Retirement plan consultants in Atlanta, GA. Creating a retirement plan such as 401(k) is a wise step for Atlanta, GA businesses and business owners looking for a competitive advantage. These plans are a key factor in retaining and attracting top talent, providing employees with a sense of security, and fostering a committed workforce. But, for businesses who haven't set up a retirement plan before, or for companies who'd like to make changes to their current plan, the wealth of plan options, legal requirements, and tax considerations can be daunting.
Correct Capital Wealth Management is an independent Atlanta, GA financial advisory firm that specializes in assisting companies set up and maintain customized retirement plans, built around the needs of both your business and workforce. We enjoy exploring the unique story behind every company we work with and getting to know what makes them tick. As fiduciary advisors, our only goal is to act in your best interest. If you're in search of a retirement plan consultant in Atlanta, GA to help create a 401(k) or other plan, reach out to us via 877-930-4015, contact us online, or make an appointment with a member of our advisor team today.
Why Establish a Retirement Plan for Your Atlanta, GA Business?
To understand what a 401(k) or other retirement plan could mean for your Atlanta, GA company, it's essential to consider what a retirement plan means for your employees:
- 67% of U.S. retirees say the country is in a retirement crisis; four out of ten worry they will outlive their retirement savings (Source)
- 45% of retirees say their income wasn't sufficient to save for retirement; 55% blame their employer for not providing adequate resources to help them save (Source)
- In one survey, nearly two-thirds of respondents said their largest source of income in retirement will be their 401(k) (Source)
- 60% of employees cited their employers' retirement plan as a reason they remain; nearly half said it's an essential reason to join a company; about four in ten ranked it in their three top most desired benefits (Source)
- 77% of employees with access to a plan participate (Source)
- Nearly eight in ten of Millennial and Gen Z 401(k) plan participants are keen on personalized investment advice for their plan (Source)
- Three-quarters of plan participants are "extremely confident" in their ability to make sound decisions with their money with the help of a financial advisor (Source)
Retirement savings is a huge concern for most Americans, and Atlanta, GA businesses that sponsor retirement plans afford themselves a leg up when it comes to securing and keeping valuable employees. Additionally, there are a multitude of benefits for both employers and employees when it comes to offering retirement plans:
Business Benefits
- Matching contributions are tax-deductible
- Earnings on plan assets are tax-free
- A range of plan choices and the flexibility to adapt a plan to your business
- Tax credits and other benefits from the SECURE ACT 2.0, help reduce start up costs
- Higher retention rates lower the annual cost of training new employees
Employee Benefits
- Employee contributions can reduce their taxable income
- No taxation on contributions and earnings until withdrawal
- Easy-to-make contributions through payroll deductions
- Even small, regular contributions can accumulate into significant retirement savings
- Assets can be rolled over by participants if they change employers
- Improved financial security in retirement
Retirement Plan Options Available for Atlanta, GA Businesses
If you're thinking about adopting a 401(k) or other plan for your Atlanta, GA business, there are a range of plan options that may be right for your business:
- 401(k) Plans — The foundation of American retirement plans, 401(k)s allow for a wide range of investments across stocks, bonds, mutual funds, and ETFs, and allow employees to save and invest a portion of their income before taxes are deducted. Employers have the option to match contributions. Safe Harbor 401(k) plans are largely the same, but employer contributions are required to be fully vested immediately. In exchange, safe harbor 401(k)s are not subject to annual nondiscrimination tests.
- 403(b) Plans — Similar to 401(k)s, 403(b)s are tailored for employees of tax-exempt organizations.
- Defined Benefit (Pension) Plans — While 401(k)s and other defined contribution plans are based on employees contributing a specific amount or percentage of their earnings, defined benefit plans offer a guaranteed monthly withdrawal once an employee reaches retirement. These plans are largely employer-funded, and the company takes on the investment risk.
