401(k) Companies in Town and Country, MO

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

401(k) Companies in Town and Country, MO. Initiating a 401(k) plan with trustworthy 401(k) advisors is an excellent way for medium and small companies in Town and Country, MO to draw and retain employees, encourage great work, and get those much-desired tax breaks. Correct Capital Wealth Management has been introducing employers to trustworthy 401(k) companies in Town and Country, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to find out more about how Correct Capital can help your Town and Country, MO business and your employees prosper.

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 funds held in the United States, according to 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 less than 50 employees provide a retirement plan as an employee benefit, and over 33% have no present plans to do so. A further 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 stated that the most common motivation for employers to research 401(k) companies and provide a plan was to encourage their employees to save conscientiously for retirement. In order to do this successfully for your prized employees, it is important to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Town and Country, MO.

There are various advantages to using Correct Capital's 401(k) services. Correct Capital partners with many trusted and stable 401(k) companies to put forward for you and your employees the retirement solutions that serve your best interests and unique circumstances. Specific plans work better for certain employers, and our Town and Country, MO 401(k) advisors help locate the preferred 401(k) company and plan for you and your employees. As independent advisors, there is no restriction to which 401(k) companies we can connect you to . From offering financial planning education, guiding individual employees on retirement planning, and helping you maneuver how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a vital facet of any 401(k) plan.

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Benefits of Offering a 401(k) Plan | Town and Country, MO 401(k) Companies

The advantages of providing retirement planning to workers through 401(k) companies are clear. Thirty-nine percent of employers who did not offer 401(k) plans said that their business was not bringing in enough income. But there are countless reasons why implementing 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 a comprehensive guide to the myriad advantages certain plans will have for you. Among them are:

Attracting and Retaining Talent | Town and Country, MO 401(k) Companies

We're in the middle of the Great Resignation; a recent survey reported that 55% of Americans thought they would search for a different job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer offers a defined contribution plan. What better way to keep your hardest working employees than letting them know their financial security is important to you, even after they are no longer working for you?

Incentivizing Employees | Town and Country, MO 401(k) Companies

Many Town and Country, MO companies offer greater contributions when their employees achieve certain performance goals. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your best employees motivated to keep up their production.

Plan Startup Tax Credits | Town and Country, MO 401(k) Companies

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

  1. You had 100 or fewer employees who were paid 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 covered substantially the same employees.

The tax credit is accessible for up to three years, and there is a further tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.

Additional Tax Benefits

Besides 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 surpass the limits set out in Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and have the advantage of tax deferral until distribution.

Correct Capital's financial advisors also offer comprehensive tax planning services to Town and Country, MO residents and employers. We'll work to decrease your tax liability as part of our 401(k) services.

Employee Education

One of the aspects 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 plan participants. Through group education gatherings, we'll make certain your employees understand the ideal investment opportunities for themselves, understand how your 401(k) program functions, and appreciate how it's helping them. We can also have one-on-one sessions to go through financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their previous employer, we can help them with their 401(k) rollover.

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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 companies implement a variety of different plans through a variety of different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored program that offers numerous 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 much the same traditional plans, but contributions are made with money you have already paid taxes on. Income obtained 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 at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans exist specifically for small businesses who need a cost-effective way to offer their employees 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 no more than 3% of a worker's earnings; or
    • A non-elective contribution of 2% of a staff members pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, however the employer is required to make contributions that are fully vested when made. In exchange for for required contributions, the IRS does not carry out its annual nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your Town and Country, MO company and your employee's retirement needs to identify the best type of 401(k) plan for you.

Other services we offer in Town and Country, MO include:

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The Correct Capital Difference | Town and Country, MO 401(k) Companies

Correct Capital is unique among Town and Country, MO 401(k) advisors because we offer the level of personalized care as smaller financial firms, but combine it with the same knowledge, experience, and partnerships as larger firms. We offer independent and objective advice, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and moral obligation to do so. Our retirement consultants have been trusted to connect employers to 401(k) companies for more than two decades and presently represent over $230 million in total plan assets nationwide. Call us at 314-930-401(k) or contact us online to discuss your 401(k) needs today.

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