401(k) Companies in Fenton, MO

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

401(k) Companies in Fenton, MO. Establishing a 401(k) plan with dependable 401(k) advisors is a wonderful way for small and mid-sized companies in Fenton, MO to draw and retain employees, encourage great production, and get those much-desired tax breaks. Correct Capital Wealth Management has been introducing employers to trusted 401(k) companies in Fenton, 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 Fenton, MO business and employees.

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 businesses in the United States with under 50 employees provide a retirement plan as an employee benefit, and more than a third have no current 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 reported that the most frequent motivation for employers to explore 401(k) companies and offer a plan was to incentivize their employees to set money aside responsibly for retirement. In order to do this fruitfully for your prized employees, it is critical to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Fenton, MO.

There are a great deal of advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and safe 401(k) companies to offer you and your employees the retirement solutions that serve your needs and unique circumstances. Specific plans work better for certain employers, and our Fenton, MO 401(k) advisors help pick out 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 maneuver 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) plan.

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

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

The benefits of providing retirement planning to staff through 401(k) companies are apparent. Thirty-nine percent of employers who did not offer 401(k) plans stated that their business was not generating enough profit. But there are a lot of reasons why implementing 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 all-inclusive guide to the many advantages certain programs will have for you. Among them are:

Attracting and Retaining Talent | Fenton, MO 401(k) Companies

We're living through the Great Resignation; a recent survey found that 55% of Americans anticipated looking for a new job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer has a defined contribution plan. What better way to retain your best employees than letting them know their financial well-being matters to you, even after they've moved on?

Motivating Employees | Fenton, MO 401(k) Companies

Many Fenton, MO businesses give higher contributions when particular performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a great way to keep your employees' motivation high and to sustain their performance.

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

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

  1. You had 100 or fewer employees who were paid a minimum of $5,000 in compensation from you the preceding year.
  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 available for up to three years, and there is a different tax credit for adding an automatic enrollment feature to a new 401(k) plan or one you already had.

Further Tax Advantages

In addition to the startup tax credit, the IRS offers two extra tax benefits for implementing a 401(k) program:

  1. Employer contributions are tax-deductible to the extent that the contributions do not surpass the limits set out in Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and have the benefit of tax deferral until distribution.

Correct Capital's financial advisors also offer comprehensive tax planning services to Fenton, MO residents and employers. 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) consultants in Fenton, MO is that we offer financial planning as a perk to plan participants. Through group education meetings, we'll ensure your employees understand the best investment opportunities for themselves, know how your 401(k) plan works, and understand how it's serving them. We can also use one-on-one sessions to go through 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 company, we can assist them with their 401(k) rollover.

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

The Fenton, MO 401(k) advisors at Correct Capital can help your business initiate several different plans through several different 401(k) companies. The most frequently used plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored program that offers a wide array of investment options. Employers may match their employees' contributions. Taxes are paid when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are much the same traditional plans, other than the fact that 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 withdraws money after preserving the account for 5 years and they are at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans exist specially for small businesses who need a cost-effective way to offer their staff a retirement plan. Similar to 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 a staff members earnings; or
    • A non-elective contribution of 2% of a worker's pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, except that the employer must make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not conduct its annual nondiscrimination tests.

In our first meeting, we'll gain an understanding of your Fenton, MO company and your employee's retirement needs to offer the best type of 401(k) plan for you.

Other services we offer in Fenton, MO include:

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

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

Correct Capital is unique among Fenton, MO 401(k) advisors because we offer the level of personalized attention as smaller advisory firms, but pair it with the same wisdom, professionalism, and partnerships as larger firms. We provide independent and objective direction, always geared toward doing what's best for you; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to introduce businesses to 401(k) companies for over 25 years and currently represent over $230 million in total plan assets nationwide. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.

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