401(k) Companies in Glendale, MO

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 a great way for small and mid-sized businesses in Glendale, MO to appeal to and retain employees, incentivize great performance, and receive those much-needed tax breaks. Correct Capital Wealth Management has been connecting businesses with trusted 401(k) companies in Glendale, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to find out more about what Correct Capital can do for your Glendale, MO business and employees.

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, according to the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than half of all employers in the United States with under 50 employees provide a 401(k) plan to their employees, and over a third have no present 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 reported that the most frequent reason for employers to look into 401(k) companies and offer a plan was to incentivize their employees to put money aside responsibly for retirement. In order to do this effectively for your valued employees, it is essential to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Glendale, MO.

There are various benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and stable 401(k) companies to put forward for you and your employees the retirement solutions that serve your best interests and individual circumstances. Certain plans work better for certain employers, and our Glendale, MO 401(k) advisors help locate the preferred 401(k) company and plan for you and your employees. As independent retirement consultants, there is no restriction to which 401(k) companies we can work with . From offering financial planning education, guiding individual employees on retirement planning, and helping you understand how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a vital part of any 401(k) plan.

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

The advantages of offering retirement planning to staff through 401(k) companies are obvious. Almost 40% of employers who did not offer 401(k) plans stated that their company was not bringing in enough profit. But there are countless reasons why initiating a 401(k) plan for your employees may wind up being best for your bottom line. The 401(k) advisors at Correct Capital will compile an extensive guide to the many advantages certain plans will have for you. Among them are:


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

We're living through the Great Resignation; a recent survey discovered that 55% of Americans anticipated searching for a new job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer has a 401(k) plan. What better way to keep your favorite employees than assuring them that their financial well-being matters to you, even after they are no longer working for you?


Motivating Employees | Glendale, MO 401(k) Companies

Many Glendale, MO businesses offer greater contributions when certain 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 best employees motivated to sustain their performance.


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

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

  1. You had less than 100 workers who collected at least $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. Your business 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 another tax credit for adding an automatic enrollment feature to a new 401(k) plan or one you already had.

Further Tax Benefits

Other than the startup tax credit, the IRS offers two further tax benefits for having a 401(k) program:

  1. Employer contributions are tax-deductible to the extent that the contributions do not go over the limits stipulated by Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and have the advantage of tax deferral until distribution.

Correct Capital's financial advisors also offer all-inclusive tax planning services to Glendale, MO businesses. We'll work to lower 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) consultants in Glendale, MO is that we offer financial planning as a benefit to your participating staff. Through group education meetings, we'll ensure your employees understand the best investment options for themselves, know how your 401(k) plan works, and appreciate how it's benefiting them. We can also have one-on-one sessions to discuss financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their old 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 many 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 offers a range of investment options. Employers may match 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, except that contributions are made with money you have already paid taxes on. Income earned in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws funds after continuing 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 take money out of an employee's paycheck as their contribution. However, the employer must make either:
    • A matching contribution of no more than 3% of a worker's earnings; or
    • A non-elective contribution of 2% of a worker's earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to 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 conduct its yearly nondiscrimination tests.

In our initial meeting, we'll gain an understanding of your Glendale, MO company 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:

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

Correct Capital stands out among Glendale, MO 401(k) advisors because we offer the level of personalized attention as smaller advisory firms, but combine it with the same wisdom, professionalism, and partnerships as larger firms. We provide independent and objective guidance, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for over two decades and at present we 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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