401(k) Companies in Weldon Spring, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Weldon Spring, MO. Initiating a 401(k) plan with trustworthy 401(k) advisors is a wonderful way for small and mid-sized businesses in Weldon Spring, MO to draw and hold onto employees, encourage great work, and get those much-needed tax breaks. Correct Capital Wealth Management has been introducing employers to trustworthy 401(k) companies in Weldon Spring, MO for over 20 years. Call us today at 314-930-401(k) or contact us online to discover more about how Correct Capital can help your Weldon Spring, MO business and your employees prosper.
As of 2020, defined-contribution (DC) plans like 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 the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than half of all businesses in the United States with less than 50 employees offer a retirement plan as an employee benefit, and over a third have no current plans to do so. A different 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 reported that the most frequent motivation for employers to research 401(k) companies and provide a plan was to incentivize their employees to save responsibly for retirement. In order to do this fruitfully for your valued employees, it is crucial to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Weldon Spring, MO.
There are various benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many reliable and stable 401(k) companies to offer you and your employees the retirement solutions that work for your needs and individual situation. Specific plans work better for certain companies, and our Weldon Spring, 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 work with . From offering financial planning education, guiding individual employees on retirement planning, and helping you understand how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a crucial part of any 401(k) plan.
Advantages of Offering a 401(k) Plan | Weldon Spring, MO 401(k) Companies
The benefits of providing retirement planning to staff through 401(k) companies are obvious. Almost 40% of employers who did not offer 401(k) plans gave their reason as being that their company was not bringing in enough profit. But there are many reasons why setting up a 401(k) plan for your employees might be best for your bottom line down the road. The 401(k) consultants at Correct Capital will put together a comprehensive guide to the many benefits certain programs will have for you. Among them are:
Attracting and Retaining Talent | Weldon Spring, MO 401(k) Companies
We're going through the Great Resignation; a recent survey discovered that 55% of Americans anticipated looking for a different job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer offers a 401(k) plan. What better way to retain your best employees than assuring them that you care about their financial well-being, even after they are no longer working for you?
Incentivizing Employees | Weldon Spring, MO 401(k) Companies
Many Weldon Spring, MO companies give increased contributions when certain performance goals are met. 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 sustain their performance.
Plan Startup Tax Credits | Weldon Spring, MO 401(k) Companies
Small and medium companies are able to get a tax credit for plan startup expenses if they fulfill three requirements stipulated by the IRS:
- You had 100 or fewer employees who collected a minimum of $5,000 in compensation from you the preceding year.
- You had a minimum of 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 covered substantially the same employees.
The tax credit is obtainable 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 Advantages
Besides the startup tax credit, the IRS offers two other tax benefits for having a 401(k) program:
- Employer contributions are tax-deductible to the extent that the contributions do not go over 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.
One of the features that sets Correct Capital apart from other 401(k) advisors in Weldon Spring, MO is that we offer financial planning as a perk to your participating staff. Through group education gatherings, we'll make sure your employees know the ideal investment opportunities for themselves, understand how your 401(k) program functions, and recognize how it's helping them. We can also use one-on-one meetings to go through financial portfolio and asset management with individual staff. When a new employer joins your team and they had a 401(k) plan with their prior company, we can assist them with their 401(k) rollover.
Types of 401(k) Plans | Weldon Spring, MO 401(k) Companies
The Weldon Spring, MO 401(k) consultants at Correct Capital can help your business implement several different plans through many different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that includes numerous investment options. Employers are able to equal what their employees put in. Taxes are taken out when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are analogous traditional plans, but contributions are made with money you have already paid taxes on. Gains earned in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes funds out after maintaining 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-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 an employee's earnings; or
- A non-elective contribution of 2% of an employee's pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, except that 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 first meeting, we'll get to know your Weldon Spring, MO business and your employee's retirement needs to identify the best type of 401(k) plan for you.
Other services we offer in Weldon Spring, MO include:
- 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
- Rollover 401(k)
The Correct Capital Difference | Weldon Spring, MO 401(k) Companies
Correct Capital is distinctive among Weldon Spring, MO 401(k) advisors because we offer the degree of personalized attention as smaller advisory firms, but couple it with the same wisdom, professionalism, and connections as larger firms. We provide independent and objective direction, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to connect employers to 401(k) companies for over 25 years and presently represent over $230 million in total plan assets across the United States. Call us at 314-930-401(k) or contact us online to talk over your 401(k) needs today.