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 trusted 401(k) advisors is an excellent way for small and mid-sized businesses in Glendale, MO to appeal to and retain employees, encourage great production, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been connecting businesses with secure 401(k) companies in Glendale, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to learn more about how Correct Capital can help your Glendale, MO business and your employees prosper.
As of 2020, defined-contribution (DC) plans such as 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 half of all businesses in the United States with under 50 employees provide a retirement plan as an employee benefit, and over a third have no current intentions to do so. Another study found that a 401(k) plan is the only instrument many Americans have for setting money aside for retirement.
The J.P. Morgan survey found that the most common incentive for employers to explore 401(k) companies and offer a plan was to encourage their employees to put money aside conscientiously for retirement. In order to do this fruitfully for your prized employees, it is crucial to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Glendale, MO.
There are various advantages to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and secure 401(k) companies to offer you and your employees the retirement solutions that serve your needs and specific situation. Specific plans are more apt for certain businesses, and our Glendale, 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 investment education, guiding individual employees on retirement planning, and assisting you maneuver how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an invaluable aspect of any 401(k) program.
Benefits of Offering a 401(k) Plan | Glendale, MO 401(k) Companies
The advantages of offering retirement planning to workers through 401(k) companies are evident. Almost 40% of employers who did not offer 401(k) plans said that their company was not generating sufficient earnings. But there are many reasons why setting up a 401(k) plan for your employees may wind up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an all-inclusive guide to the myriad benefits certain programs will have for you. Among them are:
Attracting and Retaining Talent | Glendale, MO 401(k) Companies
We're going through the Great Resignation; a recent survey found that 55% of Americans thought they would search for a different job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer provides a defined contribution plan. What better way to retain your best employees than assuring them that you care about their financial security, even after they are no longer working for you?
Motivating Employees | Glendale, MO 401(k) Companies
Many Glendale, MO businesses offer greater contributions when their employees reqach particular performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your employees' motivation high and to sustain their production.
Plan Startup Tax Credits | Glendale, MO 401(k) Companies
Small and medium companies can receive a tax credit for plan startup costs if they fulfill three requirements laid out by the IRS:
- You had under 100 workers who received at least $5,000 in compensation from you the year prior.
- You had at least one plan participant who was a non-highly compensated employee.
- Your company did not already have a retirement plan benefiting substantially the same employees during the three years preceding the year for which you are claiming credit.
The tax credit is obtainable for a maximum of three years, and there is an additional tax credit for attaching an automatic enrollment feature to a new or existing 401(k) plan.
Additional Tax Advantages
Besides the startup tax credit, the IRS offers two extra tax benefits for having a 401(k) plan:
- Employer contributions are tax-deductible to the extent that the contributions do not go over the limits dictated by Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and enjoy tax deferral until distribution.
One of the aspects that makes Correct Capital different from other 401(k) advisors in Glendale, MO is that we offer financial planning as a benefit to plan participants. With group education meetings, we'll make sure your employees understand the ideal investment options for themselves, know how your 401(k) plan functions, and understand how it's helping them. We can also have 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 prior company, we can assist them with their 401(k) rollover.
Types of 401(k) Plans | Glendale, MO 401(k) Companies
The Glendale, MO 401(k) advisors at Correct Capital can help your business set up many different plans through a variety of different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that includes a range of investment options. Employers are able to match their employees' contributions. Taxes are taken out when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, with the exception 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 employee takes money out after preserving the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are in place specially for small businesses looking for a cost-efficient way to offer their workers a retirement plan. Similar to a traditional 401(k) plan, you can withhold money from an employee's paycheck as their contribution. But, the employer must make either:
- An equal 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, other than the fact that they must include employer contributions that are fully vested when made. In exchange for for required contributions, the IRS does not carry out its annual nondiscrimination tests.
In our first meeting, we'll get to know your Glendale, MO business and your employee's retirement needs to find the best type of 401(k) plan for you.
Other services we offer in Glendale, MO include:
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Social Security Consultants Near Me
- Retirement Calculator
- Retirement Planning
The Correct Capital Difference | Glendale, MO 401(k) Companies
Correct Capital stands out among Glendale, MO 401(k) advisors because we provide the degree of individualized attention as smaller advisory firms, but pair it with the same savvy, accomplishment, and partnerships as larger firms. We offer independent and objective counsel, always geared toward doing what's best for you; as an Accredited Investment Fiduciary®, it's our legal and moral obligation to do so. Our retirement consultants have been trusted to introduce companies to 401(k) companies for over two decades and currently 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.