401(k) Companies in Imperial, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Imperial, MO. Establishing a 401(k) plan with trusted 401(k) advisors is a great way for medium and small businesses in Imperial, MO to attract and retain employees, encourage great production, and get those much-desired tax breaks. Correct Capital Wealth Management has been introducing companies to secure 401(k) companies in Imperial, MO for over two decades. 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 constitute $9.9 trillion of the total $32.3 trillion in retirement plan assets 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 less than 50 employees provide a 401(k) plan to their employees, and more than 33% have no present intentions to do so. An additional study found that a 401(k) plan is the only vehicle many Americans have for putting money aside for retirement.
The J.P. Morgan survey stated that the most common reason for employers to look into 401(k) companies and offer a plan was to encourage their employees to put money aside conscientiously for retirement. In order to do this effectively for your prized employees, it is essential to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Imperial, MO.
There are numerous advantages to using Correct Capital's 401(k) services. Correct Capital partners with many reliable and secure 401(k) companies to bring you and your employees the retirement solutions that work for your needs and individual circumstances. Specific plans are more apt for certain employers, and our Imperial, MO 401(k) advisors help determine the preferred 401(k) company and plan for you and your employees. As an independent retirement planning firm, there is no limit to which 401(k) companies we can work with . From offering investment education, guiding individual employees on retirement planning, and helping you navigate how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a vital part of any 401(k) program.
Benefits of Offering a 401(k) Plan | Imperial, MO 401(k) Companies
The benefits of offering retirement planning to employees through 401(k) companies are evident. Almost 40% of employers who did not offer 401(k) plans stated that their company was not generating sufficient income. But there are a lot of reasons why initiating a 401(k) plan for your employees could end up being best for your bottom line. The 401(k) advisors at Correct Capital will put together an all-inclusive 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 in the middle of the Great Resignation; a recent survey discovered that 55% of Americans thought they would look for a different job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer provides a defined contribution plan. What better way to retain your best employees than letting them know their financial security is important to you, even after they've moved on?
Motivating Employees | Imperial, MO 401(k) Companies
Many Imperial, MO companies give greater contributions when certain performance goals are met. Incentivizing a 401(k) plan, for instance, 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 | Imperial, MO 401(k) Companies
Small and medium companies can get a tax credit for plan startup costs if they meet three requirements laid out by the IRS:
- You had under 100 workers who were paid a minimum of $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 covering substantially the same employees during the three years preceding the year for which you are claiming credit.
The tax credit is accessible for up to three years, and there is an additional tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.
Additional Tax Benefits
Besides the startup tax credit, the IRS offers two other tax benefits for implementing a 401(k) plan:
- Employer contributions are tax-deductible to to the point that they do not surpass the limits stipulated by Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and have the advantage of tax deferral until distribution.
One of the facets that sets Correct Capital apart from other 401(k) advisors in Imperial, MO is that we offer financial planning as a service to your participating staff. Through group education gatherings, we'll ensure your employees know the ideal investment opportunities for themselves, are aware of how your 401(k) program functions, and see how it's helping them. We can also use one-on-one sessions to talk over financial portfolio and asset management with individual staff. When a new employer 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 | Imperial, MO 401(k) Companies
The Imperial, MO 401(k) consultants at Correct Capital can help your business initiate a variety of 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 numerous investment options. Employers can match what their employees put in. Taxes are deducted when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are analogous traditional plans, except that contributions are made with after-tax dollars. Gains obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws money after preserving the account for 5 years and they are 59-½ years old or older.
- SIMPLE 401(k) Plans: These plans exist specially for small businesses who need a cost-effective way to offer their staff a retirement plan. Similar to a traditional 401(k) plan, you can take money out of an employee's paycheck as their contribution. However, the employer must make either:
- An equal contribution of no more than 3% of an employee's earnings; or
- A non-elective contribution of 2% of a staff members earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are analogous 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 conduct its yearly nondiscrimination tests.
In our initial meeting, we'll gain an understanding of your Imperial, MO company and your employee's retirement needs to find the ideal type of 401(k) plan for you.
Other services we offer in Imperial, MO include:
- 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
- Rollover 401(k)
The Correct Capital Difference | Imperial, MO 401(k) Companies
Correct Capital is unique among Imperial, MO 401(k) advisors because we provide the level of personalized care as smaller financial firms, but pair it with the same wisdom, accomplishment, and partnerships as larger firms. We offer independent and objective guidance, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and ethical responsibility to do so. Our retirement consultants have been trusted to connect companies to 401(k) companies for more than 25 years and presently 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.