401(k) Companies in Richmond Heights, MO

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

401(k) Companies in Richmond Heights, MO. Setting up a 401(k) plan with trustworthy 401(k) advisors is a wonderful way for small and mid-sized companies in Richmond Heights, MO to draw and retain employees, incentivize great production, and receive those much-needed tax breaks. Correct Capital Wealth Management has been connecting businesses with trusted 401(k) companies in Richmond Heights, 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 Richmond Heights, MO business and employees.

As of 2020, defined-contribution (DC) plans such as 401(k)s comprise $9.9 trillion of the total $32.3 trillion in retirement plan capital 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 businesses in the United States with under 50 employees offer a retirement plan to their employees, and more than 33% have no present aim to do so. A different study found that a 401(k) plan is the only instrument many Americans have for setting money aside for retirement.

The J.P. Morgan survey reported that the most common incentive for employers to inquire about 401(k) companies and provide a plan was to encourage their employees to set money aside conscientiously for retirement. In order to do this effectively for your valued employees, it is essential to consult a trustworthy, independent retirement planning advisory firm like Correct Capital based in Richmond Heights, MO.

There are a great deal of advantages to using Correct Capital's 401(k) services. Correct Capital partners with many trusted and safe 401(k) companies to offer you and your employees the retirement solutions that work for your best interests and unique situation. Certain plans are more apt for certain businesses, and our Richmond Heights, MO 401(k) advisors help identify the best 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, guiding individual employees on retirement planning, and helping you maneuver how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an invaluable facet of any 401(k) program.

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

The benefits of offering retirement planning to workers through 401(k) companies are evident. 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 revenue. But there are countless reasons why implementing a 401(k) plan for your employees could wind up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an all-inclusive 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 living through the Great Resignation; a recent survey discovered that 55% of Americans anticipated searching for a different job in 2021 and 2022. Workers are 45% more at-ease about their retirement when their employer has a retirement plan. What better way to retain your hardest working employees than assuring them that their financial security is important to you, even after they are no longer working for you?


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

Many Richmond Heights, MO companies give increased contributions when particular performance goals are met. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your best employees motivated to continue their production.


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 satisfy three requirements stipulated by the IRS:

  1. You had under 100 staff who collected at least $5,000 in compensation from you the year prior.
  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 accessible for a maximum of three years, and there is a further tax credit for attaching an automatic enrollment feature to a new or extant 401(k) plan.

Further Tax Benefits

Other than the startup tax credit, the IRS offers two additional tax benefits for implementing a 401(k) program:

  1. 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.
  2. Elective deferrals and investment gains are not taxed and enjoy tax deferral until distribution.

Correct Capital's financial advisors also offer extensive tax planning services to Richmond Heights, MO companies. We'll work to reduce 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 Richmond Heights, MO is that we offer financial planning as a perk to your participating staff. Through group education gatherings, we'll ensure your employees understand the ideal investment options for themselves, are aware of how your 401(k) program functions, and see how it's benefiting them. We can also have one-on-one sessions to discuss financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their prior employer, we can help them 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) consultants at Correct Capital can help your business implement several different plans through many different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored plan that includes numerous investment options. Employers are able to equal their employees' contributions. Taxes are taken out when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are analogous traditional plans, however contributions are made with after-tax dollars. Income earned in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws money after maintaining the account for 5 years and they are at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans are specially for small businesses who need a cost-efficient way to offer their employees a retirement plan. Like a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. But, the employer must make either:
    • An equal contribution of no more than 3% of an employee's pay; or
    • A non-elective contribution of 2% of an employee's earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, however they must include employer contributions that are fully vested when made. In exchange for for required contributions, the IRS does not conduct its yearly nondiscrimination tests.

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

Other services we offer in Richmond Heights, MO include:

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

Correct Capital stands out among Richmond Heights, MO 401(k) advisors because we provide the degree of personalized care as smaller financial firms, but couple it with the same knowledge, accomplishment, and partnerships as larger firms. We offer independent and objective advice, always intended to do what's best for you; as an Accredited Investment Fiduciary®, it's our legal and moral obligation to do so. Our retirement consultants have been trusted to connect employers to 401(k) companies for over two decades and presently represent over $230 million in total plan assets across the United States. Call us at 314-930-401(k) or contact us online to discuss your 401(k) needs today.


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