401(k) Companies in Tower Grove, MO

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401(k) Companies in Tower Grove, MO A Great 401(k) Plan Benefits You and Your Employees

401(k) Companies in Tower Grove, MO. Setting up a 401(k) plan with dependable 401(k) advisors is a wonderful way for small and mid-sized businesses in Tower Grove, MO to appeal to and retain employees, incentivize great production, and get those much-desired tax breaks. Correct Capital Wealth Management has been connecting companies with secure 401(k) companies in Tower Grove, MO for more than two decades. Call us today at 877-930-4015 or contact us online to learn more about what Correct Capital can do for your Tower Grove, MO 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, as reported by the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than 50% of all businesses in the United States with less than 50 employees provide a 401(k) plan to their employees, and more than 33% have no current intentions to do so. A further study found that a 401(k) plan is the only instrument many Americans have for setting money aside for retirement.

The J.P. Morgan survey stated that the most frequent incentive for employers to look into 401(k) companies and provide a plan was to incentivize their employees to put money aside responsibly for retirement. In order to do this effectively for your valued employees, it is important to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Tower Grove, MO.

There are various 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 individual circumstances. Certain plans are more apt for certain businesses, and our Tower Grove, MO 401(k) advisors help determine the preferred 401(k) company and plan for you and your employees. As independent advisors, there is no limit to which 401(k) companies we can connect you to . From offering financial planning education, guiding individual employees on retirement planning, and assisting you maneuver how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an indispensable part of any 401(k) program.

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Advantages of Offering a 401(k) Plan | Tower Grove, MO 401(k) Companies

The benefits of offering retirement planning to workers through 401(k) companies are apparent. Almost 40% of employers who did not offer 401(k) plans gave their reason as being that their business was not generating sufficient income. But there are countless reasons why setting up a 401(k) plan for your employees might be best for your bottom line in the end. The 401(k) advisors at Correct Capital will compile an all-inclusive guide to the myriad advantages certain programs will have for you. Among them are:

Recruiting and Retaining Talent | Tower Grove, MO 401(k) Companies

We're in the middle of the Great Resignation; a recent survey found that 55% of Americans expected to search for a new job in 2021 and 2022. Workers feel 45% more at-ease about their retirement when their employer offers a 401(k) plan. What better way to hang on to your favorite employees than letting them know their financial well-being matters to you, even after they are no longer working for you?

Motivating Employees | Tower Grove, MO 401(k) Companies

Many Tower Grove, MO businesses give higher contributions when specific performance goals are met. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your employees' motivation high and to sustain their performance.

Plan Startup Tax Credits | Tower Grove, MO 401(k) Companies

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

  1. You had 100 or fewer workers who collected 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. In the three years prior, 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 another tax credit for attaching an automatic enrollment feature to a new or existing 401(k) plan.

Further Tax Benefits

Other than the startup tax credit, the IRS offers two other tax benefits for sponsoring a 401(k) plan:

  1. Employer contributions are tax-deductible to to the point that they do not exceed the limits dictated 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 extensive tax planning services to Tower Grove, MO residents and employers. We'll work to decrease your tax liability as part of our 401(k) services.

Employee Education

One of the facets that sets Correct Capital apart from other 401(k) consultants in Tower Grove, MO is that we offer financial planning as a service to your participating staff. Through group education gatherings, we'll make sure your employees know the ideal investment opportunities for themselves, are aware of how your 401(k) program works, and recognize how it's helping them. We can also use one-on-one sessions to discuss financial portfolio and asset management with individual workers. When a new member joins your team and they had a 401(k) plan with their prior employer, we can offer assistance with their 401(k) rollover.

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Types of 401(k) Plans | Tower Grove, MO 401(k) Companies

The Tower Grove, MO 401(k) advisors at Correct Capital can help your companies initiate a variety of different plans through many different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored program that offers a range of investment options. Employers are able to match what their employees put in. Taxes are deducted when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, other than the fact that contributions are made with money you have already paid taxes on. Gains obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws money after continuing the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans are in place specially for small businesses looking for a cost-efficient way to offer their employees a retirement plan. Similar to a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. But, the employer must make either:
    • An equal contribution of no more than 3% of a worker's earnings; 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, but the employer must make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not perform its annual nondiscrimination tests.

In our initial meeting, we'll gain an understanding of your Tower Grove, MO business and your employee's retirement needs to find the ideal type of 401(k) plan for you.

Other services we offer in Tower Grove, MO include:

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The Correct Capital Difference | Tower Grove, MO 401(k) Companies

Correct Capital is distinctive among Tower Grove, MO 401(k) advisors because we offer the degree of personalized care as smaller financial firms, but couple it with the same savvy, professionalism, and partnerships as larger firms. We provide independent and objective counsel, 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 introduce employers to 401(k) companies for over two decades and currently represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to talk over your 401(k) needs today.

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