401(k) Companies in Oakland, MO

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

401(k) Companies in Oakland, MO. Establishing a 401(k) plan with dependable 401(k) advisors is an excellent way for medium and small companies in Oakland, MO to draw and hold onto employees, incentivize great performance, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been connecting businesses with trustworthy 401(k) companies in Oakland, MO for over 20 years. Call us today at 314-930-401(k) or contact us online to learn 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 accounted for $9.9 trillion of the total $32.3 trillion in retirement plan assets 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 businesses in the United States with less than 50 employees offer a 401(k) plan to their employees, and over 33% have no current intentions to do so. A further study found that a 401(k) plan is the only instrument many Americans have for saving for retirement.

The J.P. Morgan survey found that the most frequent motive for employers to look into 401(k) companies and provide a plan was to encourage their employees to put money aside responsibly for retirement. In order to do this effectively 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 using Correct Capital's 401(k) services. Correct Capital partners with many trusted and secure 401(k) companies to offer you and your employees the retirement solutions that serve your best interests and individual circumstances. Certain plans work better for certain businesses, and our Oakland, MO 401(k) advisors help pick out the best 401(k) company and plan for you and your employees. As independent advisors, there is no restriction to which 401(k) companies we can work with . From offering investment education, advising individual employees on retirement planning, and helping you understand how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are a vital aspect of any 401(k) plan.

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

The advantages of offering retirement planning to employees through 401(k) companies are evident. Almost 40% of employers who did not offer 401(k) plans said that their reason was that their business was not generating sufficient income. But there are countless 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 a comprehensive 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 feel 45% more assured about their retirement when their employer offers a retirement plan. What better way to hold on to your best employees than assuring them that you care about their financial security, even after they've moved on?


Motivating Employees | Oakland, MO 401(k) Companies

Many Oakland, MO businesses offer greater contributions when their employees reqach specific performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be a great way to keep your employees' motivation high and to maintain their performance.


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

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

  1. You had less than 100 employees who were paid a minimum of $5,000 in compensation from you the preceding year.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. In the three years prior, you did not already have a retirement plan in place that benefited substantially the same employees.

The tax credit is available for up to three years, and there is another tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.

Additional Tax Advantages

Apart from the startup tax credit, the IRS offers two added tax benefits for implementing a 401(k) program:

  1. Employer contributions are tax-deductible to to the point that they 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 benefit from tax deferral until distribution.

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

Employee Education

One of the facets that sets Correct Capital apart from other 401(k) advisors in Oakland, MO is that we offer financial planning as a service to your participating employees. With group education gatherings, we'll make sure your employees understand the ideal investment options for themselves, are aware of how your 401(k) program works, and understand how it's helping them. We can also use one-on-one sessions to go through financial portfolio and asset management with individual employees. When a new member joins your team and they had a 401(k) plan with their prior company, we can assist them with their 401(k) rollover.

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

The Oakland, MO 401(k) advisors at Correct Capital can help your business 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 taken out when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, but contributions are made with money you have already paid taxes on. Income made 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 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans exist specifically for small businesses who want a cost-efficient way to offer their staff retirement benefits. 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:
    • A matching contribution of no more than 3% of a worker's earnings; or
    • A non-elective contribution of 2% of an employee's pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, but 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 annual nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your Oakland, MO business and your employee's retirement needs to offer the ideal type of 401(k) plan for you.

Other services we offer in Oakland, MO include:

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

Correct Capital is unique among Oakland, MO 401(k) advisors because we offer the degree of personalized attention as smaller financial firms, but combine it with the same savvy, professionalism, and connections as larger firms. We offer independent and objective direction, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and ethical responsibility to do so. Our retirement consultants have been trusted to introduce businesses to 401(k) companies for over 25 years and presently represent over $230 million in total plan assets nationwide. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.


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