401(k) Companies in Swansea, IL

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401(k) Companies in Swansea, IL A Great 401(k) Plan Benefits You and Your Employees

401(k) Companies in Swansea, IL. Initiating a 401(k) plan with dependable 401(k) advisors is a great way for small and mid-sized companies in Swansea, IL to attract and hold onto employees, incentivize great production, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been connecting companies with secure 401(k) companies in Swansea, IL for over 20 years. Call us today at 314-930-401(k) or contact us online to find out more about what Correct Capital can do for your Swansea, IL business and employees.

As of 2020, defined-contribution (DC) plans such as 401(k)s accounted for $9.9 trillion of the total $32.3 trillion in retirement plan assets held in the United States, according to data from 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 offer a 401(k) plan as an employee benefit, and more than 33% have no current intentions to do so. A different 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 reported that the most frequent reason for employers to research 401(k) companies and provide a plan was to encourage their employees to set money aside responsibly for retirement. In order to do this effectively for your valued employees, it is crucial to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Swansea, IL.

There are countless benefits to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and safe 401(k) companies to put forward for you and your employees the retirement solutions that serve your best interests and individual circumstances. Certain plans work better for certain employers, and our Swansea, IL 401(k) advisors help locate 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 financial planning education, advising individual employees on retirement planning, and assisting you maneuver how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an indispensable part of any 401(k) plan.

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Advantages of Offering a 401(k) Plan | Swansea, IL 401(k) Companies

The benefits of providing retirement planning to employees through 401(k) companies are obvious. Almost 40% of employers who did not offer 401(k) plans said that their reason was that their company was not bringing in enough income. But there are a lot of reasons why implementing a 401(k) plan for your employees may be best for your bottom line down the road. The 401(k) advisors at Correct Capital will put together an all-inclusive guide to the myriad benefits certain plans will have for you. Among them are:

Attracting and Retaining Talent | Swansea, IL 401(k) Companies

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

Incentivizing Employees | Swansea, IL 401(k) Companies

Many Swansea, IL businesses offer higher contributions when their employees accomplish particular performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your best employees motivated to continue their performance.

Plan Startup Tax Credits | Swansea, IL 401(k) Companies

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

  1. You had under 100 workers who received a minimum of $5,000 in compensation from you the previous year.
  2. You had a minimum of one plan participant who was a non-highly compensated employee.
  3. Your business did not already have a retirement plan benefiting 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 a different tax credit for adding an automatic enrollment feature to a new or extant 401(k) plan.

Further Tax Benefits

Other than the startup tax credit, the IRS offers two added tax benefits for having a 401(k) program:

  1. Employer contributions are tax-deductible to the extent that the contributions do not exceed the limits set out in 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 Swansea, IL residents and employers. We'll work to lower your tax liability as part of our 401(k) services.

Employee Education

One of the things that sets Correct Capital apart from other 401(k) advisors in Swansea, IL is that we offer financial planning as a benefit to your participating employees. Through group education gatherings, we'll make certain your employees understand the best investment options for themselves, know how your 401(k) plan works, and see how it's benefiting them. We can also have one-on-one meetings to discuss financial portfolio and asset management with individual staff. When a new employer joins your team and they 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 | Swansea, IL 401(k) Companies

The Swansea, IL 401(k) advisors at Correct Capital can help your business implement a variety of different plans through many different 401(k) companies. The most frequently used plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored plan that offers a wide array of investment options. Employers are able to match what their employees put in. Taxes are taken out when the savings and gains are withdrawn.
  • Roth 401(k) Plans: Roth plans are much the same traditional plans, but contributions are made with after-tax dollars. Income made in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws funds after preserving the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans exist specially for small businesses looking for 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. But, the employer must make either:
    • An equal contribution of up to 3% of a staff members 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, other than the fact that they must include employer contributions that are fully vested when made. In return for required contributions, the IRS does not conduct its yearly nondiscrimination tests.

In our initial meeting, we'll get to know your Swansea, IL business and your employee's retirement needs to identify the best type of 401(k) plan for you.

Other services we offer in Swansea, IL include:

401(k) Advising Swansea, IL | 401(k) Companies | Retirement Planning Near Swansea

The Correct Capital Difference | Swansea, IL 401(k) Companies

Correct Capital stands out among Swansea, IL 401(k) advisors because we offer the level of individualized attention as smaller financial firms, but combine it with the same knowledge, experience, and connections as larger firms. We provide independent and objective guidance, always with your best interest in mind; 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 two decades and currently represent over $230 million in total plan assets across the United States. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.

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