401(k) Companies in Eureka, MO
401(k) Companies in Eureka, MO. Establishing a 401(k) plan with dependable 401(k) advisors is an excellent way for small and mid-sized companies in Eureka, MO to appeal to and hold onto employees, incentivize great performance, and receive those much-desired tax breaks. Correct Capital Wealth Management has been introducing businesses to trusted 401(k) companies in Eureka, MO for more than two decades. Call us today at 877-930-4015 or contact us online to discover more about how Correct Capital can help your Eureka, MO business and your employees prosper.
As of 2020, defined-contribution (DC) plans like 401(k)s constitute $9.9 trillion of the total $32.3 trillion in retirement plan capital 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 under 50 employees provide a 401(k) plan to their employees, and more than a third have no present aim to do so. An additional study found that a 401(k) plan is the only avenue many Americans have for putting money aside for retirement.
The J.P. Morgan survey found that the most frequent motivation for employers to inquire about 401(k) companies and offer a plan was to incentivize their employees to put money aside responsibly for retirement. In order to do this fruitfully for your best employees, it is essential to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Eureka, MO.
There are countless advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many dependable and secure 401(k) companies to bring you and your employees the retirement solutions that are in your best interests and unique circumstances. Certain plans are more appropriate 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 limit to which 401(k) companies we can work with . From offering financial planning education, counseling individual employees on retirement planning, and helping you navigate how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an invaluable part of any 401(k) program.
Schedule a Meeting With an Advisor Today
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.
Schedule a 15-Minute Introductory Call
More From Correct Capital Wealth Management
Explore how Correct Capital Wealth Management can help guide you toward smarter decisions, clearer goals, and lasting financial success.
Subscribe To Our Newsletter Listen To Our Podcast Watch Our YouTube Channel
Advantages of Offering a 401(k) Plan | Eureka, MO 401(k) Companies
The benefits of offering 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 business was not generating enough earnings. But there are many reasons why setting up a 401(k) plan for your employees could be best for your bottom line in the end. The 401(k) advisors at Correct Capital will put together an extensive guide to the myriad benefits certain plans will have for you. Among them are:
Attracting and Retaining Talent | Eureka, MO 401(k) Companies
We're living through the Great Resignation; a recent survey reported that 55% of Americans anticipated looking for a different 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 hold on to your best employees than assuring them that their financial well-being matters to you, even after they are no longer working for you?
Incentivizing Employees | Eureka, MO 401(k) Companies
Many Eureka, MO businesses offer greater contributions when specific performance goals are met. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your employees' motivation high and to maintain their production.
Plan Startup Tax Credits | Eureka, MO 401(k) Companies
Small and medium companies are able to obtain a tax credit for plan startup costs if they fulfill three requirements laid out by the IRS:
- You had less than 100 staff who received at least $5,000 in compensation from you the preceding year.
- 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 different tax credit for attaching an automatic enrollment feature to a new or extant 401(k) plan.
Further Tax Benefits
Besides the startup tax credit, the IRS offers two further tax benefits for sponsoring 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 posses tax deferral until distribution.
Correct Capital's financial advisors also offer extensive tax planning services to Eureka, MO businesses. We'll work to lower your tax liability as part of our 401(k) services.
Employee Education
One of the aspects that sets Correct Capital apart from other 401(k) consultants in Eureka, MO is that we offer financial planning as a perk to plan participants. With group education meetings, we'll ensure your employees know the ideal investment opportunities for themselves, understand how your 401(k) program works, and appreciate how it's helping them. We can also use one-on-one sessions 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 employer, we can assist them with their 401(k) rollover.
Types of 401(k) Plans | Eureka, MO 401(k) Companies
The Eureka, MO 401(k) consultants at Correct Capital can help your business initiate many different plans through a variety of different 401(k) companies. The most frequently used plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that includes numerous investment options. Employers may equal what their employees put in. Taxes are taken out when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are similar to traditional plans, with the exception contributions are made with after-tax dollars. Income made in the plan, such as interest, dividends, or capital gains, is tax-free when the individual 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 specially for small businesses who need a cost-efficient way to offer their workers a retirement plan. Like a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. But, the employer must make either:
- An equal contribution of up to 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, but they must include employer contributions that are fully vested when made. In consideration of for required contributions, the IRS does not conduct its yearly nondiscrimination tests.
When we first meet with you, we'll get to know your Eureka, MO business and your employee's retirement needs to identify the best type of 401(k) plan for you.
Other services we offer in Eureka, MO include:
The Correct Capital Difference | Eureka, MO 401(k) Companies
Correct Capital is distinctive among Eureka, MO 401(k) advisors because we provide the degree of individualized attention as smaller financial firms, but pair it with the same savvy, accomplishment, and connections as larger firms. We offer independent and objective direction, always intended to do what's best for you; as an Accredited Investment Fiduciary®, it's our legal and ethical duty to do so. Our retirement consultants have been trusted to introduce companies to 401(k) companies for over two decades and at present we represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to go over your 401(k) needs today.
