401(k) Companies in Huntleigh, MO
401(k) Companies in Huntleigh, MO. Setting up a 401(k) plan with trusted 401(k) advisors is a wonderful way for small and mid-sized companies in Huntleigh, MO to attract and retain employees, encourage great work, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been introducing employers to secure 401(k) companies in Huntleigh, MO for more than 20 years. Call us today at 877-930-4015 or contact us online to find out more about what Correct Capital can do for your Huntleigh, MO business and employees.
As of 2020, defined-contribution (DC) plans like 401(k)s accounted for $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 businesses in the United States with under 50 employees offer a 401(k) plan to their employees, and more than a third have no present plans to do so. A further study found that a 401(k) plan is the only vehicle many Americans have for saving for retirement.
The J.P. Morgan survey reported that the most common incentive for employers to look into 401(k) companies and offer a plan was to encourage their employees to set money aside responsibly for retirement. In order to do this fruitfully for your valued employees, it is essential to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Huntleigh, MO.
There are a great deal of advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and stable 401(k) companies to bring you and your employees the retirement solutions that work for your needs and specific circumstances. Certain plans work better for certain businesses, and our Huntleigh, MO 401(k) advisors help identify the best 401(k) company and plan for you and your employees. As independent retirement consultants, there is no restraint to which 401(k) companies we can connect you to . From offering financial planning education, advising 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) consultant services are a crucial facet of any 401(k) plan.
Schedule a Meeting With an Advisor Today
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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Advantages of Offering a 401(k) Plan | Huntleigh, MO 401(k) Companies
The benefits of providing retirement planning to employees through 401(k) companies are clear. Almost 40% of employers who did not offer 401(k) plans said that their reason was that their business was not bringing in enough income. But there are many reasons why initiating a 401(k) plan for your employees might end up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an all-inclusive guide to the myriad advantages certain programs will have for you. Among them are:
Attracting and Retaining Talent | Huntleigh, MO 401(k) Companies
We're enduring the Great Resignation; a recent survey reported that 55% of Americans anticipated looking for a new job in 2021 and 2022. Workers are 45% more at-ease about their retirement when their employer offers a retirement plan. What better way to hang on to your favorite employees than assuring them that you care about their financial security, even after they've left the workforce?
Motivating Employees | Huntleigh, MO 401(k) Companies
Many Huntleigh, MO companies give increased contributions when their employees accomplish particular performance goals. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be a successful way to keep your best employees motivated to continue their performance.
Plan Startup Tax Credits | Huntleigh, MO 401(k) Companies
Small and medium companies can get a tax credit for plan startup costs if they meet three requirements dictated by the IRS:
- You had less than 100 workers who received at least $5,000 in compensation from you the preceding year.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- In the three preceding years, you did not already have a retirement plan in place that benefited substantially the same employees.
The tax credit is obtainable for a maximum of three years, and there is another tax credit for attaching an automatic enrollment feature to a new or extant 401(k) plan.
Further Tax Benefits
Other than the startup tax credit, the IRS offers two additional tax benefits for sponsoring a 401(k) plan:
- Employer contributions are tax-deductible to the extent that the contributions do not exceed the limits set out in Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and benefit from tax deferral until distribution.
Correct Capital's financial advisors also offer comprehensive tax planning services to Huntleigh, MO companies. We'll work to decrease your tax liability as part of our 401(k) services.
Employee Education
One of the facets that makes Correct Capital different from other 401(k) consultants in Huntleigh, MO is that we offer financial planning as a perk to your participating staff. With group education meetings, we'll make certain your employees know the best investment options for themselves, are aware of how your 401(k) program functions, and appreciate how it's helping them. We can also have one-on-one sessions to talk over financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their old company, we can assist them 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 initiate many different plans through several different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that offers a range of investment options. Employers may match their employees' contributions. Taxes are deducted when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, but contributions are made with after-tax dollars. Gains obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes funds out after continuing the account for 5 years and they are 59-½ years old or older.
- SIMPLE 401(k) Plans: These plans are in place specifically for small businesses who need a cost-effective way to offer their workers retirement benefits. 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 no more than 3% of a staff members pay; 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, except that the employer is required to make contributions that are fully vested when made. In exchange for for required contributions, the IRS does not perform its yearly nondiscrimination tests.
In our first meeting, we'll get to know your Huntleigh, MO company 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:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
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 care as smaller financial firms, but pair it with the same savvy, accomplishment, and connections as larger firms. We offer independent and objective counsel, 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 connect businesses to 401(k) companies for more than two decades and at present we represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to discuss your 401(k) needs today.
