401(k) Companies in Crestwood, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Crestwood, MO. Establishing a 401(k) plan with trusted 401(k) advisors is a wonderful way for medium and small businesses in Crestwood, MO to draw and hold onto employees, encourage great performance, and receive those much-needed tax breaks. Correct Capital Wealth Management has been introducing businesses to trusted 401(k) companies in Crestwood, 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 Crestwood, MO business and employees.
As of 2020, defined-contribution (DC) plans such as 401(k)s accounted for $9.9 trillion of the total $32.3 trillion in retirement plan assets 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 companies in the United States with less than 50 employees offer a 401(k) plan as an employee benefit, and over one-third have no current intentions to do so. A further study found that a 401(k) plan is the only instrument many Americans have for setting money aside for retirement.
The J.P. Morgan survey reported that the most common motivation for employers to inquire about 401(k) companies and provide a plan was to encourage their employees to save responsibly for retirement. In order to do this successfully for your prized employees, it is crucial to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Crestwood, MO.
There are countless benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many reliable and safe 401(k) companies to put forward for you and your employees the retirement solutions that work for your needs and specific circumstances. Specific plans are more appropriate for certain businesses, and our Crestwood, MO 401(k) advisors help locate the preferred 401(k) company and plan for you and your employees. As an independent advisory firm, there is no restriction to which 401(k) companies we can work with . From offering financial planning education, guiding 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.
Benefits of Offering a 401(k) Plan | Crestwood, MO 401(k) Companies
The advantages of offering retirement planning to workers through 401(k) companies are evident. Thirty-nine percent of employers who did not offer 401(k) plans said that their reason was that their business was not generating sufficient revenue. But there are countless reasons why implementing a 401(k) plan for your employees might end up being best for your bottom line. 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:
Recruiting and Retaining Talent | Crestwood, MO 401(k) Companies
We're in the middle of 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 assured about their retirement when their employer has a retirement plan. What better way to retain your hardest working employees than assuring them that their financial health matters to you, even after they've left the workforce?
Motivating Employees | Crestwood, MO 401(k) Companies
Many Crestwood, MO companies offer increased contributions when their employees reqach certain performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be a great way to keep your best employees motivated to continue their production.
Plan Startup Tax Credits | Crestwood, MO 401(k) Companies
Small and medium companies are able to obtain a tax credit for plan startup expenses if they fulfill three requirements stipulated by the IRS:
- You had less than 100 employees who received at least $5,000 in compensation from you the preceding year.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- In the three years prior, you did not already have a retirement plan in place that benefited substantially the same employees.
The tax credit is accessible for up to three years, and there is another tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.
Additional Tax Benefits
Apart from the startup tax credit, the IRS offers two further tax benefits for having a 401(k) plan:
- Employer contributions are tax-deductible to to the point that they do not go over the limits dictated by 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 facets that makes Correct Capital different from other 401(k) consultants in Crestwood, MO is that we offer financial planning as a service to your participating employees. Through group education gatherings, we'll make certain your employees understand the best investment opportunities for themselves, know how your 401(k) program functions, and appreciate how it's serving them. We can also have one-on-one sessions 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 previous company, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Crestwood, MO 401(k) Companies
The Crestwood, MO 401(k) consultants at Correct Capital can help your companies set up several different plans through many different 401(k) companies. The most frequently used plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that includes a range of investment options. Employers are able to match their employees' contributions. Taxes are taken out 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. Income made in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes funds out after preserving the account for 5 years and they are 59-½ years old or older.
- SIMPLE 401(k) Plans: These plans are specially for small businesses who want a cost-effective way to offer their staff 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 up to 3% of a worker's pay; 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 they must include employer contributions that are fully vested when made. In exchange for for required contributions, the IRS does not perform its annual nondiscrimination tests.
In our first meeting, we'll gain an understanding of your Crestwood, MO business and your employee's retirement needs to find the best type of 401(k) plan for you.
Other services we offer in Crestwood, MO include:
- 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
- Rollover 401(k)
The Correct Capital Difference | Crestwood, MO 401(k) Companies
Correct Capital is unique among Crestwood, MO 401(k) advisors because we provide the degree of personalized attention as smaller financial firms, but couple it with the same savvy, experience, and partnerships as larger firms. We provide independent and objective direction, always geared toward doing what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to connect employers to 401(k) companies for over 25 years and currently represent over $230 million in total plan assets throughout the United States. Call us at 314-930-401(k) or contact us online to talk over your 401(k) needs today.