401(k) Companies in Oakville, MO
401(k) Companies in Oakville, MO. Establishing a 401(k) plan with trusted 401(k) advisors is a wonderful way for medium and small businesses in Oakville, MO to draw and retain employees, encourage great production, and get those much-needed tax breaks. Correct Capital Wealth Management has been connecting employers with dependable 401(k) companies in Oakville, MO for more than two decades. Call us today at 877-930-4015 or contact us online to discover more about what Correct Capital can do for your Oakville, MO business and employees.
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 employers in the United States with less than 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 avenue many Americans have for setting money aside for retirement.
The J.P. Morgan survey found that the most common incentive for employers to inquire about 401(k) companies and provide a plan was to incentivize their employees to set money aside responsibly for retirement. In order to do this successfully for your valued employees, it is crucial to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Oakville, MO.
There are various advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many reliable and stable 401(k) companies to put forward for you and your employees the retirement solutions that are in your needs and unique circumstances. Specific plans work better for certain businesses, and our Oakville, MO 401(k) advisors help recognize the best 401(k) company and plan for you and your employees. As independent advisors, there is no restraint to which 401(k) companies we can work with . From offering investment education, guiding individual employees on retirement planning, and assisting you navigate how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an indispensable aspect of any 401(k) plan.
Advantages of Offering a 401(k) Plan | Oakville, MO 401(k) Companies
The advantages of providing retirement planning to staff through 401(k) companies are evident. Almost 40% of employers who did not offer 401(k) plans said that their business was not bringing in enough income. But there are numerous reasons why implementing a 401(k) plan for your employees might be best for your bottom line down the road. The 401(k) advisors at Correct Capital will compile a comprehensive guide to the myriad benefits certain plans will have for you. Among them are:
Attracting and Retaining Talent | Oakville, MO 401(k) Companies
We're living through the Great Resignation; a recent survey found that 55% of Americans anticipated looking for a new job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer offers a defined contribution plan. What better way to keep your best employees than letting them know their financial security matters to you, even after they've moved on?
Motivating Employees | Oakville, MO 401(k) Companies
Many Oakville, MO employers offer increased contributions when their employees meet certain performance goals. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your employees' motivation high and to sustain their production.
Plan Startup Tax Credits | Oakville, MO 401(k) Companies
Small and medium companies can collect a tax credit for plan startup expenses if they meet three requirements dictated by the IRS:
- You had less than 100 workers who collected a minimum of $5,000 in compensation from you the previous year.
- You had a minimum of 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 a maximum of three years, and there is a different tax credit for attaching an automatic enrollment feature to a new or existing 401(k) plan.
Additional 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 exceed the limits stipulated by Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and enjoy tax deferral until distribution.
Correct Capital's financial advisors also offer comprehensive tax planning services to Oakville, MO residents and employers. We'll work to reduce your tax liability as part of our 401(k) services.
Employee Education
One of the aspects that makes Correct Capital different from other 401(k) consultants in Oakville, MO is that we offer financial planning as a benefit to plan participants. With group education gatherings, we'll make sure your employees recognize the ideal investment options for themselves, are aware of how your 401(k) plan functions, and appreciate how it's helping them. We can also have one-on-one sessions to go through financial portfolio and asset management with individual employees. When you hire a new employee that had a 401(k) plan with their prior company, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Oakville, MO 401(k) Companies
The Oakville, MO 401(k) consultants at Correct Capital can help your business initiate many 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 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 similar to traditional plans, except that contributions are made with after-tax dollars. Gains made in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws money 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 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. But, 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 worker's earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, with the exception 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.
In our first meeting, we'll get to know your Oakville, MO company and your employee's retirement needs to offer the ideal type of 401(k) plan for you.
Other services we offer in Oakville, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
The Correct Capital Difference | Oakville, MO 401(k) Companies
Correct Capital is unique among Oakville, MO 401(k) advisors because we provide the level of individualized attention as smaller financial firms, but combine it with the same wisdom, accomplishment, 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 ethical duty to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for over two decades and at present we represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to discuss your 401(k) needs today.
