401(k) Companies in Lemay, MO

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

401(k) Companies in Lemay, MO. Setting up a 401(k) plan with dependable 401(k) advisors is a great way for small and mid-sized businesses in Lemay, MO to attract and hold onto employees, encourage great work, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been introducing employers to trustworthy 401(k) companies in Lemay, MO for over two decades. Call us today at 314-930-401(k) or contact us online to find out more about how Correct Capital can help your Lemay, MO business and your employees prosper.

As of 2020, defined-contribution (DC) plans like 401(k)s constitute $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 companies in the United States with under 50 employees offer a 401(k) plan to their employees, and more than 33% have no current intentions to do so. An additional 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 found that the most frequent motive for employers to research 401(k) companies and provide a plan was to encourage their employees to put money aside responsibly for retirement. In order to do this successfully for your valued employees, it is critical to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Lemay, MO.

There are a great deal of 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 serve your best interests and specific circumstances. Certain plans are more apt for certain employers, and our Lemay, 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 limit to which 401(k) companies we can work with . From offering investment education, guiding individual employees on retirement planning, and helping you maneuver how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an indispensable aspect of any 401(k) program.

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Benefits of Offering a 401(k) Plan | Lemay, MO 401(k) Companies

The advantages of offering retirement planning to staff through 401(k) companies are apparent. Almost 40% of employers who did not offer 401(k) plans said that their company was not generating sufficient income. But there are numerous reasons why setting up a 401(k) plan for your employees could be best for your bottom line in the end. The 401(k) consultants at Correct Capital will put together an extensive guide to the myriad benefits certain programs will have for you. Among them are:


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

We're living through the Great Resignation; a recent survey stated that 55% of Americans anticipated searching 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 hold on to your hardest working employees than letting them know you care about their financial health, even after they've left the workforce?


Motivating Employees | Lemay, MO 401(k) Companies

Many Lemay, MO employers give increased contributions when their employees meet particular performance goals. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to maintain their performance.


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

Small and medium companies are able to obtain a tax credit for plan startup costs if they fulfill three requirements dictated by the IRS:

  1. You had under 100 employees who were paid 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. Your business 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 available for up to three years, and there is a further tax credit for adding 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 having a 401(k) program:

  1. Employer contributions are tax-deductible to the extent that the contributions do not surpass the limits set out in 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 comprehensive tax planning services to Lemay, MO companies. We'll work to reduce your tax liability as part of our 401(k) services.

Employee Education

One of the features that sets Correct Capital apart from other 401(k) consultants in Lemay, MO is that we offer financial planning as a benefit to your participating staff. Through group education meetings, we'll make sure your employees understand the ideal investment opportunities for themselves, know how your 401(k) plan functions, and understand how it's serving them. We can also use one-on-one meetings to go through financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their prior employer, we can offer assistance with their 401(k) rollover.

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

The Lemay, MO 401(k) advisors at Correct Capital can help your companies set up several 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 includes a wide array of investment options. Employers are able to match their employees' contributions. Taxes are taken out when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, other than the fact that contributions are made with money you have already paid taxes on. Gains made in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes money out after maintaining the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans are specifically for small businesses who want a cost-effective way to offer their workers a retirement plan. Similar to 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 no more than 3% of an employee's pay; 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 they must include employer 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 gain an understanding of your Lemay, MO company and your employee's retirement needs to find the best type of 401(k) plan for you.

Other services we offer in Lemay, MO include:

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

Correct Capital is distinctive among Lemay, MO 401(k) advisors because we provide the level of personalized care as smaller financial firms, but combine it with the same knowledge, professionalism, and partnerships as larger firms. We provide independent and objective direction, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to introduce businesses to 401(k) companies for over two decades 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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