401(k) Companies in Rock Hill, MO

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

401(k) Companies in Rock Hill, MO. Initiating a 401(k) plan with trusted 401(k) advisors is a wonderful way for small and mid-sized businesses in Rock Hill, MO to appeal to and hold onto employees, incentivize great production, and get those much-desired tax breaks. Correct Capital Wealth Management has been connecting companies with trustworthy 401(k) companies in Rock Hill, MO for more than 20 years. Call us today at 314-930-401(k) or contact us online to discover more about what Correct Capital can do for your Rock Hill, 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 capital held in the United States, according to the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than half of all companies in the United States with less than 50 employees offer a retirement plan as an employee benefit, and over 33% have no present intentions to do so. A further study found that a 401(k) plan is the only avenue many Americans have for putting 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 save conscientiously for retirement. In order to do this successfully for your valued employees, it is important to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Rock Hill, MO.

There are various benefits to using Correct Capital's 401(k) services. Correct Capital partners with many reliable and secure 401(k) companies to offer you and your employees the retirement solutions that work for your best interests and specific circumstances. Specific plans work better for certain companies, and our Rock Hill, MO 401(k) advisors help locate the best 401(k) company and plan for you and your employees. As independent retirement consultants, there is no restriction to which 401(k) companies we can connect you to . From offering investment education, counseling individual employees on retirement planning, and helping you navigate how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an invaluable aspect of any 401(k) program.

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

The benefits of offering retirement planning to workers through 401(k) companies are clear. Thirty-nine percent of employers who did not offer 401(k) plans gave their reason as being that their business was not bringing in sufficient income. But there are numerous reasons why initiating 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 put together a comprehensive guide to the many benefits certain plans will have for you. Among them are:

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

We're going through the Great Resignation; a recent survey stated that 55% of Americans expected to look for a different job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer offers a defined contribution plan. What better way to keep your favorite employees than letting them know you care about their financial well-being, even after they are no longer working for you?

Motivating Employees | Rock Hill, MO 401(k) Companies

Many Rock Hill, MO employers offer greater contributions when their employees reqach 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 continue their performance.

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

Small and medium companies can collect a tax credit for plan startup costs if they meet three requirements laid out by the IRS:

  1. You had 100 or fewer workers who were paid a minimum of $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 company 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 different tax credit for attaching an automatic enrollment feature to a new or existing 401(k) plan.

Further Tax Benefits

In addition to the startup tax credit, the IRS offers two other tax benefits for having a 401(k) program:

  1. Employer contributions are tax-deductible to the extent that the contributions do not go over the limits dictated 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 all-inclusive tax planning services to Rock Hill, MO residents and employers. We'll strive to decrease your tax liability as part of our 401(k) services.

Employee Education

One of the features that sets Correct Capital apart from other 401(k) consultants in Rock Hill, MO is that we offer financial planning as a perk to plan participants. With group education meetings, we'll ensure your employees recognize the best investment options for themselves, are aware of how your 401(k) plan works, and see how it's serving them. We can also use one-on-one sessions to talk over 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 help them with their 401(k) rollover.

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Types of 401(k) Plans | Rock Hill, MO 401(k) Companies

The Rock Hill, MO 401(k) consultants at Correct Capital can help your companies set up a variety of different plans through a variety of different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored program that includes a wide array of investment options. Employers may match their employees' contributions. Taxes are taken out 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 obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes money out after continuing the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans are specially for small businesses who need a cost-efficient way to offer their employees a retirement plan. Similar to a traditional 401(k) plan, you may take money out of an employee's paycheck as their contribution. However, the employer must make either:
    • A matching contribution of up to 3% of a staff members pay; or
    • A non-elective contribution of 2% of an employee's earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, except that the employer must make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not carry out its annual nondiscrimination tests.

In our first meeting, we'll get to know your Rock Hill, MO company and your employee's retirement needs to find the best type of 401(k) plan for you.

Other services we offer in Rock Hill, MO include:

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

Correct Capital stands out among Rock Hill, MO 401(k) advisors because we offer the degree of personalized care as smaller advisory firms, but combine it with the same knowledge, experience, and connections as larger firms. We offer independent and objective counsel, always with your best interest in mind; 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 over two decades and at present we represent over $230 million in total plan assets nationwide. Call us at 314-930-401(k) or contact us online to discuss your 401(k) needs today.

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