401(k) Companies in Town and Country, MO
401(k) Companies in Town and Country, MO. Setting up a 401(k) plan with trusted 401(k) advisors is an excellent way for medium and small companies in Town and Country, MO to attract and hold onto employees, incentivize great work, and receive those much-desired tax breaks. Correct Capital Wealth Management has been connecting businesses with trusted 401(k) companies in Town and Country, 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 Town and Country, MO business and employees.
As of 2020, defined-contribution (DC) plans like 401(k)s made up $9.9 trillion of the total $32.3 trillion in retirement plan capital 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 50% of all companies in the United States with less than 50 employees provide a retirement plan to their employees, and over a third have no current intent to do so. An additional 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 motive for employers to look into 401(k) companies and offer a plan was to encourage their employees to put money aside conscientiously for retirement. In order to do this fruitfully for your best employees, it is critical to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Town and Country, MO.
There are countless benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and safe 401(k) companies to offer you and your employees the retirement solutions that serve your needs and individual situation. Certain plans are more appropriate for certain companies, and our Town and Country, MO 401(k) advisors help determine the preferred 401(k) company and plan for you and your employees. As an independent retirement planning firm, there is no limit 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 execute a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an indispensable aspect of any 401(k) program.
Benefits of Offering a 401(k) Plan | Town and Country, MO 401(k) Companies
The benefits of offering retirement planning to workers through 401(k) companies are evident. Almost 40% of employers who did not offer 401(k) plans said that their company was not generating sufficient earnings. But there are many reasons why setting up a 401(k) plan for your employees may wind up being best for your bottom line. The 401(k) advisors at Correct Capital will put together an all-inclusive guide to the various advantages certain plans will have for you. Among them are:
Recruiting and Retaining Talent | Town and Country, MO 401(k) Companies
We're enduring the Great Resignation; a recent survey stated that 55% of Americans anticipated searching for a new job in 2021 and 2022. Workers are 45% more at-ease about their retirement when their employer has a retirement plan. What better way to hang on to your hardest working employees than letting them know you care about their financial security, even after they've moved on?
Motivating Employees | Town and Country, MO 401(k) Companies
Many Town and Country, MO employers offer increased contributions when certain performance goals are met. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be an effective way to keep your employees' motivation high and to keep up their production.
Plan Startup Tax Credits | Town and Country, MO 401(k) Companies
Small and medium companies can obtain a tax credit for plan startup expenses if they satisfy three requirements dictated by the IRS:
- You had less than 100 staff who received a minimum of $5,000 in compensation from you the previous year.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- 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 another tax credit for attaching an automatic enrollment feature to a new or extant 401(k) plan.
Additional Tax Benefits
Besides the startup tax credit, the IRS offers two added tax benefits for sponsoring a 401(k) program:
- 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.
- Elective deferrals and investment gains are not taxed and have the advantage of tax deferral until distribution.
Correct Capital's financial advisors also offer all-inclusive tax planning services to Town and Country, MO residents and employers. We'll work to lower 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) advisors in Town and Country, MO is that we offer financial planning as a service to your participating employees. Through group education gatherings, we'll make sure your employees know the best investment options for themselves, are aware of how your 401(k) program functions, and see how it's benefiting them. We can also have one-on-one meetings to discuss financial portfolio and asset management with individual workers. When a new employer joins your team and they had a 401(k) plan with their prior employer, we can help them with their 401(k) rollover.
Types of 401(k) Plans | Town and Country, MO 401(k) Companies
The Town and Country, MO 401(k) advisors at Correct Capital can help your business set up several different plans through several different 401(k) companies. The most frequently used plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that includes numerous investment options. Employers are able to equal their employees' contributions. Taxes are paid when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are analogous 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 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 specially for small businesses looking for a cost-effective way to offer their workers a retirement plan. Similar to a traditional 401(k) plan, you can withhold money from an employee's paycheck as their contribution. However, 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 a staff members pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, with the exception they must include employer contributions that are fully vested when made. In exchange for for required contributions, the IRS does not carry out its yearly nondiscrimination tests.
When we first meet with you, we'll get to know your Town and Country, MO company and your employee's retirement needs to offer the best type of 401(k) plan for you.
Other services we offer in Town and Country, 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 | Town and Country, MO 401(k) Companies
Correct Capital is distinctive among Town and Country, MO 401(k) advisors because we provide the degree of individualized care as smaller advisory firms, but couple it with the same knowledge, accomplishment, and partnerships as larger firms. We offer independent and objective direction, always intended to do what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to connect companies to 401(k) companies for over 25 years and at present we represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to discuss your 401(k) needs today.
