401(k) Companies in St. Peters, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in St. Peters, MO. Initiating a 401(k) plan with dependable 401(k) advisors is a wonderful way for medium and small companies in St. Peters, MO to appeal to and hold onto employees, incentivize great work, and get those much-needed tax breaks. Correct Capital Wealth Management has been introducing employers to secure 401(k) companies in St. Peters, MO for more than 20 years. Call us today at 314-930-401(k) or contact us online to find out more about how Correct Capital can help your St. Peters, MO business and your employees prosper.
As of 2020, defined-contribution (DC) plans such as 401(k)s made up $9.9 trillion of the total $32.3 trillion in retirement plan assets held in the United States, according to the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than 50% of all companies in the United States with under 50 employees provide a retirement plan as an employee benefit, and more than a third have no current aim to do so. An additional study found that a 401(k) plan is the only avenue many Americans have for saving for retirement.
The J.P. Morgan survey reported that the most common reason for employers to inquire about 401(k) companies and offer a plan was to encourage their employees to save responsibly for retirement. In order to do this successfully for your prized employees, it is essential to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in St. Peters, MO.
There are various advantages to utilizing 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 needs and individual circumstances. Specific plans are more apt for certain businesses, and our St. Peters, MO 401(k) advisors help determine the preferred 401(k) company and plan for you and your employees. As an independent advisory firm, there is no restriction to which 401(k) companies we can connect you to . From offering investment education, guiding individual employees on retirement planning, and assisting you understand how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an invaluable aspect of any 401(k) program.
Benefits of Offering a 401(k) Plan | St. Peters, MO 401(k) Companies
The advantages of offering retirement planning to workers through 401(k) companies are apparent. Almost 40% of employers who did not offer 401(k) plans said that their company was not bringing in sufficient revenue. But there are numerous reasons why implementing a 401(k) plan for your employees may end up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an all-inclusive guide to the myriad advantages certain programs will have for you. Among them are:
Attracting and Retaining Talent | St. Peters, MO 401(k) Companies
We're living through the Great Resignation; a recent survey found that 55% of Americans expected to look for a new job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer provides a defined contribution plan. What better way to retain your favorite employees than assuring them that their financial well-being is important to you, even after they are no longer working for you?
Motivating Employees | St. Peters, MO 401(k) Companies
Many St. Peters, MO companies offer higher contributions when certain performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a great way to keep your best employees motivated to sustain their performance.
Plan Startup Tax Credits | St. Peters, MO 401(k) Companies
Small and medium companies are able to collect a tax credit for plan startup costs if they fulfill three requirements stipulated by the IRS:
- You had 100 or fewer workers who collected a minimum of $5,000 in compensation from you the year prior.
- You had at least one plan participant who was a non-highly compensated employee.
- 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 available for up to three years, and there is an additional tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.
Further Tax Advantages
Other than the startup tax credit, the IRS offers two added tax benefits for having a 401(k) program:
- Employer contributions are tax-deductible to to the point that they do not go over the limits dictated by Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and have the advantage of tax deferral until distribution.
One of the things that sets Correct Capital apart from other 401(k) advisors in St. Peters, MO is that we offer financial planning as a benefit to your participating staff. With group education meetings, we'll make certain your employees recognize the best investment options for themselves, understand how your 401(k) program works, and recognize how it's helping them. We can also use one-on-one meetings to go through financial portfolio and asset management with individual employees. 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.
Types of 401(k) Plans | St. Peters, MO 401(k) Companies
The St. Peters, MO 401(k) advisors at Correct Capital can help your companies set up several different plans through a variety of different 401(k) companies. The most frequently used plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that includes a wide array of investment options. Employers are able to match their employees' contributions. Taxes are paid when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, however contributions are made with after-tax dollars. Gains earned in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws funds after continuing the account for 5 years and they are 59-½ years old or older.
- SIMPLE 401(k) Plans: These plans are specifically for small businesses who need a cost-efficient way to offer their staff retirement benefits. Like a traditional 401(k) plan, you may take money out of an employee's paycheck as their contribution. However, the employer must make either:
- An equal contribution of no more than 3% of a worker's pay; or
- A non-elective contribution of 2% of a staff members earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, other than the fact that the employer must make contributions that are fully vested when made. In exchange for for required contributions, the IRS does not perform its annual nondiscrimination tests.
In our initial meeting, we'll gain an understanding of your St. Peters, MO company and your employee's retirement needs to find the ideal type of 401(k) plan for you.
Other services we offer in St. Peters, MO include:
- Retirement Planning
- Rollover 401(k)
- Wealth Management
- Financial Advisor
- Asset Management
- Retirement Consultant
- Financial Portfolio Management
- 401(k) Rollover
- Financial Advice
The Correct Capital Difference | St. Peters, MO 401(k) Companies
Correct Capital is distinctive among St. Peters, MO 401(k) advisors because we offer the level of personalized attention as smaller financial firms, but combine it with the same wisdom, 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 ethical duty to do so. Our retirement consultants have been trusted to connect employers to 401(k) companies for over 25 years and currently represent over $230 million in total plan assets nationwide. Call us at 314-930-401(k) or contact us online to talk over your 401(k) needs today.