401(k) Companies in Oakville, MO

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

401(k) Companies in Oakville, MO. Establishing a 401(k) plan with trusted 401(k) advisors is a great way for small and mid-sized companies in Oakville, MO to attract and hold onto employees, incentivize great production, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been connecting businesses with trusted 401(k) companies in Oakville, MO for over 20 years. Call us today at 314-930-401(k) or contact us online to find out more about what Correct Capital can do for your Oakville, 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, as reported by the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than half of all businesses in the United States with under 50 employees provide a retirement plan to their employees, and over a third 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 found that the most common reason for employers to look into 401(k) companies and provide a plan was to encourage their employees to put money aside conscientiously for retirement. In order to do this fruitfully for your prized employees, it is important to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Oakville, MO.

There are numerous advantages to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and stable 401(k) companies to offer you and your employees the retirement solutions that work for your needs and individual circumstances. Specific plans are more appropriate for certain companies, and our Oakville, MO 401(k) advisors help identify the preferred 401(k) company and plan for you and your employees. As an independent advisory firm, there is no restraint to which 401(k) companies we can work with . From offering investment education, advising 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) consultant services are an invaluable aspect of any 401(k) plan.

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

The advantages of offering retirement planning to workers through 401(k) companies are apparent. Thirty-nine percent of employers who did not offer 401(k) plans said that their reason was that their company was not bringing in sufficient earnings. But there are countless reasons why setting up a 401(k) plan for your employees could be best for your bottom line down the road. The 401(k) advisors at Correct Capital will compile an all-inclusive guide to the many advantages certain plans will have for you. Among them are:

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

We're enduring the Great Resignation; a recent survey found that 55% of Americans anticipated looking for a different job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer has a defined contribution plan. What better way to retain your best employees than letting them know their financial well-being is important to you, even after they are no longer working for you?

Motivating Employees | Oakville, MO 401(k) Companies

Many Oakville, MO companies give increased contributions when their employees reqach specific performance goals. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be an effective way to keep your best employees motivated to sustain their performance.

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

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

  1. You had under 100 employees who collected at least $5,000 in compensation from you the previous year.
  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 covered substantially the same employees.

The tax credit is obtainable for up to three years, and there is an additional tax credit for attaching an automatic enrollment feature to a new or extant 401(k) plan.

Additional Tax Advantages

Besides the startup tax credit, the IRS offers two further tax benefits for implementing a 401(k) plan:

  1. Employer contributions are tax-deductible to to the point that they do not surpass the limits stipulated by 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 all-inclusive tax planning services to Oakville, MO businesses. We'll strive to lower 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 Oakville, MO is that we offer financial planning as a perk to your participating employees. With group education meetings, we'll ensure your employees understand the ideal investment opportunities for themselves, are aware of how your 401(k) plan works, and see how it's helping them. We can also use one-on-one meetings to talk over financial portfolio and asset management with individual staff. 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.

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

The Oakville, 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 frequently used plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored program that includes a wide array of investment options. Employers can match their employees' contributions. Taxes are paid 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 earned in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes money out after continuing the account for 5 years and they are at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans exist specially for small businesses who need a cost-effective way to offer their employees retirement benefits. Like a traditional 401(k) plan, you can take money out of an employee's paycheck as their contribution. However, the employer must make either:
    • An equal contribution of no more than 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 similar to to regular 401(k)s, but the employer must make contributions that are fully vested when made. In return 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 Oakville, MO company and your employee's retirement needs to identify the ideal type of 401(k) plan for you.

Other services we offer in Oakville, MO include:

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

Correct Capital is unique among Oakville, MO 401(k) advisors because we offer the level of personalized care as smaller financial firms, but couple it with the same savvy, professionalism, and connections as larger firms. We offer independent and objective guidance, 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 employers to 401(k) companies for over 25 years and at present we represent over $230 million in total plan assets across the United States. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.

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