401(k) Companies in St. Charles, MO

401(k) Companies in St. Charles, MO A Great 401(k) Plan Benefits You and Your Employees

401(k) Companies in St. Charles, MO. Initiating a 401(k) plan with dependable 401(k) advisors is a wonderful way for small and mid-sized businesses in St. Charles, MO to appeal to and hold onto employees, encourage great production, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been introducing companies to dependable 401(k) companies in St. Charles, MO for over two decades. Call us today at 314-930-401(k) or contact us online to discover more about how Correct Capital can help your St. Charles, MO business and your employees thrive.

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 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. An additional study found that a 401(k) plan is the only vehicle many Americans have for saving for retirement.

The J.P. Morgan survey found that the most frequent reason for employers to inquire about 401(k) companies and provide a plan was to incentivize their employees to put money aside responsibly for retirement. In order to do this successfully for your valued employees, it is important to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in St. Charles, MO.

There are countless benefits to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and secure 401(k) companies to offer you and your employees the retirement solutions that are in your best interests and specific situation. Specific plans work better for certain businesses, and our St. Charles, 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 limit to which 401(k) companies we can work with . From offering investment education, advising individual employees on retirement planning, and helping you understand how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a vital part of any 401(k) program.

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Benefits of Offering a 401(k) Plan | St. Charles, MO 401(k) Companies

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

Recruiting and Retaining Talent | St. Charles, MO 401(k) Companies

We're going through the Great Resignation; a recent survey reported that 55% of Americans expected to search for a different job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer offers a 401(k) plan. What better way to hold on to your favorite employees than letting them know their financial security is important to you, even after they've moved on?

Incentivizing Employees | St. Charles, MO 401(k) Companies

Many St. Charles, MO employers offer greater contributions when specific performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to continue their production.

Plan Startup Tax Credits | St. Charles, MO 401(k) Companies

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

  1. You had less than 100 staff who were paid at least $5,000 in compensation from you the preceding year.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. In the three preceding years, you did not already have a retirement plan in place that benefited substantially the same employees.

The tax credit is obtainable 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.

Additional Tax Advantages

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

  1. Employer contributions are tax-deductible to the extent that the contributions do not surpass 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 all-inclusive tax planning services to St. Charles, MO residents and employers. We'll strive 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) consultants in St. Charles, MO is that we offer financial planning as a perk to your participating staff. With group education gatherings, we'll make sure your employees know the ideal investment options for themselves, understand how your 401(k) plan functions, and see how it's helping them. We can also have one-on-one meetings to discuss financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their old employer, we can assist them with their 401(k) rollover.

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Types of 401(k) Plans | St. Charles, MO 401(k) Companies

The St. Charles, MO 401(k) advisors at Correct Capital can help your business initiate 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 plan that offers a wide array of 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, other than the fact 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 employee 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 looking for a cost-efficient way to offer their workers retirement benefits. 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:
    • A matching contribution of up to 3% of a staff members pay; or
    • A non-elective contribution of 2% of a staff members pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, other than the fact that the employer must make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not perform its yearly nondiscrimination tests.

When we first meet with you, we'll get to know your St. Charles, MO company and your employee's retirement needs to identify the ideal type of 401(k) plan for you.

Other services we offer in St. Charles, MO include:

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The Correct Capital Difference | St. Charles, MO 401(k) Companies

Correct Capital is distinctive among St. Charles, MO 401(k) advisors because we provide the level of individualized attention as smaller financial firms, but pair it with the same wisdom, experience, and partnerships as larger firms. We offer independent and objective guidance, always geared toward doing what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and moral obligation to do so. Our retirement consultants have been trusted to connect companies to 401(k) companies for more than two decades and currently 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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