401(k) Companies in Wildwood, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Wildwood, MO. Establishing a 401(k) plan with trusted 401(k) advisors is a wonderful way for small and mid-sized companies in Wildwood, MO to draw and hold onto employees, encourage great performance, and get those much-needed tax breaks. Correct Capital Wealth Management has been connecting employers with trustworthy 401(k) companies in Wildwood, MO for over 20 years. Call us today at 314-930-401(k) or contact us online to find out more about how Correct Capital can help your Wildwood, MO business and your employees flourish.
As of 2020, defined-contribution (DC) plans like 401(k)s comprise $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 less than 50 employees offer a 401(k) plan to their employees, and over a third have no present aim 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 stated that the most frequent reason 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 successfully for your valued employees, it is important to consult a trustworthy, independent retirement planning advisory firm like Correct Capital based in Wildwood, MO.
There are a great deal of advantages to using Correct Capital's 401(k) services. Correct Capital partners with many trusted and safe 401(k) companies to put forward for you and your employees the retirement solutions that work for your best interests and specific circumstances. Certain plans are more appropriate for certain companies, and our Wildwood, MO 401(k) advisors help pick out the preferred 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 connect you to . From offering financial planning education, guiding individual employees on retirement planning, and helping you maneuver 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.
Benefits of Offering a 401(k) Plan | Wildwood, MO 401(k) Companies
The benefits of providing retirement planning to employees through 401(k) companies are clear. Thirty-nine percent of employers who did not offer 401(k) plans said that their business was not generating sufficient earnings. But there are a lot of reasons why implementing a 401(k) plan for your employees could wind up being best for your bottom line. The 401(k) consultants at Correct Capital will compile an all-inclusive guide to the myriad advantages certain plans will have for you. Among them are:
Attracting and Retaining Talent | Wildwood, MO 401(k) Companies
We're going through the Great Resignation; a recent survey discovered that 55% of Americans thought they would look for a different job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer provides a 401(k) plan. What better way to retain your best employees than assuring them that their financial health matters to you, even after they've moved on?
Motivating Employees | Wildwood, MO 401(k) Companies
Many Wildwood, MO businesses give increased contributions when their employees reqach certain performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be a great way to keep your best employees motivated to continue their production.
Plan Startup Tax Credits | Wildwood, MO 401(k) Companies
Small and medium companies are able to obtain a tax credit for plan startup costs if they meet three requirements laid out by the IRS:
- You had 100 or fewer workers who were paid a minimum of $5,000 in compensation from you the year prior.
- You had at least one plan participant who was a non-highly compensated employee.
- 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 accessible for a maximum of three years, and there is a different tax credit for adding an automatic enrollment feature to a new or extant 401(k) plan.
Further Tax Benefits
Apart from the startup tax credit, the IRS offers two other tax benefits for implementing a 401(k) plan:
- Employer contributions are tax-deductible to the extent that the contributions do not go over the limits set out in Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and enjoy tax deferral until distribution.
One of the aspects that sets Correct Capital apart from other 401(k) consultants in Wildwood, MO is that we offer financial planning as a perk to plan participants. With group education gatherings, we'll ensure your employees recognize the ideal investment opportunities for themselves, understand how your 401(k) program functions, and appreciate how it's serving them. We can also have one-on-one meetings to talk over financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their previous company, we can assist them with their 401(k) rollover.
Types of 401(k) Plans | Wildwood, MO 401(k) Companies
The Wildwood, 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 program that offers a range of investment options. Employers may equal their employees' contributions. Taxes are taken out when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, except that contributions are made with after-tax dollars. Gains obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws money after continuing the account for 5 years and they are 59-½ years old or older.
- SIMPLE 401(k) Plans: These plans are specially for small businesses who want a cost-effective way to offer their staff retirement benefits. Similar to a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. But, the employer must make either:
- A matching contribution of up to 3% of a worker'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 the employer must make contributions that are fully vested when made. In return for required contributions, the IRS does not conduct its annual nondiscrimination tests.
In our initial meeting, we'll get to know your Wildwood, MO company and your employee's retirement needs to offer the best type of 401(k) plan for you.
Other services we offer in Wildwood, MO include:
- Fiduciary Financial Advisor
- 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
The Correct Capital Difference | Wildwood, MO 401(k) Companies
Correct Capital is unique among Wildwood, MO 401(k) advisors because we offer the level of personalized attention as smaller advisory firms, but combine it with the same wisdom, professionalism, and connections as larger firms. We provide independent and objective counsel, 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 businesses to 401(k) companies for more than two decades and presently represent over $230 million in total plan assets throughout the United States. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.