401(k) Companies in Huntleigh, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Huntleigh, MO. Establishing a 401(k) plan with dependable 401(k) advisors is a wonderful way for small and mid-sized companies in Huntleigh, MO to draw and retain employees, incentivize great performance, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been introducing businesses to dependable 401(k) companies in Huntleigh, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to discover more about what Correct Capital can do for your Huntleigh, MO business and employees.
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 half of all businesses in the United States with under 50 employees provide a retirement plan to their employees, and more than one-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 motive for employers to look into 401(k) companies and provide a plan was to incentivize their employees to put money aside conscientiously for retirement. In order to do this successfully for your prized employees, it is crucial to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Huntleigh, MO.
There are numerous advantages to using Correct Capital's 401(k) services. Correct Capital partners with many reliable and safe 401(k) companies to bring you and your employees the retirement solutions that serve your needs and specific circumstances. Specific plans work better for certain employers, and our Huntleigh, MO 401(k) advisors help pick out the preferred 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 connect you to . From offering financial planning education, advising individual employees on retirement planning, and assisting you maneuver 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.
Benefits of Offering a 401(k) Plan | Huntleigh, MO 401(k) Companies
The advantages of offering retirement planning to staff through 401(k) companies are apparent. Thirty-nine percent of employers who did not offer 401(k) plans gave their reason as being that their company was not generating sufficient revenue. But there are countless reasons why implementing a 401(k) plan for your employees might wind up being best for your bottom line. The 401(k) advisors at Correct Capital will put together an all-inclusive guide to the many advantages certain plans will have for you. Among them are:
Attracting and Retaining Talent | Huntleigh, MO 401(k) Companies
We're in the middle of the Great Resignation; a recent survey discovered that 55% of Americans thought they would look for a new job in 2021 and 2022. Workers are 45% more at-ease about their retirement when their employer provides a retirement plan. What better way to hang on to your favorite employees than letting them know their financial security is important to you, even after they are no longer working for you?
Incentivizing Employees | Huntleigh, MO 401(k) Companies
Many Huntleigh, MO companies offer higher contributions when their employees meet 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 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 laid out by the IRS:
- You had under 100 employees who collected at least $5,000 in compensation from you the previous year.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- In the three years prior, you did not already have a retirement plan in place that covered substantially the same employees.
The tax credit is available for a maximum of three years, and there is a different tax credit for adding an automatic enrollment feature to a new or extant 401(k) plan.
Further Tax Benefits
Apart from the startup tax credit, the IRS offers two further tax benefits for implementing a 401(k) program:
- Employer contributions are tax-deductible to the extent that the contributions do not surpass the limits dictated by Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and benefit from tax deferral until distribution.
One of the things that sets Correct Capital apart from other 401(k) advisors in Huntleigh, MO is that we offer financial planning as a perk to plan participants. Through group education meetings, we'll make sure your employees understand the ideal investment options for themselves, understand how your 401(k) program functions, and recognize 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 you hire a new employee that had a 401(k) plan with their previous employer, 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 a variety of different plans through a variety of different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that includes numerous investment options. Employers can equal their employees' contributions. Taxes are paid when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are similar to traditional plans, other than the fact that contributions are made with money you have already paid taxes on. Gains earned in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes money out after maintaining the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are in place specifically for small businesses who need a cost-effective way to offer their employees retirement benefits. 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 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 similar to to regular 401(k)s, but 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.
When we first meet with you, we'll gain an understanding of your Huntleigh, MO company and your employee's retirement needs to identify the ideal type of 401(k) plan for you.
Other services we offer in Huntleigh, MO include:
- Financial Advisor
- Asset Management
- Retirement Consultant
- Financial Portfolio Management
- 401(k) Rollover
- Financial Advice
- Retirement Planning Services
The Correct Capital Difference | Huntleigh, MO 401(k) Companies
Correct Capital stands out among Huntleigh, MO 401(k) advisors because we provide the level of personalized care as smaller financial firms, but couple it with the same savvy, accomplishment, and partnerships as larger firms. We offer independent and objective guidance, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and moral obligation to do so. Our retirement consultants have been trusted to connect companies to 401(k) companies for over 25 years and presently 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.