401(k) Companies in Oakville, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Oakville, MO. Initiating a 401(k) plan with dependable 401(k) advisors is a wonderful way for small and mid-sized companies in Oakville, MO to draw and hold onto employees, incentivize great work, and get those much-desired tax breaks. Correct Capital Wealth Management has been introducing companies to trustworthy 401(k) companies in Oakville, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to learn more about how Correct Capital can help your Oakville, MO business and your employees succeed.
As of 2020, defined-contribution (DC) plans like 401(k)s constitute $9.9 trillion of the total $32.3 trillion in retirement plan assets held in the United States, according to 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 under 50 employees offer a 401(k) plan to their employees, and over one-third have no present intent 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 stated that the most frequent incentive 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 successfully for your best employees, it is essential to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Oakville, MO.
There are countless benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many reliable and stable 401(k) companies to offer you and your employees the retirement solutions that are in your best interests and specific circumstances. Specific plans work better for certain companies, and our Oakville, MO 401(k) advisors help recognize the preferred 401(k) company and plan for you and your employees. As independent retirement consultants, there is no limit to which 401(k) companies we can connect you to . From offering financial planning education, guiding individual employees on retirement planning, and assisting you navigate how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an indispensable part of any 401(k) plan.
Benefits of Offering a 401(k) Plan | Oakville, MO 401(k) Companies
The benefits of offering retirement planning to staff through 401(k) companies are obvious. Thirty-nine percent of employers who did not offer 401(k) plans stated that their business was not bringing in enough earnings. But there are many reasons why setting up a 401(k) plan for your employees may end up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an all-inclusive guide to the various benefits certain programs will have for you. Among them are:
Attracting and Retaining Talent | Oakville, MO 401(k) Companies
We're in the middle of the Great Resignation; a recent survey discovered that 55% of Americans expected to search for a different job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer provides a 401(k) plan. What better way to hang on to your best employees than assuring them that you care about their financial health, even after they've left the workforce?
Motivating Employees | Oakville, MO 401(k) Companies
Many Oakville, MO employers give higher contributions when their employees meet specific performance goals. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be an effective way to keep your employees' motivation high and to keep up their production.
Plan Startup Tax Credits | Oakville, MO 401(k) Companies
Small and medium companies are able to receive a tax credit for plan startup expenses if they fulfill three requirements stipulated by the IRS:
- You had less than 100 employees who received a minimum of $5,000 in compensation from you the preceding year.
- You had at least one plan participant who was a non-highly compensated employee.
- 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 adding an automatic enrollment feature to a new or extant 401(k) plan.
Further Tax Advantages
Apart from the startup tax credit, the IRS offers two extra tax benefits for implementing a 401(k) plan:
- Employer contributions are tax-deductible to to the point that they do not go over the limits stipulated by Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and posses tax deferral until distribution.
One of the things that makes Correct Capital different from other 401(k) advisors in Oakville, MO is that we offer financial planning as a benefit to plan participants. With group education meetings, we'll ensure your employees understand the ideal investment options for themselves, understand how your 401(k) plan works, and recognize how it's serving them. We can also use one-on-one sessions to discuss financial portfolio and asset management with individual employees. When you hire a new employee that had a 401(k) plan with their previous employer, we can help them with their 401(k) rollover.
Types of 401(k) Plans | Oakville, MO 401(k) Companies
The Oakville, MO 401(k) advisors at Correct Capital can help your companies initiate a variety of different plans through several different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that offers numerous investment options. Employers may match what their employees put in. Taxes are paid when the savings and gains 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 employee takes money out after preserving the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are in place specially for small businesses who want a cost-efficient way to offer their employees retirement benefits. Similar to 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 no more than 3% of a staff members pay; or
- A non-elective contribution of 2% of a staff members pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, with the exception they must include employer 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 gain an understanding of your Oakville, MO business and your employee's retirement needs to find the ideal type of 401(k) plan for you.
Other services we offer in Oakville, MO include:
- Financial Advisor
- Asset Management
- Retirement Consultant
- Financial Portfolio Management
- 401(k) Rollover
- Financial Advice
- Retirement Planning Services
The Correct Capital Difference | Oakville, MO 401(k) Companies
Correct Capital is unique among Oakville, MO 401(k) advisors because we offer the degree of personalized attention as smaller advisory firms, but couple it with the same savvy, professionalism, and connections as larger firms. We provide independent and objective counsel, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for more than two decades 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.