401(k) Companies in Dardenne Prairie, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Dardenne Prairie, MO. Initiating a 401(k) plan with trusted 401(k) advisors is an excellent way for medium and small businesses in Dardenne Prairie, MO to attract and hold onto employees, encourage great performance, and receive those much-needed tax breaks. Correct Capital Wealth Management has been connecting employers with dependable 401(k) companies in Dardenne Prairie, MO for over 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 Dardenne Prairie, MO business and employees.
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, according to the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than half of all employers in the United States with less than 50 employees provide a retirement plan to their employees, and more than 33% have no present intent to do so. Another study found that a 401(k) plan is the only instrument many Americans have for saving for retirement.
The J.P. Morgan survey stated that the most frequent reason for employers to inquire about 401(k) companies and offer a plan was to incentivize their employees to save conscientiously for retirement. In order to do this fruitfully for your valued employees, it is important to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Dardenne Prairie, MO.
There are numerous advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many dependable and stable 401(k) companies to offer you and your employees the retirement solutions that work for your best interests and unique situation. Specific plans are more appropriate for certain companies, and our Dardenne Prairie, 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 connect you to . From offering investment education, guiding 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 a crucial part of any 401(k) program.
Advantages of Offering a 401(k) Plan | Dardenne Prairie, MO 401(k) Companies
The benefits of offering retirement planning to workers through 401(k) companies are apparent. Thirty-nine percent of employers who did not offer 401(k) plans stated that their company was not generating sufficient earnings. But there are many reasons why implementing a 401(k) plan for your employees may end up being best for your bottom line. The 401(k) advisors at Correct Capital will compile a comprehensive guide to the many benefits certain plans will have for you. Among them are:
Attracting and Retaining Talent | Dardenne Prairie, MO 401(k) Companies
We're enduring the Great Resignation; a recent survey reported that 55% of Americans expected to look for a new job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer provides a 401(k) plan. What better way to hang on to your favorite employees than letting them know you care about their financial security, even after they are no longer working for you?
Motivating Employees | Dardenne Prairie, MO 401(k) Companies
Many Dardenne Prairie, MO employers give greater contributions when particular performance goals are met. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your best employees motivated to continue their production.
Plan Startup Tax Credits | Dardenne Prairie, MO 401(k) Companies
Small and medium companies are able to receive a tax credit for plan startup costs if they fulfill three requirements stipulated by the IRS:
- You had less than 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.
- 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 up to three years, and there is an additional tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.
Additional Tax Advantages
Other than the startup tax credit, the IRS offers two other tax benefits for having a 401(k) plan:
- Employer contributions are tax-deductible to to the point that they do not exceed the limits set out in Section 404 of the Internal Revenue Code.
- 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 Dardenne Prairie, MO residents and employers. We'll work to lower your tax liability as part of our 401(k) services.
One of the things that sets Correct Capital apart from other 401(k) consultants in Dardenne Prairie, MO is that we offer financial planning as a service to your participating staff. Through group education meetings, we'll make certain your employees understand the best investment opportunities for themselves, understand how your 401(k) program functions, and appreciate how it's serving them. We can also have one-on-one meetings to go through financial portfolio and asset management with individual employees. When a new member joins your team and they had a 401(k) plan with their old employer, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Dardenne Prairie, MO 401(k) Companies
The Dardenne Prairie, MO 401(k) advisors at Correct Capital can help your companies implement a variety of different plans through several different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that offers a range of investment options. Employers can match what their employees put in. Taxes are taken out when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are similar to traditional plans, but contributions are made with after-tax dollars. Gains obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes money out after continuing 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-efficient way to offer their employees a retirement plan. Similar to a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. However, the employer must make either:
- A matching contribution of no more than 3% of an employee's pay; 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, with the exception they must include employer contributions that are fully vested when made. In return for required contributions, the IRS does not carry out its annual nondiscrimination tests.
When we first meet with you, we'll gain an understanding of your Dardenne Prairie, MO business and your employee's retirement needs to offer the best type of 401(k) plan for you.
Other services we offer in Dardenne Prairie, MO include:
- Retirement Planning
- Rollover 401(k)
- Wealth Management
- Financial Advisor
- Asset Management
- Retirement Consultant
- Financial Portfolio Management
- 401(k) Rollover
- Financial Advice
The Correct Capital Difference | Dardenne Prairie, MO 401(k) Companies
Correct Capital stands out among Dardenne Prairie, MO 401(k) advisors because we offer the level of personalized care as smaller advisory firms, but couple it with the same savvy, accomplishment, and partnerships as larger firms. We offer independent and objective guidance, always intended to do what's best for you; as an Accredited Investment Fiduciary®, it's our legal and ethical responsibility to do so. Our retirement consultants have been trusted to connect businesses to 401(k) companies for more than two decades and presently represent over $230 million in total plan assets throughout the United States. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.