401(k) Companies in Wentzville, MO

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

401(k) Companies in Wentzville, MO. Initiating a 401(k) plan with trusted 401(k) advisors is a great way for medium and small businesses in Wentzville, MO to attract and hold onto employees, incentivize great production, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been connecting businesses with trusted 401(k) companies in Wentzville, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to find out more about what Correct Capital can do for your Wentzville, MO business and employees.

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 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 half of all businesses in the United States with under 50 employees offer a 401(k) plan to their employees, and over one-third have no current intent to do so. A different 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 common incentive for employers to explore 401(k) companies and offer a plan was to encourage their employees to save conscientiously for retirement. In order to do this effectively for your prized employees, it is important to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Wentzville, MO.

There are a great deal of advantages to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and stable 401(k) companies to put forward for you and your employees the retirement solutions that serve your needs and unique situation. Specific plans work better for certain businesses, and our Wentzville, MO 401(k) advisors help pick out the preferred 401(k) company and plan for you and your employees. As independent advisors, there is no restraint to which 401(k) companies we can connect you to . From offering financial planning education, guiding 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) advisory services are a crucial part of any 401(k) plan.

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Benefits of Offering a 401(k) Plan | Wentzville, MO 401(k) Companies

The benefits of providing retirement planning to employees through 401(k) companies are apparent. Thirty-nine percent of employers who did not offer 401(k) plans said that their reason was that their company was not generating enough earnings. But there are a lot of 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 an extensive guide to the myriad benefits certain programs will have for you. Among them are:

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

We're living through the Great Resignation; a recent survey reported that 55% of Americans thought they would search for a new job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer provides a 401(k) plan. What better way to keep your favorite employees than assuring them that their financial health matters to you, even after they've moved on?

Motivating Employees | Wentzville, MO 401(k) Companies

Many Wentzville, MO businesses offer higher contributions when their employees meet specific performance goals. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to continue their production.

Plan Startup Tax Credits | Wentzville, MO 401(k) Companies

Small and medium companies are able to receive a tax credit for plan startup expenses if they meet three requirements laid out by the IRS:

  1. You had 100 or fewer employees who received at least $5,000 in compensation from you the previous year.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. In the three preceding years, you did not already have a retirement plan in place that covered substantially the same employees.

The tax credit is accessible for a maximum of three years, and there is a different tax credit for attaching 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 added tax benefits for implementing a 401(k) plan:

  1. Employer contributions are tax-deductible to to the point that they do not go over the limits set out in Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and posses tax deferral until distribution.

Correct Capital's financial advisors also offer extensive tax planning services to Wentzville, MO companies. We'll work to reduce your tax liability as part of our 401(k) services.

Employee Education

One of the aspects that makes Correct Capital different from other 401(k) consultants in Wentzville, MO is that we offer financial planning as a benefit to plan participants. With group education gatherings, we'll ensure your employees know the best investment opportunities for themselves, understand how your 401(k) program works, and understand how it's helping them. We can also use one-on-one meetings to talk over financial portfolio and asset management with individual employees. When a new employer joins your team and they had a 401(k) plan with their old company, we can offer assistance with their 401(k) rollover.

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Types of 401(k) Plans | Wentzville, MO 401(k) Companies

The Wentzville, MO 401(k) consultants at Correct Capital can help your companies implement many different plans through many 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 taken out when the savings and gains are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, however contributions are made with after-tax dollars. Income made in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws money after maintaining the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans exist specially for small businesses who need a cost-efficient way to offer their staff retirement benefits. Similar to a traditional 401(k) plan, you may take money out of an employee's paycheck as their contribution. But, 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 similar to to regular 401(k)s, other than the fact that they must include employer contributions that are fully vested when made. In return for required contributions, the IRS does not perform its yearly nondiscrimination tests.

In our initial meeting, we'll get to know your Wentzville, MO business and your employee's retirement needs to find the best type of 401(k) plan for you.

Other services we offer in Wentzville, MO include:

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The Correct Capital Difference | Wentzville, MO 401(k) Companies

Correct Capital is unique among Wentzville, MO 401(k) advisors because we offer the degree of personalized attention as smaller financial firms, but combine it with the same savvy, accomplishment, and partnerships as larger firms. We offer independent and objective guidance, 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 314-930-401(k) or contact us online to discuss your 401(k) needs today.

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