401(k) Companies in Weldon Spring, MO
401(k) Companies in Weldon Spring, MO. Initiating a 401(k) plan with trusted 401(k) advisors is a great way for small and mid-sized companies in Weldon Spring, MO to draw and retain employees, incentivize great performance, and receive those much-desired tax breaks. Correct Capital Wealth Management has been connecting businesses with dependable 401(k) companies in Weldon Spring, MO for over 20 years. Call us today at 877-930-4015 or contact us online to learn more about what Correct Capital can do for your Weldon Spring, 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 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 saving for retirement.
The J.P. Morgan survey found that the most common motive for employers to research 401(k) companies and provide a plan was to encourage their employees to set money aside responsibly for retirement. In order to do this effectively for your best employees, it is essential to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Weldon Spring, MO.
There are numerous advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and safe 401(k) companies to bring you and your employees the retirement solutions that are in your needs and specific situation. Certain plans are more apt for certain employers, and our Weldon Spring, 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 connect you to . From offering investment education, advising individual employees on retirement planning, and helping you navigate how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are a crucial part of any 401(k) program.
Advantages of Offering a 401(k) Plan | Weldon Spring, MO 401(k) Companies
The benefits of providing retirement planning to workers through 401(k) companies are clear. Almost 40% of employers who did not offer 401(k) plans said that their company was not bringing in enough revenue. But there are numerous reasons why initiating a 401(k) plan for your employees might be best for your bottom line down the road. The 401(k) advisors at Correct Capital will compile an extensive guide to the myriad advantages certain plans will have for you. Among them are:
Recruiting and Retaining Talent | Weldon Spring, MO 401(k) Companies
We're enduring the Great Resignation; a recent survey discovered that 55% of Americans thought they would look for a new job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer provides a defined contribution plan. What better way to hold on to your best employees than letting them know their financial well-being matters to you, even after they are no longer working for you?
Motivating Employees | Weldon Spring, MO 401(k) Companies
Many Weldon Spring, MO employers offer increased contributions when their employees reqach certain performance goals. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your best employees motivated to continue their production.
Plan Startup Tax Credits | Weldon Spring, MO 401(k) Companies
Small and medium companies can obtain a tax credit for plan startup expenses if they meet three requirements dictated by the IRS:
- You had under 100 staff who collected at least $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 years prior, 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 a different tax credit for adding an automatic enrollment feature to a new 401(k) plan or one you already had.
Further Tax Advantages
Besides the startup tax credit, the IRS offers two extra tax benefits for sponsoring a 401(k) plan:
- Employer contributions are tax-deductible to to the point that they do not surpass the limits stipulated by 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 comprehensive tax planning services to Weldon Spring, MO companies. We'll strive to reduce your tax liability as part of our 401(k) services.
Employee Education
One of the facets that makes Correct Capital different from other 401(k) consultants in Weldon Spring, MO is that we offer financial planning as a perk to your participating staff. With group education meetings, we'll make certain your employees recognize the best investment opportunities for themselves, are aware of how your 401(k) plan functions, and understand how it's benefiting them. We can also have one-on-one sessions to discuss 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.
Types of 401(k) Plans | Weldon Spring, MO 401(k) Companies
The Weldon Spring, MO 401(k) consultants at Correct Capital can help your companies set up 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 plan that includes a wide array of investment options. Employers are able to match what their employees put in. Taxes are paid when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are analogous traditional plans, except 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 funds after preserving 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 who need a cost-efficient way to offer their staff retirement benefits. Like a traditional 401(k) plan, you may take money out of an employee's paycheck as their contribution. However, the employer must make either:
- A matching contribution of up to 3% of a worker's pay; or
- A non-elective contribution of 2% of a staff members pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, with the exception the employer is required to make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not conduct its yearly nondiscrimination tests.
When we first meet with you, we'll get to know your Weldon Spring, MO company and your employee's retirement needs to find the ideal type of 401(k) plan for you.
Other services we offer in Weldon Spring, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
The Correct Capital Difference | Weldon Spring, MO 401(k) Companies
Correct Capital is unique among Weldon Spring, MO 401(k) advisors because we offer the level of personalized care as smaller financial firms, but couple it with the same knowledge, professionalism, and partnerships as larger firms. We provide independent and objective guidance, always geared toward doing what's best for you; as an Accredited Investment Fiduciary®, it's our legal and ethical obligation to do so. Our retirement consultants have been trusted to introduce companies 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.
