401(k) Companies in Warson Woods, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Warson Woods, MO. Initiating a 401(k) plan with dependable 401(k) advisors is an excellent way for small and mid-sized businesses in Warson Woods, MO to draw and retain employees, encourage great production, and get those much-needed tax breaks. Correct Capital Wealth Management has been connecting employers with trustworthy 401(k) companies in Warson Woods, MO 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 Warson Woods, MO business and employees.
As of 2020, defined-contribution (DC) plans such as 401(k)s constitute $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 companies in the United States with less than 50 employees offer a 401(k) 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 vehicle many Americans have for setting money aside for retirement.
The J.P. Morgan survey stated that the most common motive for employers to look into 401(k) companies and provide a plan was to incentivize their employees to set money aside conscientiously for retirement. In order to do this successfully for your best employees, it is important to consult a trustworthy, independent retirement planning advisory firm like Correct Capital based in Warson Woods, MO.
There are countless advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many dependable and stable 401(k) companies to offer you and your employees the retirement solutions that serve your best interests and specific circumstances. Certain plans work better for certain companies, and our Warson Woods, MO 401(k) advisors help recognize the best 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 connect you to . From offering investment education, advising individual employees on retirement planning, and helping you navigate how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an invaluable part of any 401(k) program.
Benefits of Offering a 401(k) Plan | Warson Woods, MO 401(k) Companies
The advantages of offering retirement planning to staff through 401(k) companies are clear. Almost 40% of employers who did not offer 401(k) plans stated that their company was not generating sufficient profit. But there are countless reasons why setting up a 401(k) plan for your employees could be best for your bottom line in the end. The 401(k) advisors at Correct Capital will compile a comprehensive guide to the various benefits certain programs will have for you. Among them are:
Attracting and Retaining Talent | Warson Woods, MO 401(k) Companies
We're living through the Great Resignation; a recent survey discovered that 55% of Americans anticipated looking for a new job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer has a retirement plan. What better way to keep your hardest working employees than letting them know you care about their financial security, even after they are no longer working for you?
Motivating Employees | Warson Woods, MO 401(k) Companies
Many Warson Woods, MO companies give higher contributions when their employees reqach particular performance goals. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be a great way to keep your best employees motivated to maintain their performance.
Plan Startup Tax Credits | Warson Woods, 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 under 100 staff who received a minimum of $5,000 in compensation from you the year prior.
- You had at least one plan participant who was a non-highly compensated employee.
- 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 accessible for up to three years, and there is an additional tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.
Additional Tax Benefits
Other than the startup tax credit, the IRS offers two further tax benefits for implementing a 401(k) program:
- Employer contributions are tax-deductible to to the point that they do not exceed the limits set out in Section 404 of the Internal Revenue Code.
- 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 Warson Woods, MO residents and employers. We'll work to reduce your tax liability as part of our 401(k) services.
One of the things that makes Correct Capital different from other 401(k) consultants in Warson Woods, MO is that we offer financial planning as a benefit to plan participants. Through group education gatherings, we'll make certain your employees understand the best investment options for themselves, are aware of how your 401(k) program works, and recognize how it's benefiting them. We can also use one-on-one meetings to discuss financial portfolio and asset management with individual staff. When a new member joins your team and they had a 401(k) plan with their previous employer, we can help them with their 401(k) rollover.
Types of 401(k) Plans | Warson Woods, MO 401(k) Companies
The Warson Woods, MO 401(k) consultants at Correct Capital can help your business initiate many 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 their employees' contributions. Taxes are taken out when the savings and gains 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 withdraws money after continuing the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans are specifically for small businesses who need a cost-efficient way to offer their staff a retirement plan. Like a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. However, the employer must make either:
- A matching contribution of up to 3% of an employee's earnings; or
- A non-elective contribution of 2% of a worker's earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, except that they must include employer contributions that are fully vested when made. In consideration of for required contributions, the IRS does not carry out its yearly nondiscrimination tests.
In our first meeting, we'll get to know your Warson Woods, MO business and your employee's retirement needs to offer the best type of 401(k) plan for you.
Other services we offer in Warson Woods, MO include:
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Social Security Consultants Near Me
- Retirement Calculator
- Retirement Planning
The Correct Capital Difference | Warson Woods, MO 401(k) Companies
Correct Capital is unique among Warson Woods, MO 401(k) advisors because we provide the degree of individualized attention as smaller advisory firms, but couple it with the same wisdom, accomplishment, and partnerships as larger firms. We offer independent and objective direction, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and moral obligation to do so. Our retirement consultants have been trusted to introduce 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.