Retirement plan consultants in Augusta-Richmond County, GA. Adopting a retirement plan like a 401(k) is a strategic step for Augusta-Richmond County, GA companies and business owners looking for a competitive advantage. These plans are a crucial element 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, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Augusta-Richmond County, 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 employees. We love exploring the unique story behind each business we work with and getting to know the entrepreneurial spirit that guides 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 set up 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 Augusta-Richmond County, GA Business?
To understand what a 401(k) or other retirement plan could do for your Augusta-Richmond County, GA company, it's crucial to consider how much it means to your employees:
- Two-thirds of U.S. retirees say there's a retirement crisis in the country; 40% worry they will live longer than their savings last (Source)
- Nearly half 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 a recent study, 62% of respondents said their primary 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; about four in ten ranked it in their three most desired most desired benefits (Source)
- Nearly four out of five employees with access to a plan opt-in (Source)
- Nearly eight in ten of younger workers that are 401(k) plan participants are interested in customized investment advice for their plan (Source)
- Three-quarters 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 major concern for most Americans, and Augusta-Richmond County, GA businesses that sponsor retirement plans give themselves a significant edge when it comes to attracting and retaining talent. Moreover, there are a host of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Employer 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 , among other advantages from the SECURE ACT 2.0, assist in reducing start up costs
- Higher employee retention lowers the annual cost of turnover
Employee Benefits
- Employee contributions can reduce their taxable income
- Contributions and earnings are not taxed until withdrawal
- Contributions are easy to make through payroll deductions
- Small, regular contributions can grow into significant retirement savings
- Participant assets can be rolled over 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 401(k) or other plan for your Augusta-Richmond County, GA business, there are a multitude of plan options our retirement plan consultants can speak to you about:
- 401(k) Plans — The foundation of American retirement plans, 401(k)s allow for diverse investments across stocks, bonds, mutual funds, and ETFs, and allow employees to save and invest a part of their earnings before taxes are deducted. Employers can choose to match contributions. Safe Harbor 401(k) plans are essentially the same, but employer contributions must be fully vested immediately. In exchange, safe harbor 401(k)s are not subject to annual nondiscrimination tests.
- 403(b) Plans — Much like 401(k)s, 403(b)s are specifically designed 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 certain amount or percentage of their earnings, defined benefit plans promise a predetermined monthly withdrawal in retirement. These plans are largely employer-funded, and the company takes on the investment risk.
- Cash Balance Plans — Cash balance plans are a type of defined benefit plan that accounts for 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 security of pension plans and the flexibility of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer a straightforward way for small businesses to provide retirement benefits. Employers make contributions directly to an IRA established for each employee. SEPs are easy to administer, with minimal paperwork, and contributions are deductible for the business. They're particularly well-suited for businesses with variable profits, 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 easier to set up and maintain 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 an excellent option for small businesses looking to offer a more traditional retirement plan without the hassle of larger plans.
- Profit-Sharing Plans — Profit-sharing plans are versatile retirement solutions that allow employers to make optional contributions to their employees' retirement funds. Contributions are typically made out of the company's profits, giving employees a direct stake in the company's bottom line. These plans are adaptable in many ways, offering flexibility in how contributions are calculated and distributed among employees.
- Employee Stock Ownership Plans (ESOPs) — ESOPs give employees with company stock, providing a stake of ownership 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 lead of the business.
What Can Correct Capital's Augusta-Richmond County, GA Retirement Plan Consultants Do for My Business?
Our Augusta-Richmond County, GA retirement plan consultants manage over 30 plans in both small and large companies, and represent over $230 million in total plan assets across the United States. 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 help with evaluating and selecting the most fitting retirement plan for your business, considering factors such as number of employees, financial goals, employee demographics, and tax advantages. The goal is to select a plan that offers the best benefits to your employees while being cost-effective for your business.
- Establishing the plan — Multiple steps are required to make the retirement plan legal. These include adopting a written plan, arranging a trust for trust assets, notifying eligible employees about terms and conditions, and creating a record-keeping system. Our Augusta-Richmond County, GA retirement plan consultants can handle 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 help you with modifying your plan to adapt to business growth, changes in workforce, or shifts in financial goals. This includes introducing new options, 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 array of analytical tools, resources, and experience to assist with 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 plan adoption agreements, summary plan descriptions, and annual notices to participants.
- Plan participant education — Education is paramount to ensuring that your employees grasp 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 increase their retirement savings.
- Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions set rigid frameworks for how companies need to stay legally compliant with their retirement plans. Most retirement plans are also subject to annual audits. Retirement plan consultants can help ensure your Augusta-Richmond County, GA business stays compliant. Additionally, hiring Correct Capital as your retirement plan consultant allows us to take much of the fiduciary duty related to the plan from your responsibilities.
Other services we offer in Augusta-Richmond County, GA include:
Augusta-Richmond County, GA Retirement Plan Consultants | Correct Capital
As you think about the future prospects of your business and the welfare of your employees, offering a retirement plan should be front and center. With our comprehensive suite of offerings and commitment to working only in your optimal interest, we'll help you guide your Augusta-Richmond County, GA business and staff from where you are to where you want to go. To initiate developing a plan that matches with your unique company and objectives, reach out to a retirement plan consultant in Augusta-Richmond County, GA today at 877-930-4015 or contact us online.
