401(k) Companies in Imperial, MO
401(k) Companies in Imperial, MO. Initiating a 401(k) plan with trusted 401(k) advisors is a wonderful way for medium and small businesses in Imperial, MO to draw and retain employees, encourage great production, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been introducing companies to secure 401(k) companies in Imperial, MO for over 20 years. Call us today at 877-930-4015 or contact us online to discover more about how Correct Capital can help your Imperial, MO business and your employees succeed.
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, 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 offer a retirement plan as an employee benefit, and over 33% have no present intent to do so. A different 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 found that the most common incentive for employers to research 401(k) companies and offer a plan was to incentivize their employees to put money aside responsibly for retirement. In order to do this effectively for your valued employees, it is essential to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Imperial, MO.
There are countless benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many reliable and secure 401(k) companies to put forward for you and your employees the retirement solutions that work for your best interests and specific situation. Specific plans are more appropriate for certain companies, and our Imperial, MO 401(k) advisors help determine the preferred 401(k) company and plan for you and your employees. As independent retirement consultants, there is no limit to which 401(k) companies we can connect you to . From offering investment education, advising individual employees on retirement planning, and helping you understand how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an indispensable part of any 401(k) plan.
Benefits of Offering a 401(k) Plan | Imperial, MO 401(k) Companies
The advantages of providing retirement planning to staff through 401(k) companies are apparent. Almost 40% of employers who did not offer 401(k) plans stated that their business was not generating sufficient revenue. But there are many reasons why setting up a 401(k) plan for your employees might be best for your bottom line down the road. The 401(k) advisors at Correct Capital will put together a comprehensive guide to the myriad advantages certain programs will have for you. Among them are:
Attracting and Retaining Talent | Imperial, MO 401(k) Companies
We're in the middle of the Great Resignation; a recent survey stated that 55% of Americans thought they would search for a new job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer provides a retirement plan. What better way to retain your best employees than letting them know 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 greater contributions when specific performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your employees' motivation high and to sustain their performance.
Plan Startup Tax Credits | Imperial, MO 401(k) Companies
Small and medium companies can get a tax credit for plan startup costs if they satisfy three requirements stipulated by the IRS:
- You had under 100 staff who collected a minimum of $5,000 in compensation from you the year prior.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- Your business 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 obtainable 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.
Additional Tax Advantages
Besides the startup tax credit, the IRS offers two further tax benefits for having a 401(k) program:
- Employer contributions are tax-deductible to the extent that the contributions do not go over 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.
Correct Capital's financial advisors also offer comprehensive tax planning services to Imperial, MO residents and employers. We'll strive to lower your tax liability as part of our 401(k) services.
Employee Education
One of the features that makes Correct Capital different from other 401(k) consultants in Imperial, MO is that we offer financial planning as a perk to plan participants. With group education gatherings, we'll make certain your employees know the ideal investment opportunities for themselves, understand how your 401(k) plan functions, and recognize how it's helping them. We can also use one-on-one meetings to talk over financial portfolio and asset management with individual staff. When a new member joins your team and they had a 401(k) plan with their old employer, we can help them with their 401(k) rollover.
Types of 401(k) Plans | Imperial, MO 401(k) Companies
The Imperial, MO 401(k) advisors at Correct Capital can help your business implement many different plans through many different 401(k) companies. The most frequently used plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that offers a range of 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, other than the fact that contributions are made with after-tax dollars. Gains earned in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws money after continuing the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are specifically for small businesses looking for a cost-effective way to offer their staff 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:
- An equal contribution of up to 3% of an employee's pay; or
- A non-elective contribution of 2% of a worker's pay.
- 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 consideration of for required contributions, the IRS does not conduct its annual nondiscrimination tests.
In our initial meeting, we'll get to know your Imperial, MO business and your employee's retirement needs to offer the ideal type of 401(k) plan for you.
Other services we offer in Imperial, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
The Correct Capital Difference | Imperial, MO 401(k) Companies
Correct Capital is unique among Imperial, MO 401(k) advisors because we offer the degree of personalized care as smaller financial firms, but pair it with the same savvy, experience, and partnerships as larger firms. We provide independent and objective advice, always intended to do what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and ethical obligation to do so. Our retirement consultants have been trusted to connect companies to 401(k) companies for more than two decades and presently represent over $230 million in total plan assets across the United States. Call us at 877-930-4015 or contact us online to talk over your 401(k) needs today.