- Cash Balance Plans — Cash balance plans are one form of defined benefit plan that accounts for each participant's balance in a hypothetical account, which increases every year through employer contributions and an interest credit rate. This plan offers consistent returns like a traditional pension but with individual accounts similar to a defined contribution plan. It's an attractive option for businesses seeking a middle ground between the security of pension plans and the adaptability of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer a straightforward way for small businesses to sponsor retirement plans. Employers make contributions directly to an IRA established for each employee. SEPs are straightforward to manage, with no significant paperwork, and contributions are deductible for the business. They're particularly well-suited for businesses with fluctuating income, as the contribution amounts can be modified annually.
- Savings Incentive Match Plan for Employees (SIMPLE) IRA — SIMPLE IRAs are tailored to small businesses with 100 or fewer employees. These plans are simpler to manage than 401(k)s but allow employees to contribute a percentage of their income to the plan, which employers are required to match up to a certain percentage. SIMPLE IRAs are a great choice for small businesses seeking to provide a more traditional retirement plan without the hassle of larger plans.
- Profit-Sharing Plans — Profit-sharing plans are flexible retirement solutions that allow employers to make discretionary contributions to their employees' retirement funds. Contributions are often made out of the company's profits, giving employees an incentive to contribute to the company's bottom line. These plans are adaptable in many ways, offering flexibility in how contributions are distributed and calculated among employees.
- Employee Stock Ownership Plans (ESOPs) — ESOPs give employees with company stock, offering them an ownership interest in the business. ESOPs are not only a retirement benefit but also align financial goals of employees with those of the company's performance, which can boost productivity and job satisfaction. ESOPs can also align with a company's succession planning as ownership shares can be passed to high performers who will eventually take the reins of the business.
How Can Correct Capital Help My Business's Retirement Plan?
Our Atlanta, GA retirement plan consultants are currently managing over 30 plans in both small and large companies, and represent over $230 million in total plan assets across the country. Our expertise and experience allows us to offer a range of services that include both the initial set up and ongoing support:
- Plan selection — We'll aid in evaluating different plan options and selecting the most fitting retirement plan for your unique company, bearing in mind factors such as number of employees, financial goals, employee demographics, and tax advantages. The goal is to decide on a plan that provides the best benefits to your employees while also helping out your bottom line.
- Establishing the plan — A number of steps are required to make the retirement plan legal. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about the terms of the plan, and setting up a record-keeping system. Our Atlanta, GA retirement plan consultants can handle and/or assist with all of these requirements.
- Plan changes — Maybe you're unhappy with your current plan, or your business has evolved and you need a retirement plan consultant that can help your retirement plan evolve with you. Consultants can assist you in modifying your plan to accommodate business growth, changes in workforce, or shifts in financial goals. This includes adding new features, adjusting contribution limits, or transitioning to a different type of plan to better meet your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we possess a diverse range of analytical tools, resources, and experience to aid in the selection of investment options that should be made available within the plan. This includes analyzing the performance of different investment funds, assessing your employees' risk tolerance, and guaranteeing a diverse range of options to accommodate the different needs of different employees.
- Plan documentation — Retirement plan consultants assist in drafting and maintaining all necessary plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes adoption agreements for the plan, summary plan descriptions, and annual notices to participants.
- Plan participant education — Education is key to ensuring that your employees understand the benefits of participating in the retirement plan and how to make wise investment choices. Correct Capital's retirement plan consultants carry out quarterly webinars to plan participants and offer personalized coaching for topics such as retirement planning, investment risk, and how to increase their retirement savings.
- Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions set rigid frameworks for how companies establish and maintain their retirement plans. Most 401(k) plans are also subject to annual audits. Retirement plan consultants can help ensure your Atlanta, GA business stays compliant. Furthermore, hiring Correct Capital as your retirement plan consultant helps remove much of the fiduciary duty related to the plan off your shoulders.
Other services we offer in Atlanta, GA include:
Atlanta, GA Retirement Plan Consultants | Correct Capital
As you think about the future of your company and the welfare of your workforce, providing a retirement plan should be a top priority. With our complete range of services and commitment to acting exclusively in your best interest, we'll help you lead your Atlanta, GA business and employees from where you are to where you want to go. To start creating a plan that aligns with your individual business and goals, talk to a retirement plan consultant in Atlanta, GA today at 877-930-4015 or contact us online.
