401(k) Companies in Glendale, MO

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

401(k) Companies in Glendale, MO. Setting up a 401(k) plan with dependable 401(k) advisors is a wonderful way for medium and small companies in Glendale, MO to attract and retain employees, encourage great work, and receive those much-needed tax breaks. Correct Capital Wealth Management has been introducing businesses to secure 401(k) companies in Glendale, MO for more than two decades. Call us today at 877-930-4015 or contact us online to find out more about how Correct Capital can help your Glendale, MO business and your employees flourish.

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 assets held in the United States, according to data from the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than half of all businesses in the United States with under 50 employees offer a 401(k) plan as an employee benefit, and more than one-third have no current 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 reported that the most common reason for employers to inquire about 401(k) companies and offer a plan was to encourage their employees to set money aside conscientiously for retirement. In order to do this effectively for your best employees, it is critical to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Glendale, MO.

There are countless benefits to using Correct Capital's 401(k) services. Correct Capital partners with many trusted and secure 401(k) companies to bring you and your employees the retirement solutions that work for your best interests and individual situation. Specific plans are more appropriate for certain employers, and our Glendale, MO 401(k) advisors help pick out the best 401(k) company and plan for you and your employees. As an independent advisory firm, there is no limit to which 401(k) companies we can work with . From offering financial planning education, advising 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 facet 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 | Glendale, MO 401(k) Companies

The advantages of offering retirement planning to employees through 401(k) companies are evident. Almost 40% of employers who did not offer 401(k) plans said that their company was not bringing in sufficient earnings. But there are many reasons why setting up a 401(k) plan for your employees could end up being best for your bottom line. The 401(k) advisors at Correct Capital will put together a comprehensive guide to the myriad advantages certain programs will have for you. Among them are:


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

We're enduring the Great Resignation; a recent survey stated that 55% of Americans thought they would search for a new job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer has a retirement plan. What better way to retain your favorite employees than assuring them that their financial security matters to you, even after they've moved on?


Incentivizing Employees | Glendale, MO 401(k) Companies

Many Glendale, MO employers give increased contributions when their employees accomplish particular performance goals. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to continue their performance.


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

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

  1. You had under 100 workers who were paid a minimum of $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. Your company did not already have a retirement plan covering substantially the same employees during the three years preceding the year for which you are claiming credit.

The tax credit is available for up to three years, and there is another tax credit for adding an automatic enrollment feature to a new 401(k) plan or one you already had.

Further Tax Advantages

Apart from the startup tax credit, the IRS offers two additional tax benefits for having a 401(k) program:

  1. Employer contributions are tax-deductible to the extent that the contributions do not surpass the limits stipulated by 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 Glendale, MO businesses. We'll strive to reduce your tax liability as part of our 401(k) services.

Employee Education

One of the features that sets Correct Capital apart from other 401(k) advisors in Glendale, MO is that we offer financial planning as a benefit to plan participants. Through group education meetings, we'll make sure your employees know the ideal investment opportunities for themselves, understand how your 401(k) program works, and see how it's serving them. We can also have one-on-one sessions to go through financial portfolio and asset management with individual staff. When a new employer joins your team and they had a 401(k) plan with their prior employer, we can assist them with their 401(k) rollover.

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

The Glendale, MO 401(k) consultants at Correct Capital can help your companies set up several different plans through many different 401(k) companies. The most frequently used plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored program that includes numerous investment options. Employers can match what their employees put in. Taxes are deducted when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, except that contributions are made with after-tax dollars. Gains earned in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes funds out after preserving the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans exist specifically for small businesses who need a cost-efficient way to offer their staff a retirement plan. 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 up to 3% of a worker's pay; or
    • A non-elective contribution of 2% of a staff members pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, other than the fact that they must include employer contributions that are fully vested when made. In return for required contributions, the IRS does not perform its yearly nondiscrimination tests.

In our first meeting, we'll get to know your Glendale, MO business and your employee's retirement needs to offer the ideal type of 401(k) plan for you.

Other services we offer in Glendale, MO include:

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

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

Correct Capital is distinctive among Glendale, MO 401(k) advisors because we provide the degree of personalized attention as smaller financial firms, but pair it with the same wisdom, experience, and partnerships as larger firms. We offer independent and objective guidance, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to introduce companies to 401(k) companies for more than 25 years and presently represent over $230 million in total plan assets across the United States. Call us at 877-930-4015 or contact us online to go over your 401(k) needs today.


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