401(k) Companies in Wildwood, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Wildwood, MO. Setting up a 401(k) plan with trustworthy 401(k) advisors is a great way for small and mid-sized companies in Wildwood, MO to appeal to and retain employees, incentivize great performance, and get those much-needed tax breaks. Correct Capital Wealth Management has been connecting companies with trustworthy 401(k) companies in Wildwood, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to learn more about how Correct Capital can help your Wildwood, MO business and your employees flourish.
As of 2020, defined-contribution (DC) plans such as 401(k)s made up $9.9 trillion of the total $32.3 trillion in retirement plan capital 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 under 50 employees offer a retirement plan to their employees, and over 33% have no current intentions 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 frequent incentive for employers to research 401(k) companies and offer 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 critical to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Wildwood, MO.
There are various advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many dependable and safe 401(k) companies to bring you and your employees the retirement solutions that serve your best interests and individual circumstances. Certain plans are more apt for certain employers, and our Wildwood, MO 401(k) advisors help determine the best 401(k) company and plan for you and your employees. As independent retirement consultants, there is no restraint 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 an invaluable aspect of any 401(k) program.
Advantages of Offering a 401(k) Plan | Wildwood, MO 401(k) Companies
The advantages of providing retirement planning to workers through 401(k) companies are evident. Thirty-nine percent of employers who did not offer 401(k) plans said that their company was not generating sufficient revenue. But there are many reasons why initiating a 401(k) plan for your employees may wind up being best for your bottom line. The 401(k) advisors at Correct Capital will put together a comprehensive guide to the various benefits certain programs will have for you. Among them are:
Recruiting and Retaining Talent | Wildwood, MO 401(k) Companies
We're going through the Great Resignation; a recent survey discovered that 55% of Americans anticipated looking for a new job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer has a retirement plan. What better way to retain your favorite employees than assuring them that their financial security matters to you, even after they are no longer working for you?
Motivating Employees | Wildwood, MO 401(k) Companies
Many Wildwood, MO employers offer higher contributions when specific performance goals are met. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be an excellent way to keep your employees' motivation high and to maintain their production.
Plan Startup Tax Credits | Wildwood, MO 401(k) Companies
Small and medium companies can get a tax credit for plan startup costs if they meet three requirements dictated by the IRS:
- You had 100 or fewer workers who collected at least $5,000 in compensation from you the preceding year.
- You had at least one plan participant who was a non-highly compensated employee.
- 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 available for up to three years, and there is an additional tax credit for adding an automatic enrollment feature to a new 401(k) plan or one you already had.
Further Tax Advantages
In addition to the startup tax credit, the IRS offers two extra tax benefits for sponsoring a 401(k) program:
- Employer contributions are tax-deductible to the extent that the contributions do not surpass the limits set out in Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and posses tax deferral until distribution.
One of the facets that makes Correct Capital different from other 401(k) consultants in Wildwood, MO is that we offer financial planning as a perk to your participating staff. Through group education gatherings, we'll make certain your employees know the ideal investment opportunities for themselves, know how your 401(k) program functions, and recognize how it's benefiting them. We can also have one-on-one meetings to talk over financial portfolio and asset management with individual employees. When you hire a new employee that had a 401(k) plan with their prior employer, we can assist them with their 401(k) rollover.
Types of 401(k) Plans | Wildwood, MO 401(k) Companies
The Wildwood, MO 401(k) advisors at Correct Capital can help your companies initiate several 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 offers a range of investment options. Employers can match their employees' contributions. Taxes are paid when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are analogous traditional plans, however 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 takes money out after continuing the account for 5 years and they are at least 59-½ years old.
- SIMPLE 401(k) Plans: These plans exist specially for small businesses who need a cost-efficient way to offer their workers retirement benefits. Like a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. But, the employer must make either:
- An equal contribution of up to 3% of an employee's earnings; or
- A non-elective contribution of 2% of an employee's earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, however 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 gain an understanding of your Wildwood, MO business and your employee's retirement needs to find the ideal type of 401(k) plan for you.
Other services we offer in Wildwood, MO include:
- Financial Advisor
- Asset Management
- Retirement Consultant
- Financial Portfolio Management
- 401(k) Rollover
- Financial Advice
- Retirement Planning Services
The Correct Capital Difference | Wildwood, MO 401(k) Companies
Correct Capital is unique among Wildwood, MO 401(k) advisors because we provide the degree of individualized care as smaller advisory firms, but couple it with the same savvy, experience, and connections as larger firms. We offer independent and objective direction, 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 introduce businesses 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 talk over your 401(k) needs today.