Retirement plan consultants in Augusta-Richmond County, GA. Adopting a retirement plan such as 401(k) is a wise step for Augusta-Richmond County, GA businesses and business owners looking for a way to stand out. Retirement plans are a crucial element in attracting and retaining top talent, providing employees with a feeling of stability, and fostering a productive workforce. But, for businesses that have not set up a retirement plan before, or for companies who'd like to make changes to their current plan, the wealth of plan options, regulatory compliance, and tax considerations can be daunting.
Correct Capital Wealth Management is an independent Augusta-Richmond County, GA financial advisory firm that specializes in helping companies establish and manage customized retirement plans, tailored to the needs of both your business and workers. We enjoy exploring the unique story behind every company we work with and getting to know the entrepreneurial spirit that drives their leaders. As fiduciary advisors, our sole aim is to act in your best interest. If you're in search of a retirement plan consultant in Augusta-Richmond County, GA to help create a 401(k) or other plan, give us a call at 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 Augusta-Richmond County, GA Business?
To understand what a 401(k) or other retirement plan could mean for your Augusta-Richmond County, GA business, it's important to consider how much it means to your employees:
- Two-thirds of U.S. retirees say the country is in a retirement crisis; four out of ten worry they will live longer than their savings last (Source)
- Almost half of retirees say their income wasn't high enough to save for retirement; 55% blame their employer for not providing adequate resources to help them save (Source)
- In a recent study, nearly two-thirds of respondents said their largest source of income in retirement will be their 401(k) (Source)
- Six out of ten of employees cited their employers' retirement plan as a reason they remain; nearly half said it's an important reason to join a company; almost half ranked it in their top three most desired benefits (Source)
- 77% of employees with access to a plan choose to participate (Source)
- 78% of Gen Z and Millennial 401(k) plan participants are looking for personalized investment advice for their plan (Source)
- 77% of plan participants are "extremely confident" in their ability to make sound financial decisions with the help of a financial advisor (Source)
Retirement savings is a significant concern for most Americans, and Augusta-Richmond County, GA businesses that offer retirement plans provide themselves a leg up when it comes to securing and keeping valuable employees. Moreover, there are a bevy of benefits for both employers and employees when it comes to offering retirement plans:
Business Benefits
- Tax deductions for employer contributions
- Tax-free earnings on assets
- A range of plan choices and the flexibility to adapt a plan to your business
- Tax credits , among other advantages from the SECURE ACT 2.0, assist in reducing initial costs
- Higher employee retention lowers the annual cost of turnover
Employee Benefits
- Employees can lower their taxable income
- No taxation on contributions and earnings until withdrawal
- Contributions are easy to make through payroll deductions
- Small, regular contributions can grow into significant retirement savings
- Assets can be rolled over by participants if they change employers
- Improved financial security in retirement
Types of Retirement Plans Available for Augusta-Richmond County, GA Businesses
If you're thinking about sponsoring a retirement plan for your Augusta-Richmond County, GA business, there are a multitude of plan options our retirement plan consultants are ready to discuss:
- 401(k) Plans — The foundation of American retirement plans, 401(k)s allow for diverse investments including stocks, bonds, mutual funds, and ETFs, and allow employees to save and invest a percentage of their paycheck before taxes are deducted. Employers can choose to match contributions. Safe Harbor 401(k) plans are largely the same, but employer contributions must be fully vested when made. 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 operate based on employees contributing a specific amount or percentage of their paycheck, defined benefit plans promise a predetermined monthly withdrawal in retirement. These plans are mostly employer-funded, and the company assumes the investment risk.
- Cash Balance Plans — Cash balance plans are a type of defined benefit plan that tracks each participant's balance in a hypothetical account, which increases every year through employer contributions and an annual interest rate. This plan offers consistent returns like a traditional pension but with personalized accounts similar to a 401(k). It's an appealing option for businesses seeking a middle ground between the certainty of pensions 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 especially well-suited for businesses with fluctuating income, as the contribution amounts can be adjusted 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 earnings to the plan, which employers must match up to a certain percentage. SIMPLE IRAs are an excellent option for small businesses seeking to provide a more traditional retirement plan without the red tape associated with larger plans.
- Profit-Sharing Plans — Profit-sharing plans are flexible retirement solutions that allow employers to make optional contributions to their employees' retirement funds. Contributions are usually made out of the company's profits, giving employees a direct stake in the company's success. These plans can be structured 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, providing an ownership interest in the business. ESOPs are not only a retirement benefit but also synchronize financial goals of employees with those of the company's performance, which can boost productivity and job satisfaction. ESOPs can also be part of a company's succession planning as ownership shares can be passed to top employees who will eventually take the reins of the business.
How Can Correct Capital Help My Business's Retirement Plan?
Our Augusta-Richmond County, GA retirement plan consultants are currently managing over 30 plans in companies of all sizes, and oversee over $230 million in total plan assets across the country. Our expertise and experience enables us to offer a range of services that include both the initial set up and ongoing support:
- Plan selection — We'll aid in evaluating and selecting the most suitable retirement plan for your business, taking into account factors such as company size, financial goals, employee demographics, and tax advantages. The goal is to select a plan that provides the best benefits to your employees while also helping out your bottom line.
- Establishing the plan — Multiple steps are required to formally put the retirement plan in place. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about terms and conditions, and establishing a record-keeping system. Our Augusta-Richmond County, GA retirement plan consultants can manage and/or assist with all of these requirements.
- Plan changes — Maybe you dislike 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 guide you through modifying your plan to adapt to business growth, changes in workforce, or shifts in financial goals. This includes adding new features, modifying contribution limits, or transitioning to a different type of plan to suit 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 examining the performance of different investment funds, determining your employees' risk tolerance, and guaranteeing a diverse range of options to meet the varying investment preferences and retirement goals of your employees.
- Plan documentation — Retirement plan consultants assist in drafting and maintaining all essential 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 informed investment choices. Correct Capital's retirement plan consultants carry out quarterly webinars to plan participants and offer one-on-one coaching for topics such as retirement planning, investment risk, and how to maximize 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 retirement plans are also subject to annual audits. Retirement plan consultants can assist in ensuring your Augusta-Richmond County, GA business stays compliant. Furthermore, hiring Correct Capital as your retirement plan consultant allows us to take much of the fiduciary duty related to the plan off your shoulders.
Other services we offer in Augusta-Richmond County, GA include:
- Financial Planning for Business Owners
- Comprehensive Financial Planning
- Retirement Income Planning
- Investment Planning
- Retirement Financial Planning
- Independent Financial Advisor
- Roth Conversion
- Investment Management
- 401(k) Audit
- High-Net-Worth Wealth Management
Augusta-Richmond County, GA Retirement Plan Consultants | Correct Capital
As you contemplate the future prospects of your company and the welfare of your employees, offering 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 get your Augusta-Richmond County, GA company and employees from where you are to where you want to go. To initiate developing a plan that matches with your individual company and goals, talk to a retirement plan consultant in Augusta-Richmond County, GA today at 877-930-4015 or contact us online.
