401(k) Companies in Kirkwood, MO

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

401(k) Companies in Kirkwood, MO. Initiating a 401(k) plan with trustworthy 401(k) advisors is a great way for medium and small businesses in Kirkwood, MO to attract and retain employees, incentivize great work, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been connecting companies with dependable 401(k) companies in Kirkwood, MO for more than 20 years. Call us today at 314-930-401(k) or contact us online to find out more about how Correct Capital can help your Kirkwood, MO business and your employees succeed.

As of 2020, defined-contribution (DC) plans like 401(k)s made up $9.9 trillion of the total $32.3 trillion in retirement plan capital held in the United States, according to data from the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than 50% of all companies in the United States with less than 50 employees provide a 401(k) plan to their employees, and over 33% have no current intentions to do so. A different study found that a 401(k) plan is the only vehicle many Americans have for setting money aside for retirement.

The J.P. Morgan survey stated that the most frequent incentive for employers to inquire about 401(k) companies and offer a plan was to incentivize their employees to save responsibly for retirement. In order to do this fruitfully for your best employees, it is essential to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Kirkwood, 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 bring you and your employees the retirement solutions that work for your best interests and individual circumstances. Certain plans work better for certain employers, and our Kirkwood, MO 401(k) advisors help recognize the preferred 401(k) company and plan for you and your employees. As independent advisors, there is no restraint 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 execute a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an indispensable aspect of any 401(k) plan.

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

The advantages of providing 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 profit. But there are a lot of reasons why initiating a 401(k) plan for your employees might wind up being best for your bottom line. The 401(k) consultants at Correct Capital will put together a comprehensive guide to the many benefits certain programs will have for you. Among them are:


Attracting and Retaining Talent | Kirkwood, MO 401(k) Companies

We're going through the Great Resignation; a recent survey discovered that 55% of Americans expected to look for a new job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer has a 401(k) plan. What better way to keep your favorite employees than assuring them that you care about their financial security, even after they are no longer working for you?


Incentivizing Employees | Kirkwood, MO 401(k) Companies

Many Kirkwood, MO companies give higher contributions when specific performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be an effective way to keep your best employees motivated to continue their production.


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

Small and medium companies are able to receive a tax credit for plan startup expenses if they meet three requirements dictated by the IRS:

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

Further Tax Benefits

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

  1. 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.
  2. Elective deferrals and investment gains are not taxed and have the benefit of tax deferral until distribution.

Correct Capital's financial advisors also offer extensive tax planning services to Kirkwood, MO residents and employers. We'll strive to decrease your tax liability as part of our 401(k) services.

Employee Education

One of the things that makes Correct Capital different from other 401(k) consultants in Kirkwood, MO is that we offer financial planning as a benefit to plan participants. With group education gatherings, we'll make sure your employees understand the ideal investment options for themselves, understand how your 401(k) plan functions, and see how it's helping them. We can also use one-on-one meetings to discuss financial portfolio and asset management with individual employees. When a new member joins your team and they had a 401(k) plan with their old company, we can offer assistance with their 401(k) rollover.

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

The Kirkwood, MO 401(k) advisors at Correct Capital can help your companies implement several different plans through a variety of different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored program that offers a wide array of investment options. Employers may match what their employees put in. Taxes are deducted when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, except that contributions are made with after-tax dollars. Income made in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes money out after continuing 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 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:
    • A matching contribution of up to 3% of a worker's earnings; or
    • A non-elective contribution of 2% of a staff members earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, however the employer must make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not carry out its annual nondiscrimination tests.

When we first meet with you, we'll get to know your Kirkwood, MO company and your employee's retirement needs to offer the best type of 401(k) plan for you.

Other services we offer in Kirkwood, MO include:

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

Correct Capital stands out among Kirkwood, MO 401(k) advisors because we offer the level of individualized care as smaller advisory firms, but pair it with the same knowledge, professionalism, and connections as larger firms. We provide independent and objective guidance, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and ethical obligation to do so. Our retirement consultants have been trusted to connect businesses to 401(k) companies for over 25 years and currently represent over $230 million in total plan assets nationwide. Call us at 314-930-401(k) or contact us online to discuss your 401(k) needs today.


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