401(k) Companies in Rock Hill, MO

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

401(k) Companies in Rock Hill, MO. Setting up a 401(k) plan with trusted 401(k) advisors is a wonderful way for small and mid-sized businesses in Rock Hill, MO to attract and hold onto employees, encourage great performance, and get those much-desired tax breaks. Correct Capital Wealth Management has been introducing employers to trustworthy 401(k) companies in Rock Hill, MO for over 20 years. Call us today at 877-930-4015 or contact us online to find out more about how Correct Capital can help your Rock Hill, MO business and your employees prosper.

As of 2020, defined-contribution (DC) plans such as 401(k)s constitute $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 under 50 employees provide a retirement plan as an employee benefit, and over a third have no present plans to do so. An additional study found that a 401(k) plan is the only vehicle many Americans have for putting money aside for retirement.

The J.P. Morgan survey found that the most common incentive for employers to research 401(k) companies and offer a plan was to encourage their employees to put money aside responsibly for retirement. In order to do this fruitfully for your prized employees, it is essential to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Rock Hill, MO.

There are countless 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 serve your needs and specific circumstances. Certain plans work better for certain businesses, and our Rock Hill, 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 restriction to which 401(k) companies we can work with . From offering investment education, counseling 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 a vital facet of any 401(k) plan.

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

The benefits of providing retirement planning to workers through 401(k) companies are apparent. Almost 40% of employers who did not offer 401(k) plans stated that their business was not bringing in 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 an extensive guide to the myriad advantages certain plans will have for you. Among them are:

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

We're living through the Great Resignation; a recent survey found that 55% of Americans thought they would look for a different job in 2021 and 2022. Workers are 45% more at-ease about their retirement when their employer has a defined contribution plan. What better way to retain your best employees than letting them know their financial well-being is important to you, even after they've moved on?

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

Many Rock Hill, MO companies offer greater contributions when their employees meet particular performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your employees' motivation high and to keep up their performance.

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

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

  1. You had 100 or fewer workers who were paid at least $5,000 in compensation from you the year prior.
  2. You had a minimum of one plan participant who was a non-highly compensated employee.
  3. In the three years prior, 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 401(k) plan or one you already had.

Additional Tax Benefits

Apart from the startup tax credit, the IRS offers two additional tax benefits for having a 401(k) program:

  1. Employer contributions are tax-deductible to to the point that they do not go over the limits set out in Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and have the advantage of tax deferral until distribution.

Correct Capital's financial advisors also offer extensive tax planning services to Rock Hill, MO companies. 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) advisors in Rock Hill, MO is that we offer financial planning as a benefit to plan participants. Through group education gatherings, we'll ensure your employees understand the best investment opportunities for themselves, know how your 401(k) plan works, and see how it's serving them. We can also have one-on-one meetings to discuss financial portfolio and asset management with individual staff. When a new member joins your team and they had a 401(k) plan with their previous company, we can assist 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) advisors at Correct Capital can help your business initiate many different plans through several different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored program that includes a range of investment options. Employers may equal their employees' contributions. Taxes are taken out when the savings and gains are withdrawn.
  • Roth 401(k) Plans: Roth plans are analogous 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 takes money out after maintaining the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans exist specifically for small businesses who need a cost-efficient way to offer their employees retirement benefits. Similar to 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 up to 3% of a worker's pay; or
    • A non-elective contribution of 2% of a worker's pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, but they must include employer contributions that are fully vested when made. In consideration of for required contributions, the IRS does not conduct its annual nondiscrimination tests.

In our first meeting, we'll gain an understanding of your Rock Hill, MO business and your employee's retirement needs to identify the ideal 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 provide the level 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 advice, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for over 25 years and presently represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to talk over your 401(k) needs today.

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