401(k) Companies in Imperial, MO

401(k) Companies in Imperial, MO A Great 401(k) Plan Benefits You and Your Employees

401(k) Companies in Imperial, MO. Initiating a 401(k) plan with trustworthy 401(k) advisors is an excellent way for small and mid-sized businesses in Imperial, MO to appeal to and retain employees, encourage great production, and receive those much-desired tax breaks. Correct Capital Wealth Management has been introducing businesses to trusted 401(k) companies in Imperial, MO for over 20 years. Call us today at 314-930-401(k) or contact us online to discover more about how Correct Capital can help your Imperial, 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 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 as an employee benefit, and more than a third have no present intent to do so. An additional 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 explore 401(k) companies and offer a plan was to incentivize their employees to put money aside conscientiously for retirement. In order to do this fruitfully for your prized employees, it is critical to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Imperial, MO.

There are various advantages to using Correct Capital's 401(k) services. Correct Capital partners with many reliable and secure 401(k) companies to offer you and your employees the retirement solutions that work for your needs and specific situation. Specific plans are more apt for certain employers, and our Imperial, MO 401(k) advisors help recognize the preferred 401(k) company and plan for you and your employees. As an independent advisory firm, there is no restriction to which 401(k) companies we can connect you to . From offering investment education, counseling individual employees on retirement planning, and assisting you maneuver how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an invaluable part of any 401(k) program.

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Advantages of Offering a 401(k) Plan | Imperial, MO 401(k) Companies

The benefits of offering retirement planning to staff through 401(k) companies are clear. Thirty-nine percent of employers who did not offer 401(k) plans gave their reason as being that their company was not bringing in sufficient earnings. But there are a lot of reasons why setting up a 401(k) plan for your employees might end up being best for your bottom line. The 401(k) advisors at Correct Capital will compile an extensive guide to the many benefits certain programs will have for you. Among them are:


Recruiting and Retaining Talent | Imperial, MO 401(k) Companies

We're enduring the Great Resignation; a recent survey found that 55% of Americans expected to search for a different job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer offers a defined contribution plan. What better way to hold on to your hardest working employees than assuring them that you care about their financial well-being, even after they've left the workforce?


Incentivizing Employees | Imperial, MO 401(k) Companies

Many Imperial, MO employers give increased contributions when particular performance goals are met. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be a great way to keep your best employees motivated to sustain their production.


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

Small and medium companies can obtain a tax credit for plan startup expenses if they satisfy three requirements stipulated by the IRS:

  1. You had 100 or fewer staff who collected at least $5,000 in compensation from you the preceding year.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. 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 obtainable for up to three years, and there is another tax credit for adding an automatic enrollment feature to a new or existing 401(k) plan.

Additional Tax Benefits

In addition to the startup tax credit, the IRS offers two other tax benefits for having a 401(k) plan:

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

Correct Capital's financial advisors also offer all-inclusive tax planning services to Imperial, MO businesses. We'll strive to lower your tax liability as part of our 401(k) services.

Employee Education

One of the aspects that makes Correct Capital different from other 401(k) advisors in Imperial, 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, are aware of how your 401(k) plan works, and see how it's serving them. We can also use one-on-one meetings to go through financial portfolio and asset management with individual employees. When you hire a new employee that had a 401(k) plan with their old employer, we can offer assistance with their 401(k) rollover.

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Types of 401(k) Plans | Imperial, MO 401(k) Companies

The Imperial, MO 401(k) consultants at Correct Capital can help your business set up many different plans through a variety of different 401(k) companies. The most frequently used plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored plan that offers numerous investment options. Employers may match what their employees put in. Taxes are deducted 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 earned in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws money after preserving 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 employees retirement benefits. Similar to a traditional 401(k) plan, you may 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 staff members 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 carry out its annual nondiscrimination tests.

In our first meeting, we'll gain an understanding of your Imperial, MO business and your employee's retirement needs to identify the best type of 401(k) plan for you.

Other services we offer in Imperial, MO include:

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

Correct Capital stands out among Imperial, MO 401(k) advisors because we provide the degree of individualized care as smaller advisory firms, but combine it with the same knowledge, professionalism, and connections as larger firms. We offer independent and objective guidance, always geared toward doing what's best for you; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to connect companies to 401(k) companies for over two decades and currently represent over $230 million in total plan assets throughout the United States. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.


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