401(k) Companies in Wildwood, MO

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

401(k) Companies in Wildwood, MO. Initiating a 401(k) plan with trusted 401(k) advisors is a great way for medium and small companies in Wildwood, MO to draw and hold onto employees, incentivize great work, and receive those much-needed tax breaks. Correct Capital Wealth Management has been introducing companies to trusted 401(k) companies in Wildwood, MO for over two decades. Call us today at 877-930-4015 or contact us online to discover more about how Correct Capital can help your Wildwood, MO business and your employees succeed.

As of 2020, defined-contribution (DC) plans like 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 businesses in the United States with under 50 employees provide a retirement plan as an employee benefit, and more than one-third have no current plans to do so. Another study found that a 401(k) plan is the only instrument many Americans have for putting money aside for retirement.

The J.P. Morgan survey reported that the most frequent motivation for employers to look into 401(k) companies and provide a plan was to encourage their employees to save conscientiously for retirement. In order to do this successfully for your best employees, it is critical to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Wildwood, MO.

There are countless advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and stable 401(k) companies to offer you and your employees the retirement solutions that work for your needs and specific situation. Certain plans are more appropriate for certain companies, and our Wildwood, MO 401(k) advisors help determine the preferred 401(k) company and plan for you and your employees. As independent retirement consultants, there is no restriction to which 401(k) companies we can connect you to . From offering financial planning education, advising 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.

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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

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

The benefits of offering retirement planning to workers through 401(k) companies are obvious. Almost 40% of employers who did not offer 401(k) plans said that their company was not generating enough income. But there are a lot of reasons why implementing a 401(k) plan for your employees might wind up being best for your bottom line. The 401(k) consultants at Correct Capital will put together a comprehensive guide to the various advantages certain plans will have for you. Among them are:


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

We're enduring the Great Resignation; a recent survey discovered that 55% of Americans thought they would search for a new job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer has a retirement plan. What better way to retain your best employees than assuring them that you care about their financial security, even after they've left the workforce?


Incentivizing Employees | Wildwood, MO 401(k) Companies

Many Wildwood, MO companies offer higher contributions when their employees achieve certain 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 continue their performance.


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

Small and medium companies are able to get a tax credit for plan startup costs if they fulfill three requirements stipulated by the IRS:

  1. You had 100 or fewer employees who collected at least $5,000 in compensation from you the preceding year.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. Your company did not already have a retirement plan benefiting substantially the same employees during the three years preceding the year for which you are claiming credit.

The tax credit is available for up to three years, and there is an additional tax credit for attaching an automatic enrollment feature to a new or extant 401(k) plan.

Additional Tax Advantages

Besides the startup tax credit, the IRS offers two extra tax benefits for having a 401(k) program:

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

Correct Capital's financial advisors also offer extensive tax planning services to Wildwood, MO residents and employers. We'll strive to decrease your tax liability as part of our 401(k) services.

Employee Education

One of the features that makes Correct Capital different from other 401(k) advisors in Wildwood, MO is that we offer financial planning as a service to your participating employees. Through group education meetings, we'll ensure your employees understand the best investment options for themselves, know how your 401(k) program functions, and appreciate how it's helping them. We can also use one-on-one meetings to talk over financial portfolio and asset management with individual workers. When a new member joins your team and they had a 401(k) plan with their old employer, we can help them with their 401(k) rollover.

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

The Wildwood, MO 401(k) advisors at Correct Capital can help your business initiate many different plans through several different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored plan that offers a range of investment options. Employers may equal their employees' contributions. Taxes are deducted when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, except that contributions are made with after-tax dollars. Income earned 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 at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans are specifically for small businesses who need a cost-effective way to offer their staff a retirement plan. 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 staff members pay; or
    • A non-elective contribution of 2% of an employee's earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, however they must include employer contributions that are fully vested when made. In return for required contributions, the IRS does not conduct its yearly nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your Wildwood, MO business and your employee's retirement needs to identify the ideal type of 401(k) plan for you.

Other services we offer in Wildwood, MO include:

401(k) Advising Wildwood, MO | 401(k) Companies | Retirement Planning Near Wildwood

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

Correct Capital is distinctive among Wildwood, MO 401(k) advisors because we provide the degree of personalized care as smaller financial firms, but pair it with the same wisdom, professionalism, and partnerships as larger firms. We provide independent and objective advice, always intended to do what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to connect businesses 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 877-930-4015 or contact us online to go over your 401(k) needs today.


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