401(k) Companies in Eureka, MO

401(k) Companies in Eureka, MO A Great 401(k) Plan Benefits You and Your Employees

401(k) Companies in Eureka, MO. Establishing a 401(k) plan with dependable 401(k) advisors is a wonderful way for medium and small businesses in Eureka, MO to appeal to and retain employees, encourage great production, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been introducing businesses to trustworthy 401(k) companies in Eureka, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to learn more about what Correct Capital can do for your Eureka, MO business and employees.

As of 2020, defined-contribution (DC) plans such as 401(k)s accounted for $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 companies in the United States with less than 50 employees provide a retirement plan to their employees, and more than 33% have no current aim 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 reported that the most common reason for employers to inquire about 401(k) companies and offer a plan was to incentivize their employees to save responsibly for retirement. In order to do this successfully for your prized employees, it is critical to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Eureka, MO.

There are countless advantages to using Correct Capital's 401(k) services. Correct Capital partners with many trusted and secure 401(k) companies to offer you and your employees the retirement solutions that work for your best interests and individual situation. Certain plans work better for certain employers, and our Eureka, MO 401(k) advisors help identify the preferred 401(k) company and plan for you and your employees. As independent retirement consultants, there is no restraint to which 401(k) companies we can work with . From offering financial planning education, guiding individual employees on retirement planning, and helping you maneuver how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are a crucial aspect of any 401(k) plan.

401(k) Consultants Eureka, MO | Financial Advisors | Retirement Planners Near Eureka

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

The advantages of providing retirement planning to employees through 401(k) companies are evident. Almost 40% of employers who did not offer 401(k) plans stated that their company was not bringing in enough earnings. But there are numerous reasons why setting up a 401(k) plan for your employees could be best for your bottom line down the road. The 401(k) consultants at Correct Capital will put together an extensive guide to the various advantages certain programs will have for you. Among them are:


Recruiting and Retaining Talent | Eureka, MO 401(k) Companies

We're in the middle of the Great Resignation; a recent survey stated that 55% of Americans thought they would search for a different job in 2021 and 2022. Workers are 45% more at-ease about their retirement when their employer has a defined contribution plan. What better way to hold on to your best employees than assuring them that you care about their financial health, even after they've moved on?


Motivating Employees | Eureka, MO 401(k) Companies

Many Eureka, MO employers give increased contributions when their employees meet specific performance goals. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be a successful way to keep your best employees motivated to continue their production.


Plan Startup Tax Credits | Eureka, MO 401(k) Companies

Small and medium companies are able to get a tax credit for plan startup expenses if they fulfill three requirements laid out by the IRS:

  1. You had 100 or fewer workers who collected at least $5,000 in compensation from you the year prior.
  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 benefited substantially the same employees.

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

Further Tax Benefits

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

  1. 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.
  2. 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 Eureka, MO companies. We'll work to decrease your tax liability as part of our 401(k) services.

Employee Education

One of the things that sets Correct Capital apart from other 401(k) consultants in Eureka, MO is that we offer financial planning as a service to plan participants. Through group education gatherings, we'll make certain your employees understand the best investment opportunities for themselves, understand how your 401(k) plan works, and understand how it's benefiting them. We can also use one-on-one meetings to talk over financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their old company, we can offer assistance with their 401(k) rollover.

401(k) Company Eureka, MO | Retirement Consultants | Financial Planning Near Eureka

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

The Eureka, MO 401(k) consultants at Correct Capital can help your business implement several different plans through a variety of different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored plan that offers a wide array of 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 analogous traditional plans, however contributions are made with money you have already paid taxes on. Gains obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual 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-efficient way to offer their workers 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 no more than 3% of a worker's pay; 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 consideration of for required contributions, the IRS does not perform its annual nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your Eureka, MO business and your employee's retirement needs to offer the best type of 401(k) plan for you.

Other services we offer in Eureka, MO include:

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

The Correct Capital Difference | Eureka, MO 401(k) Companies

Correct Capital stands out among Eureka, MO 401(k) advisors because we offer the level of personalized care as smaller advisory firms, but combine it with the same savvy, professionalism, and partnerships as larger firms. We provide independent and objective guidance, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and ethical obligation to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for over 25 years and presently 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.


Are you ready to experience the Correct Capital difference?

GET STARTED

Meet our team of financial advisors.

Our Team

Services We Offer