Retirement plan consultants in Augusta-Richmond County, GA. Establishing a retirement plan such as 401(k) is a wise move for Augusta-Richmond County, GA businesses and business owners looking for a competitive advantage. Retirement plans are a key factor in attracting and retaining top talent, providing employees with a sense of security, and fostering a productive 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 variety of plans available, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Augusta-Richmond County, GA financial consultancy firm that specializes in assisting companies set up and maintain customized retirement plans, tailored to the needs of both your business and workers. We love exploring the unique story behind every company we work with and getting to know the entrepreneurial spirit that drives their leaders. As fiduciary advisors, we have a legal and ethical obligation to act only 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 crucial to consider how much it means to your employees:
- 67% of U.S. retirees say there's a retirement crisis in the country; four out of ten worry they will outlive their retirement savings (Source)
- Nearly half of retirees say their income wasn't high enough to save for retirement; over half blame their employer for not providing adequate resources to help them save (Source)
- In a recent study, 62% 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; 44% ranked it in their three most desired most desired benefits (Source)
- More than three-quarters of employees with access to a plan choose to participate (Source)
- 78% of Millennial and Gen Z 401(k) plan participants are keen on 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 huge concern for most Americans, and Augusta-Richmond County, GA businesses that sponsor retirement plans provide themselves a leg up when it comes to attracting and retaining talent. Additionally, there are a multitude of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Tax deductions for matching 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, can lower initial costs
- Higher employee retention lowers the annual cost of training new employees
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
Retirement Plan Options 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 variety of plan options our retirement plan consultants can discuss with you:
- 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 portion of their earnings before taxes are deducted. Employers have the option 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 specifically designed for employees of non-profit entities.
- 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 earnings, defined benefit plans offer a guaranteed monthly withdrawal once an employee reaches retirement. These plans are primarily 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 grows every year through employer contributions and an interest credit rate. This plan offers predictable benefits like a traditional pension but with personalized accounts similar to a 401(k). It's an attractive option for businesses looking for a middle ground between the certainty of pensions and the flexibility of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer a straightforward way for small businesses to offer retirement plans. Employers make contributions directly to an IRA established for each employee. SEPs are straightforward to manage, with no significant red tape, and contributions are deductible for the business. They're particularly 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 designed for 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 are required to 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 hassle of larger plans.
- Profit-Sharing Plans — Profit-sharing plans are flexible retirement solutions that enable employers to make optional contributions to their employees' retirement funds. Contributions are typically made from company stock, giving employees an incentive to contribute to 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 provide employees with company stock, offering them a stake of ownership 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 manage over 30 plans in both small and large companies, and oversee 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 help with evaluating and selecting the most appropriate retirement plan for your business, bearing in mind factors such as company size, financial goals, employee demographics, and tax considerations. The goal is to choose 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 adopting a written plan, arranging a trust for trust assets, notifying eligible employees about the terms of the plan, and creating a record-keeping system. Our Augusta-Richmond County, GA retirement plan consultants can carry out 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 help you with modifying your plan to accommodate 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 more closely align with your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we have access to 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 accommodate the varying investment preferences and retirement goals of your employees.
- Plan documentation — Retirement plan consultants help in drafting and maintaining all required plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes adoption agreements for the plan, plan summaries, and annual notices to participants.
- Ongoing participant education — Education is paramount to ensuring that your employees grasp the benefits of participating in the retirement plan and how to make wise investment choices. Correct Capital's retirement plan consultants conduct 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 establish 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 Augusta-Richmond County, GA business stays compliant. Moreover, 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 Augusta-Richmond County, GA include:
Augusta-Richmond County, GA Retirement Plan Consultants | Correct Capital
As you consider the future prospects of your company and the well-being of your employees, implementing a retirement plan should be a top priority. With our complete range of services and commitment to acting only in your optimal interest, we'll help you get your Augusta-Richmond County, GA company and staff from where you are to where you want to go. To initiate developing a plan that aligns with your distinct company and goals, speak to a retirement plan consultant in Augusta-Richmond County, GA today at 877-930-4015 or contact us online.
