assistance 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 business initiate many 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 wide array of investment options. Employers are able to equal what their employees put in. Taxes are taken out when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are analogous traditional plans, with the exception contributions are made with after-tax dollars. Income obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws money after maintaining the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans exist specially for small businesses who need a cost-efficient way to offer their staff a retirement plan. Like a traditional 401(k) plan, you can 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 a staff members earnings; or
- A non-elective contribution of 2% of an employee's pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, except that the employer is required to make contributions that are fully vested when made. In return 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 business 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:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
The Correct Capital Difference | Country Life Acres, MO 401(k) Companies
Correct Capital stands out among Country Life Acres, MO 401(k) advisors because we provide the level of personalized care as smaller financial firms, but combine it with the same knowledge, professionalism, and connections as larger firms. We offer independent and objective counsel, always geared toward doing what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and ethical responsibility to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for over two decades and at present we represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to go over your 401(k) needs today.
