401(k) Companies in Huntleigh, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Huntleigh, MO. Setting up a 401(k) plan with trusted 401(k) advisors is a great way for small and mid-sized businesses in Huntleigh, MO to attract and retain employees, encourage great production, and get those much-needed tax breaks. Correct Capital Wealth Management has been connecting employers with trusted 401(k) companies in Huntleigh, MO for more than 20 years. Call us today at 314-930-401(k) or contact us online to find out more about how Correct Capital can help your Huntleigh, MO business and your employees thrive.
As of 2020, defined-contribution (DC) plans such as 401(k)s accounted for $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 businesses in the United States with under 50 employees offer a retirement plan as an employee benefit, and more than one-third have no current intent to do so. A further study found that a 401(k) plan is the only instrument many Americans have for putting money aside for retirement.
The J.P. Morgan survey reported that the most common motive for employers to inquire about 401(k) companies and offer a plan was to encourage their employees to put money aside responsibly for retirement. In order to do this effectively for your valued employees, it is critical to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Huntleigh, MO.
There are various benefits to using Correct Capital's 401(k) services. Correct Capital partners with many reliable and stable 401(k) companies to offer you and your employees the retirement solutions that work for your needs and individual circumstances. Certain plans are more apt for certain businesses, and our Huntleigh, MO 401(k) advisors help recognize the best 401(k) company and plan for you and your employees. As an independent retirement planning firm, there is no restriction to which 401(k) companies we can work with . From offering investment education, advising individual employees on retirement planning, and assisting you understand how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an indispensable facet of any 401(k) plan.
Benefits of Offering a 401(k) Plan | Huntleigh, MO 401(k) Companies
The benefits of offering retirement planning to workers through 401(k) companies are apparent. Thirty-nine percent of employers who did not offer 401(k) plans said that their company was not bringing in enough earnings. But there are a lot of reasons why setting up a 401(k) plan for your employees could end up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an extensive guide to the myriad advantages certain plans will have for you. Among them are:
Recruiting and Retaining Talent | Huntleigh, MO 401(k) Companies
We're going through the Great Resignation; a recent survey found that 55% of Americans expected to search for a new job in 2021 and 2022. Workers feel 45% more at-ease about their retirement when their employer provides a retirement plan. What better way to hang on to your hardest working employees than assuring them that their financial well-being matters to you, even after they've left the workforce?
Motivating Employees | Huntleigh, MO 401(k) Companies
Many Huntleigh, MO companies offer higher contributions when particular performance goals are met. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to continue their production.
Plan Startup Tax Credits | Huntleigh, MO 401(k) Companies
Small and medium companies can collect a tax credit for plan startup costs if they fulfill three requirements stipulated by the IRS:
- You had under 100 workers who collected 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.
- 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 a further tax credit for adding an automatic enrollment feature to a new or extant 401(k) plan.
Additional Tax Advantages
In addition to the startup tax credit, the IRS offers two extra tax benefits for sponsoring a 401(k) program:
- Employer contributions are tax-deductible to to the point that they do not surpass 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.
One of the things that makes Correct Capital different from other 401(k) advisors in Huntleigh, MO is that we offer financial planning as a perk to plan participants. Through group education gatherings, we'll make sure your employees know the ideal investment options for themselves, know how your 401(k) plan functions, 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 workers. When a new member joins your team and they had a 401(k) plan with their old company, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Huntleigh, MO 401(k) Companies
The Huntleigh, MO 401(k) advisors at Correct Capital can help your business set up several different plans through several different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that includes numerous investment options. Employers can equal what their employees put in. Taxes are paid when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, however contributions are made with money you have already paid taxes on. Income obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws funds 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 looking for a cost-effective way to offer their staff retirement benefits. Similar to a traditional 401(k) plan, you can withhold money from an employee's paycheck as their contribution. However, the employer must make either:
- A matching contribution of up to 3% of an employee's 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, but 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.
When we first meet with you, we'll get to know your Huntleigh, MO business and your employee's retirement needs to offer the ideal type of 401(k) plan for you.
Other services we offer in Huntleigh, 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 | Huntleigh, MO 401(k) Companies
Correct Capital is distinctive among Huntleigh, MO 401(k) advisors because we provide the degree of personalized attention as smaller financial firms, but couple it with the same wisdom, professionalism, and connections as larger firms. We provide independent and objective counsel, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to connect companies to 401(k) companies for more than 25 years 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 talk over your 401(k) needs today.