401(k) Companies in Creve Coeur, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Creve Coeur, MO. Initiating a 401(k) plan with trusted 401(k) advisors is a wonderful way for small and mid-sized companies in Creve Coeur, MO to attract and hold onto employees, incentivize great production, and get those much-needed tax breaks. Correct Capital Wealth Management has been connecting employers with trustworthy 401(k) companies in Creve Coeur, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to find out more about how Correct Capital can help your Creve Coeur, MO business and your employees succeed.
As of 2020, defined-contribution (DC) plans like 401(k)s comprise $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 retirement plan to their employees, and over one-third have no current intent to do so. A different study found that a 401(k) plan is the only vehicle many Americans have for saving for retirement.
The J.P. Morgan survey found that the most common incentive for employers to look into 401(k) companies and offer a plan was to incentivize their employees to put money aside conscientiously for retirement. In order to do this fruitfully for your valued employees, it is critical to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Creve Coeur, 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 bring you and your employees the retirement solutions that serve your best interests and unique situation. Certain plans work better for certain companies, and our Creve Coeur, MO 401(k) advisors help pick out 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 work with . From offering investment education, advising individual employees on retirement planning, and helping you maneuver how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a crucial facet of any 401(k) program.
Benefits of Offering a 401(k) Plan | Creve Coeur, MO 401(k) Companies
The benefits of providing retirement planning to employees through 401(k) companies are clear. Thirty-nine percent of employers who did not offer 401(k) plans gave their reason as being that their company was not bringing in sufficient profit. But there are numerous reasons why setting up a 401(k) plan for your employees might end up being best for your bottom line. The 401(k) advisors at Correct Capital will compile a comprehensive guide to the many advantages certain programs will have for you. Among them are:
Attracting and Retaining Talent | Creve Coeur, MO 401(k) Companies
We're enduring the Great Resignation; a recent survey stated that 55% of Americans anticipated looking for a new job in 2021 and 2022. Workers feel 45% more at-ease about their retirement when their employer has a 401(k) plan. What better way to keep your hardest working employees than assuring them that you care about their financial health, even after they've left the workforce?
Incentivizing Employees | Creve Coeur, MO 401(k) Companies
Many Creve Coeur, MO companies offer greater contributions when their employees meet particular performance goals. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be an effective way to keep your employees' motivation high and to continue their performance.
Plan Startup Tax Credits | Creve Coeur, MO 401(k) Companies
Small and medium companies can get a tax credit for plan startup expenses if they fulfill three requirements laid out by the IRS:
- You had under 100 staff who were paid at least $5,000 in compensation from you the year prior.
- 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 available for up to three years, and there is a further tax credit for attaching an automatic enrollment feature to a new or existing 401(k) plan.
Further Tax Benefits
In addition to the startup tax credit, the IRS offers two added tax benefits for having a 401(k) program:
- Employer contributions are tax-deductible to the extent that the contributions 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.
One of the facets that makes Correct Capital different from other 401(k) advisors in Creve Coeur, MO is that we offer financial planning as a service to your participating employees. Through group education meetings, we'll make sure your employees recognize the ideal investment opportunities for themselves, understand how your 401(k) program works, and appreciate how it's benefiting them. We can also have one-on-one meetings to discuss financial portfolio and asset management with individual workers. When a new member joins your team and they had a 401(k) plan with their old employer, we can help them with their 401(k) rollover.
Types of 401(k) Plans | Creve Coeur, MO 401(k) Companies
The Creve Coeur, MO 401(k) consultants at Correct Capital can help your companies implement many different plans through a variety of different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that includes numerous investment options. Employers can match their employees' contributions. Taxes are deducted when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, except 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 takes funds out after preserving the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are in place specifically for small businesses who want a cost-efficient way to offer their employees retirement benefits. 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 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, however they must include employer 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 get to know your Creve Coeur, MO company and your employee's retirement needs to find the ideal type of 401(k) plan for you.
Other services we offer in Creve Coeur, MO include:
- Financial Advisor
- Asset Management
- Retirement Consultant
- Financial Portfolio Management
- 401(k) Rollover
- Financial Advice
- Retirement Planning Services
The Correct Capital Difference | Creve Coeur, MO 401(k) Companies
Correct Capital is unique among Creve Coeur, MO 401(k) advisors because we offer the degree of individualized attention as smaller advisory firms, but combine it with the same wisdom, experience, and partnerships as larger firms. We offer independent and objective guidance, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and ethical duty to do so. Our retirement consultants have been trusted to introduce businesses to 401(k) companies for over two decades and at present we represent over $230 million in total plan assets nationwide. Call us at 314-930-401(k) or contact us online to talk over your 401(k) needs today.