401(k) Companies in Ladue, MO
401(k) Companies in Ladue, MO. Initiating a 401(k) plan with dependable 401(k) advisors is a great way for small and mid-sized companies in Ladue, MO to draw and retain employees, encourage great production, and get those much-desired tax breaks. Correct Capital Wealth Management has been connecting employers with trustworthy 401(k) companies in Ladue, MO for more than 20 years. Call us today at 877-930-4015 or contact us online to learn more about how Correct Capital can help your Ladue, MO business and your employees succeed.
As of 2020, defined-contribution (DC) plans such as 401(k)s comprise $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 companies in the United States with less than 50 employees offer a 401(k) plan as an employee benefit, and over 33% have no present aim to do so. A further study found that a 401(k) plan is the only instrument many Americans have for putting money aside for retirement.
The J.P. Morgan survey reported that the most frequent motive for employers to inquire about 401(k) companies and provide a plan was to incentivize their employees to save conscientiously for retirement. In order to do this effectively for your valued employees, it is important to consult a trustworthy, independent retirement planning advisory firm like Correct Capital based in Ladue, MO.
There are countless advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many dependable and stable 401(k) companies to bring you and your employees the retirement solutions that work for your needs and specific situation. Certain plans work better for certain businesses, and our Ladue, MO 401(k) advisors help recognize the preferred 401(k) company and plan for you and your employees. As an independent retirement planning firm, there is no restraint to which 401(k) companies we can work with . From offering investment education, counseling individual employees on retirement planning, and assisting you understand how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a crucial facet of any 401(k) plan.
Advantages of Offering a 401(k) Plan | Ladue, MO 401(k) Companies
The benefits of providing retirement planning to staff through 401(k) companies are apparent. Thirty-nine percent of employers who did not offer 401(k) plans said that their business was not bringing in enough revenue. But there are numerous reasons why implementing a 401(k) plan for your employees may be best for your bottom line in the end. The 401(k) advisors at Correct Capital will compile an all-inclusive guide to the various advantages certain programs will have for you. Among them are:
Recruiting and Retaining Talent | Ladue, MO 401(k) Companies
We're enduring the Great Resignation; a recent survey reported that 55% of Americans thought they would look for a new job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer offers a retirement plan. What better way to keep your favorite employees than letting them know their financial well-being is important to you, even after they've left the workforce?
Motivating Employees | Ladue, MO 401(k) Companies
Many Ladue, MO employers give greater contributions when specific performance goals are met. 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 sustain their production.
Plan Startup Tax Credits | Ladue, MO 401(k) Companies
Small and medium companies are able to obtain a tax credit for plan startup expenses if they meet three requirements dictated by the IRS:
- You had 100 or fewer staff who received at least $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 benefiting 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 another tax credit for attaching an automatic enrollment feature to a new or extant 401(k) plan.
Further Tax Advantages
Besides the startup tax credit, the IRS offers two further tax benefits for sponsoring a 401(k) program:
- Employer contributions are tax-deductible to to the point that they do not go over 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 Ladue, MO businesses. We'll strive to lower your tax liability as part of our 401(k) services.
Employee Education
One of the things that sets Correct Capital apart from other 401(k) consultants in Ladue, MO is that we offer financial planning as a service to your participating staff. Through group education gatherings, we'll make certain your employees know the best investment opportunities for themselves, understand how your 401(k) program works, and understand how it's serving them. We can also have one-on-one sessions to discuss financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their previous company, we can assist them with their 401(k) rollover.
Types of 401(k) Plans | Ladue, MO 401(k) Companies
The Ladue, MO 401(k) consultants at Correct Capital can help your companies implement many different plans through several different 401(k) companies. The most frequently used plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that includes a wide array of investment options. Employers may equal what their employees put in. Taxes are paid when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, however 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 withdraws funds after continuing the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans exist specifically for small businesses who want a cost-effective way to offer their employees retirement benefits. Like a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. However, the employer must make either:
- A matching contribution of no more than 3% of a staff members earnings; or
- A non-elective contribution of 2% of an employee's pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, except that they must include employer contributions that are fully vested when made. In exchange for for required contributions, the IRS does not carry out its annual nondiscrimination tests.
In our first meeting, we'll get to know your Ladue, MO business and your employee's retirement needs to identify the ideal type of 401(k) plan for you.
Other services we offer in Ladue, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
The Correct Capital Difference | Ladue, MO 401(k) Companies
Correct Capital stands out among Ladue, MO 401(k) advisors because we offer the degree of personalized care as smaller advisory firms, but combine it with the same wisdom, accomplishment, and partnerships as larger firms. We provide independent and objective counsel, always geared toward doing what's best for you; as an Accredited Investment Fiduciary®, it's our legal and ethical duty to do so. Our retirement consultants have been trusted to connect employers to 401(k) companies for more than 25 years and currently represent over $230 million in total plan assets throughout the United States. Call us at 877-930-4015 or contact us online to talk over your 401(k) needs today.
