401(k) Companies in Crestwood, MO
401(k) Companies in Crestwood, MO. Initiating a 401(k) plan with dependable 401(k) advisors is a great way for small and mid-sized companies in Crestwood, MO to draw and hold onto employees, encourage great production, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been connecting employers with trusted 401(k) companies in Crestwood, MO for over two decades. Call us today at 877-930-4015 or contact us online to discover more about how Correct Capital can help your Crestwood, MO business and your employees prosper.
As of 2020, defined-contribution (DC) plans like 401(k)s accounted for $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 under 50 employees offer a 401(k) plan as an employee benefit, and more than one-third have no current intent to do so. A further study found that a 401(k) plan is the only avenue many Americans have for saving for retirement.
The J.P. Morgan survey found that the most common motive 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 fruitfully for your best employees, it is important to turn to a trustworthy, 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 trusted and stable 401(k) companies to put forward for you and your employees the retirement solutions that are in your needs and unique circumstances. Specific plans are more apt for certain employers, and our Crestwood, MO 401(k) advisors help recognize the preferred 401(k) company and plan for you and your employees. As independent advisors, there is no limit to which 401(k) companies we can connect you to . From offering investment education, guiding individual employees on retirement planning, and assisting you maneuver how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an indispensable facet of any 401(k) plan.
Advantages of Offering a 401(k) Plan | Crestwood, MO 401(k) Companies
The advantages of providing retirement planning to employees 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 business was not generating sufficient profit. But there are countless reasons why setting up a 401(k) plan for your employees may wind up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an extensive guide to the various benefits certain programs will have for you. Among them are:
Recruiting and Retaining Talent | Crestwood, MO 401(k) Companies
We're going through the Great Resignation; a recent survey discovered that 55% of Americans expected to search for a different job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer offers a defined contribution plan. What better way to hang on to your favorite employees than letting them know their financial well-being is important to you, even after they are no longer working for you?
Motivating Employees | Crestwood, MO 401(k) Companies
Many Crestwood, MO companies offer greater contributions when their employees meet particular performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to keep up 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 dictated by the IRS:
- You had under 100 workers who collected 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.
- 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.
Additional Tax Advantages
In addition to the startup tax credit, the IRS offers two additional tax benefits for sponsoring a 401(k) program:
- Employer contributions are tax-deductible to to the point that they do not exceed the limits stipulated 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 Crestwood, MO residents and employers. We'll work 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 Crestwood, MO is that we offer financial planning as a benefit to your participating staff. With group education meetings, we'll make certain your employees recognize the best investment opportunities for themselves, are aware of how your 401(k) program functions, and see how it's helping them. We can also use one-on-one sessions to go through financial portfolio and asset management with individual workers. When a new member joins your team and they had a 401(k) plan with their prior employer, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Crestwood, MO 401(k) Companies
The Crestwood, MO 401(k) advisors at Correct Capital can help your business implement several different plans through a variety of different 401(k) companies. The most frequently used plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that offers a wide array of investment options. Employers can match what their employees put in. Taxes are deducted when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are analogous traditional plans, except that contributions are made with after-tax dollars. Income made in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws funds after continuing 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 want a cost-effective way to offer their employees a retirement plan. Like a traditional 401(k) plan, you may take money out of an employee's paycheck as their contribution. But, 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 pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, with the exception the employer is required to make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not perform its yearly nondiscrimination tests.
When we first meet with you, we'll get to know your Crestwood, MO business and your employee's retirement needs to offer the best type of 401(k) plan for you.
Other services we offer in Crestwood, 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 | Crestwood, MO 401(k) Companies
Correct Capital is distinctive among Crestwood, MO 401(k) advisors because we provide the degree of individualized attention as smaller financial firms, but pair it with the same wisdom, accomplishment, and partnerships as larger firms. We offer independent and objective counsel, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to introduce companies to 401(k) companies for over 25 years and at present we represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to discuss your 401(k) needs today.
