401(k) Companies in St. Louis County, MO

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

401(k) Companies in St. Louis County, MO. Initiating a 401(k) plan with trusted 401(k) advisors is an excellent way for small and mid-sized companies in St. Louis County, MO to draw and retain employees, incentivize great performance, and get those much-needed tax breaks. Correct Capital Wealth Management has been introducing employers to dependable 401(k) companies in St. Louis County, MO for over two decades. Call us today at 314-930-401(k) or contact us online to discover more about what Correct Capital can do for your St. Louis County, MO business and employees.

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 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 employers in the United States with under 50 employees provide a 401(k) plan as an employee benefit, and more than 33% have no current aim to do so. A further study found that a 401(k) plan is the only avenue many Americans have for setting money aside for retirement.

The J.P. Morgan survey found that the most frequent reason for employers to explore 401(k) companies and offer a plan was to incentivize their employees to save responsibly for retirement. In order to do this successfully for your valued employees, it is important to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in St. Louis County, MO.

There are numerous advantages to using Correct Capital's 401(k) services. Correct Capital partners with many trusted and stable 401(k) companies to put forward for you and your employees the retirement solutions that are in your needs and individual situation. Certain plans work better for certain businesses, and our St. Louis County, MO 401(k) advisors help recognize the best 401(k) company and plan for you and your employees. As an independent retirement planning firm, there is no restraint to which 401(k) companies we can connect you to . From offering investment education, guiding 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 crucial part of any 401(k) program.

401(k) Consultants St. Louis County, MO | Financial Advisors | Retirement Planners Near St. Louis County

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

The benefits of providing retirement planning to employees through 401(k) companies are apparent. Thirty-nine percent of employers who did not offer 401(k) plans stated that their business was not bringing in enough income. But there are numerous reasons why implementing a 401(k) plan for your employees may be best for your bottom line in the end. The 401(k) consultants at Correct Capital will compile an extensive guide to the myriad benefits certain programs will have for you. Among them are:


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

We're going through the Great Resignation; a recent survey reported that 55% of Americans anticipated searching for a different job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer provides a defined contribution plan. What better way to hang on to your best employees than assuring them that you care about their financial well-being, even after they are no longer working for you?


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

Many St. Louis County, MO businesses 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 sustain their performance.


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

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

  1. You had 100 or fewer staff 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 preceding years, you did not already have a retirement plan in place that benefited substantially the same employees.

The tax credit is accessible for a maximum of three years, and there is a different tax credit for adding 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 added tax benefits for implementing a 401(k) plan:

  1. Employer contributions are tax-deductible to the extent that the contributions do not go over the limits stipulated by Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and benefit from tax deferral until distribution.

Correct Capital's financial advisors also offer all-inclusive tax planning services to St. Louis County, MO businesses. We'll strive to reduce 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) advisors in St. Louis County, MO is that we offer financial planning as a benefit to your participating staff. With group education gatherings, we'll ensure your employees know the best investment opportunities for themselves, know how your 401(k) plan works, and appreciate how it's serving them. We can also have one-on-one sessions to go through financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their old employer, we can offer assistance with their 401(k) rollover.

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

The St. Louis County, 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 may equal what their employees put in. Taxes are paid when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, except that contributions are made with money you have already paid taxes on. Income made in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes funds 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 want a cost-effective way to offer their workers retirement benefits. Like a traditional 401(k) plan, you can take money out of an employee's paycheck as their contribution. But, the employer must make either:
    • A matching contribution of no more than 3% of a worker's pay; or
    • A non-elective contribution of 2% of an employee's pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, except that the employer is required to make contributions that are fully vested when made. In exchange for for required contributions, the IRS does not perform its yearly nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your St. Louis County, MO business and your employee's retirement needs to identify the best type of 401(k) plan for you.

Other services we offer in St. Louis County, MO include:

401(k) Advising St. Louis County, MO | 401(k) Companies | Retirement Planning Near St. Louis County

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

Correct Capital stands out among St. Louis County, MO 401(k) advisors because we offer the level of personalized care as smaller advisory firms, but combine it with the same savvy, experience, and partnerships as larger firms. We provide independent and objective counsel, always intended to do what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to introduce businesses 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 talk over your 401(k) needs today.


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