401(k) Companies in Creve Coeur, MO
401(k) Companies in Creve Coeur, MO. Setting up a 401(k) plan with dependable 401(k) advisors is a wonderful way for small and mid-sized businesses in Creve Coeur, MO to appeal to and hold onto employees, encourage great performance, and get those much-desired tax breaks. Correct Capital Wealth Management has been introducing companies to trusted 401(k) companies in Creve Coeur, MO for over 20 years. Call us today at 877-930-4015 or contact us online to discover more about how Correct Capital can help your Creve Coeur, MO business and your employees thrive.
As of 2020, defined-contribution (DC) plans such as 401(k)s made up $9.9 trillion of the total $32.3 trillion in retirement plan funds held in the United States, according to the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than half of all companies in the United States with under 50 employees provide a retirement plan as an employee benefit, and more than 33% have no present intentions to do so. A different study found that a 401(k) plan is the only vehicle many Americans have for setting money aside for retirement.
The J.P. Morgan survey stated that the most frequent motivation for employers to explore 401(k) companies and offer a plan was to encourage their employees to put money aside responsibly for retirement. In order to do this fruitfully for your valued employees, it is important to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Creve Coeur, MO.
There are various benefits to using 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 individual circumstances. Certain plans work better for certain businesses, and our Creve Coeur, MO 401(k) advisors help identify 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 work with . From offering investment education, counseling individual employees on retirement planning, and helping you understand how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an invaluable aspect of any 401(k) plan.
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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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Benefits of Offering a 401(k) Plan | Creve Coeur, MO 401(k) Companies
The advantages of offering retirement planning to workers through 401(k) companies are apparent. 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 income. But there are countless reasons why initiating a 401(k) plan for your employees may be best for your bottom line in the end. The 401(k) advisors at Correct Capital will compile an all-inclusive guide to the various benefits certain programs will have for you. Among them are:
Attracting and Retaining Talent | Creve Coeur, MO 401(k) Companies
We're in the middle of the Great Resignation; a recent survey found that 55% of Americans anticipated searching for a new job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer provides a 401(k) plan. What better way to retain your hardest working employees than assuring them that their financial well-being matters to you, even after they've left the workforce?
Motivating Employees | Creve Coeur, MO 401(k) Companies
Many Creve Coeur, MO businesses offer greater contributions when particular performance goals are met. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be a great way to keep your employees' motivation high and to sustain their production.
Plan Startup Tax Credits | Creve Coeur, MO 401(k) Companies
Small and medium companies are able to obtain a tax credit for plan startup expenses if they fulfill three requirements laid out by the IRS:
- You had under 100 staff who collected a minimum of $5,000 in compensation from you the year prior.
- You had at least one plan participant who was a non-highly compensated employee.
- Your business 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 accessible for a maximum of three years, and there is a further tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.
Additional Tax Advantages
In addition to the startup tax credit, the IRS offers two other tax benefits for sponsoring a 401(k) plan:
- 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 all-inclusive tax planning services to Creve Coeur, MO companies. 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) advisors in Creve Coeur, MO is that we offer financial planning as a benefit to plan participants. With group education meetings, we'll make sure your employees understand the best investment opportunities for themselves, know how your 401(k) program functions, and appreciate how it's benefiting them. We can also use one-on-one meetings to talk over financial portfolio and asset management with individual employees. When a new member joins your team and they had a 401(k) plan with their previous company, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Creve Coeur, MO 401(k) Companies
The Creve Coeur, MO 401(k) advisors at Correct Capital can help your companies set up several different plans through many different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that includes a wide array of investment options. Employers are able to match their employees' contributions. Taxes are paid when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are analogous traditional plans, but contributions are made with money you have already paid taxes on. Income obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes money out after preserving the account for 5 years and they are 59-½ years old or older.
- SIMPLE 401(k) Plans: These plans exist specially for small businesses who need a cost-effective way to offer their employees retirement benefits. Like a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. But, the employer must make either:
- A matching contribution of up to 3% of an employee's earnings; or
- A non-elective contribution of 2% of an employee's earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, but 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 initial meeting, we'll get to know your Creve Coeur, MO company and your employee's retirement needs to identify the ideal type of 401(k) plan for you.
Other services we offer in Creve Coeur, MO include:
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 level of individualized care as smaller financial firms, but pair it with the same knowledge, professionalism, and partnerships 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 moral obligation to do so. Our retirement consultants have been trusted to connect companies to 401(k) companies for over 25 years and currently 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.
