401(k) Companies in Crestwood, MO

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 great way for small and mid-sized companies in Crestwood, MO to appeal to and retain employees, incentivize great work, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been introducing companies to trusted 401(k) companies in Crestwood, 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 Crestwood, 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 funds 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 employers in the United States with less than 50 employees offer a 401(k) plan to their employees, and over one-third have no present intentions to do so. An additional study found that a 401(k) plan is the only avenue many Americans have for setting 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 encourage their employees to put money aside responsibly for retirement. In order to do this effectively for your best employees, it is critical to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Crestwood, MO.

There are countless advantages to using 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 are in your needs and specific situation. Certain plans work better for certain companies, and our Crestwood, MO 401(k) advisors help locate the preferred 401(k) company and plan for you and your employees. As independent retirement consultants, 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 navigate how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an invaluable part of any 401(k) plan.

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Benefits of Offering a 401(k) Plan | Crestwood, MO 401(k) Companies

The benefits of offering retirement planning to workers 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 company was not bringing in sufficient profit. But there are a lot of reasons why implementing a 401(k) plan for your employees may end up being best for your bottom line. The 401(k) consultants at Correct Capital will compile a comprehensive guide to the many advantages certain plans will have for you. Among them are:


Attracting and Retaining Talent | Crestwood, MO 401(k) Companies

We're going through the Great Resignation; a recent survey found that 55% of Americans thought they would look for a new job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer offers a 401(k) plan. What better way to hang on to your hardest working employees than assuring them that you care about their financial security, even after they are no longer working for you?


Incentivizing Employees | Crestwood, MO 401(k) Companies

Many Crestwood, MO companies offer increased contributions when their employees accomplish 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 maintain 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 costs if they meet three requirements stipulated 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 years prior, you did not already have a retirement plan in place that covered substantially the same employees.

The tax credit is accessible for a maximum of three years, and there is a different tax credit for adding an automatic enrollment feature to a new or extant 401(k) plan.

Further Tax Advantages

Besides the startup tax credit, the IRS offers two added tax benefits for implementing a 401(k) program:

  1. 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.
  2. Elective deferrals and investment gains are not taxed and have the advantage of tax deferral until distribution.

Correct Capital's financial advisors also offer all-inclusive tax planning services to Crestwood, MO businesses. We'll work to lower your tax liability as part of our 401(k) services.

Employee Education

One of the facets that sets Correct Capital apart from other 401(k) consultants in Crestwood, MO is that we offer financial planning as a perk to your participating staff. With group education gatherings, we'll ensure your employees know the ideal investment opportunities for themselves, are aware of how your 401(k) program functions, and understand how it's benefiting them. We can also have one-on-one meetings to go through financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their previous employer, we can offer assistance with their 401(k) rollover.

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Types of 401(k) Plans | Crestwood, MO 401(k) Companies

The Crestwood, MO 401(k) consultants at Correct Capital can help your companies implement many 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 offers numerous investment options. Employers are able to match what their employees put in. Taxes are paid when the savings and gains are withdrawn.
  • Roth 401(k) Plans: Roth plans are much the same traditional plans, other than the fact that contributions are made with after-tax dollars. Gains made in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws money after continuing the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans are specifically for small businesses who need a cost-effective way to offer their workers 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 no more than 3% of a worker's pay; or
    • A non-elective contribution of 2% of a worker's earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, other than the fact that 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.

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:

401(k) Advising Crestwood, MO | 401(k) Companies | Retirement Planning Near Crestwood

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 combine it with the same knowledge, accomplishment, and connections as larger firms. We provide independent and objective direction, always with your best interest at heart; 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 more than two decades and currently represent over $230 million in total plan assets across the United States. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.


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