401(k) Companies in Sunset Hills, MO
401(k) Companies in Sunset Hills, MO. Setting up a 401(k) plan with trusted 401(k) advisors is a great way for medium and small businesses in Sunset Hills, MO to appeal to and hold onto employees, incentivize great work, and receive those much-desired tax breaks. Correct Capital Wealth Management has been connecting companies with secure 401(k) companies in Sunset Hills, MO for more than 20 years. Call us today at 877-930-4015 or contact us online to learn more about how Correct Capital can help your Sunset Hills, MO business and your employees flourish.
As of 2020, defined-contribution (DC) plans such as 401(k)s comprise $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 50% of all employers in the United States with less than 50 employees provide a retirement plan as an employee benefit, and over one-third have no current intent 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 look into 401(k) companies and provide a plan was to encourage their employees to put money aside conscientiously for retirement. In order to do this fruitfully for your valued employees, it is essential to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Sunset Hills, MO.
There are various benefits to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and safe 401(k) companies to offer you and your employees the retirement solutions that work for your needs and unique situation. Certain plans work better for certain businesses, and our Sunset Hills, MO 401(k) advisors help recognize 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 financial planning education, advising individual employees on retirement planning, and assisting you navigate how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an indispensable facet of any 401(k) plan.
Advantages of Offering a 401(k) Plan | Sunset Hills, 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 generating sufficient earnings. But there are numerous reasons why initiating a 401(k) plan for your employees may be best for your bottom line in the end. The 401(k) advisors at Correct Capital will put together an extensive guide to the many advantages certain plans will have for you. Among them are:
Attracting and Retaining Talent | Sunset Hills, MO 401(k) Companies
We're living through the Great Resignation; a recent survey discovered that 55% of Americans expected to search for a new job in 2021 and 2022. Workers are 45% more at-ease about their retirement when their employer provides a defined contribution plan. What better way to hold on to your best employees than letting them know their financial health is important to you, even after they are no longer working for you?
Motivating Employees | Sunset Hills, MO 401(k) Companies
Many Sunset Hills, MO employers give greater contributions when certain performance goals are met. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to keep up their performance.
Plan Startup Tax Credits | Sunset Hills, MO 401(k) Companies
Small and medium companies can obtain a tax credit for plan startup costs if they meet three requirements stipulated by the IRS:
- You had less than 100 workers who received at least $5,000 in compensation from you the previous year.
- You had at least one plan participant who was a non-highly compensated employee.
- Your business 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 obtainable for up to three years, and there is another 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 other tax benefits for having a 401(k) plan:
- Employer contributions are tax-deductible to to the point that they do not surpass the limits set out in Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and have the benefit of tax deferral until distribution.
Correct Capital's financial advisors also offer all-inclusive tax planning services to Sunset Hills, MO companies. We'll work 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 Sunset Hills, MO is that we offer financial planning as a benefit to your participating staff. Through group education meetings, we'll ensure your employees recognize the ideal investment options for themselves, understand how your 401(k) plan functions, and see how it's helping them. We can also use one-on-one sessions to talk over financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their prior employer, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | Sunset Hills, MO 401(k) Companies
The Sunset Hills, MO 401(k) advisors at Correct Capital can help your companies initiate many different plans through many different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that includes numerous investment options. Employers are able to match their employees' contributions. Taxes are taken out when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, with the exception contributions are made with money you have already paid taxes on. Gains made in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes funds out after maintaining the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are in place specifically for small businesses looking for a cost-efficient way to offer their staff retirement benefits. Similar to a traditional 401(k) plan, you can 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 an employee'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, however they must include employer contributions that are fully vested when made. In exchange for for required contributions, the IRS does not carry out its annual nondiscrimination tests.
In our first meeting, we'll get to know your Sunset Hills, MO company and your employee's retirement needs to find the best type of 401(k) plan for you.
Other services we offer in Sunset Hills, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
The Correct Capital Difference | Sunset Hills, MO 401(k) Companies
Correct Capital stands out among Sunset Hills, MO 401(k) advisors because we offer the level of personalized care as smaller financial firms, but couple it with the same knowledge, accomplishment, and partnerships as larger firms. We offer independent and objective advice, always geared toward doing what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and ethical responsibility to do so. Our retirement consultants have been trusted to introduce companies to 401(k) companies for more than 25 years and currently represent over $230 million in total plan assets across the United States. Call us at 877-930-4015 or contact us online to talk over your 401(k) needs today.
