401(k) Companies in Oakland, MO
401(k) Companies in Oakland, MO. Setting up a 401(k) plan with trustworthy 401(k) advisors is a wonderful way for medium and small businesses in Oakland, MO to draw and hold onto employees, encourage great production, and receive those much-desired tax breaks. Correct Capital Wealth Management has been introducing employers to dependable 401(k) companies in Oakland, MO for over 20 years. Call us today at 877-930-4015 or contact us online to find out more about what Correct Capital can do for your Oakland, MO business and employees.
As of 2020, defined-contribution (DC) plans such as 401(k)s made up $9.9 trillion of the total $32.3 trillion in retirement plan funds 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 under 50 employees provide a 401(k) plan as an employee benefit, and more than 33% have no current plans to do so. An additional study found that a 401(k) plan is the only instrument many Americans have for setting money aside for retirement.
The J.P. Morgan survey stated that the most common motivation for employers to inquire about 401(k) companies and offer a plan was to incentivize their employees to save conscientiously for retirement. In order to do this fruitfully for your prized employees, it is crucial to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Oakland, MO.
There are countless advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and safe 401(k) companies to put forward for you and your employees the retirement solutions that serve your needs and unique situation. Specific plans work better for certain companies, and our Oakland, MO 401(k) advisors help identify the best 401(k) company and plan for you and your employees. As an independent advisory firm, there is no restriction to which 401(k) companies we can connect you to . From offering investment education, counseling individual employees on retirement planning, and assisting you maneuver how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are a crucial part of any 401(k) program.
Benefits of Offering a 401(k) Plan | Oakland, MO 401(k) Companies
The benefits of offering 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 bringing in sufficient profit. But there are a lot of reasons why implementing a 401(k) plan for your employees could wind up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an extensive guide to the various benefits certain plans will have for you. Among them are:
Attracting and Retaining Talent | Oakland, MO 401(k) Companies
We're living through the Great Resignation; a recent survey stated that 55% of Americans anticipated looking for a different job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer has a retirement plan. What better way to hold on to your hardest working employees than letting them know their financial health is important to you, even after they are no longer working for you?
Incentivizing Employees | Oakland, MO 401(k) Companies
Many Oakland, MO businesses give higher contributions when specific performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to sustain their performance.
Plan Startup Tax Credits | Oakland, MO 401(k) Companies
Small and medium companies are able to collect a tax credit for plan startup costs if they fulfill three requirements dictated by the IRS:
- You had under 100 employees who collected at least $5,000 in compensation from you the year prior.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- In the three years prior, you did not already have a retirement plan in place that covered substantially the same employees.
The tax credit is accessible 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 Advantages
Besides the startup tax credit, the IRS offers two additional tax benefits for implementing a 401(k) plan:
- Employer contributions are tax-deductible to the extent that the contributions do not go over the limits dictated 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 all-inclusive tax planning services to Oakland, MO businesses. 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) advisors in Oakland, MO is that we offer financial planning as a perk to your participating employees. 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 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 previous company, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Oakland, MO 401(k) Companies
The Oakland, MO 401(k) consultants at Correct Capital can help your business initiate many 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 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. Income obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes money out after maintaining the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are in place specifically for small businesses looking for a cost-efficient way to offer their workers retirement benefits. Like a traditional 401(k) plan, you can withhold money from an employee's paycheck as their contribution. However, the employer must make either:
- A matching 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 much the same to regular 401(k)s, with the exception the employer is required to make contributions that are fully vested when made. In exchange for for required contributions, the IRS does not carry out its yearly nondiscrimination tests.
In our first meeting, we'll get to know your Oakland, MO business and your employee's retirement needs to identify the ideal type of 401(k) plan for you.
Other services we offer in Oakland, 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 | Oakland, MO 401(k) Companies
Correct Capital stands out among Oakland, MO 401(k) advisors because we offer the degree of personalized care as smaller financial firms, but combine it with the same wisdom, professionalism, and partnerships as larger firms. We offer independent and objective counsel, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to connect employers to 401(k) companies for more than two decades 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 go over your 401(k) needs today.
