401(k) Companies in Richmond Heights, MO

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

401(k) Companies in Richmond Heights, MO. Establishing a 401(k) plan with trusted 401(k) advisors is a great way for medium and small companies in Richmond Heights, MO to appeal to and hold onto employees, encourage great production, and receive those much-needed tax breaks. Correct Capital Wealth Management has been introducing businesses to trustworthy 401(k) companies in Richmond Heights, MO for more than 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 Richmond Heights, MO business and employees.

As of 2020, defined-contribution (DC) plans like 401(k)s accounted for $9.9 trillion of the total $32.3 trillion in retirement plan assets held in the United States, as reported by the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than 50% of all employers in the United States with under 50 employees offer a 401(k) plan to their employees, and more than one-third have no present intentions to do so. Another study found that a 401(k) plan is the only vehicle 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 set money aside conscientiously for retirement. In order to do this fruitfully for your prized employees, it is critical to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Richmond Heights, MO.

There are a great deal of benefits 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 work for your best interests and specific circumstances. Specific plans are more appropriate for certain companies, and our Richmond Heights, MO 401(k) advisors help pick out the best 401(k) company and plan for you and your employees. As an independent retirement planning firm, there is no limit to which 401(k) companies we can connect you to . From offering financial planning education, advising 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 aspect of any 401(k) program.

401(k) Consultants Richmond Heights, MO | Financial Advisors | Retirement Planners Near Richmond Heights 

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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

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

The advantages of providing retirement planning to staff through 401(k) companies are evident. Thirty-nine percent of employers who did not offer 401(k) plans stated that their company was not generating enough revenue. But there are a lot of reasons why implementing a 401(k) plan for your employees might end up being best for your bottom line. The 401(k) consultants at Correct Capital will put together a comprehensive guide to the myriad benefits certain programs will have for you. Among them are:


Recruiting and Retaining Talent | Richmond Heights, MO 401(k) Companies

We're enduring the Great Resignation; a recent survey stated 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 retirement plan. What better way to hold on to your best employees than assuring them that their financial well-being is important to you, even after they've moved on?


Motivating Employees | Richmond Heights, MO 401(k) Companies

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


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

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

  1. You had 100 or fewer staff who collected at least $5,000 in compensation from you the previous year.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. Your business did not already have a retirement plan covering substantially the same employees during the three years preceding the year for which you are claiming credit.

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

Further Tax Advantages

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

  1. Employer contributions are tax-deductible to the extent that the contributions do not exceed the limits dictated 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 extensive tax planning services to Richmond Heights, MO businesses. We'll work to lower your tax liability as part of our 401(k) services.

Employee Education

One of the features that makes Correct Capital different from other 401(k) advisors in Richmond Heights, MO is that we offer financial planning as a perk to plan participants. With group education meetings, we'll make sure your employees know the best investment opportunities for themselves, know how your 401(k) program works, and recognize how it's helping them. We can also use one-on-one sessions 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.

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Types of 401(k) Plans | Richmond Heights, MO 401(k) Companies

The Richmond Heights, MO 401(k) advisors at Correct Capital can help your business set up a variety of 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 includes numerous investment options. Employers can match their employees' contributions. Taxes are deducted when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, except that contributions are made with after-tax dollars. Income obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes funds out after maintaining the account for 5 years and they are at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans are specifically for small businesses looking for a cost-effective way to offer their workers a retirement plan. Similar to a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. However, the employer must make either:
    • An equal contribution of no more than 3% of a staff members pay; or
    • A non-elective contribution of 2% of a worker's pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, except that the employer must make contributions that are fully vested when made. In exchange for for required contributions, the IRS does not perform its annual nondiscrimination tests.

In our initial meeting, we'll gain an understanding of your Richmond Heights, MO business and your employee's retirement needs to offer the ideal type of 401(k) plan for you.

Other services we offer in Richmond Heights, MO include:

401(k) Advising Richmond Heights, MO | 401(k) Companies | Retirement Planning Near Richmond Heights

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

Correct Capital is distinctive among Richmond Heights, MO 401(k) advisors because we offer the level of personalized care as smaller advisory firms, but pair it with the same knowledge, accomplishment, and connections as larger firms. We provide independent and objective direction, always geared toward doing what's best for you; as an Accredited Investment Fiduciary®, it's our legal and ethical duty to do so. Our retirement consultants have been trusted to connect businesses to 401(k) companies for more than 25 years and presently represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to go over your 401(k) needs today.


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