Boston, MA Retirement Plan Consultants

Retirement plan consultants in Boston, MA. Setting up a retirement plan such as 401(k) is a smart move for Boston, MA companies and business owners looking for a way to stand out. Retirement 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 that have not set up a retirement plan before, or for companies in search of a plan upgrade, the wealth of plan options, regulatory compliance, and tax considerations can be overwhelming.

Correct Capital Wealth Management is an independent Boston, MA financial advisory firm that specializes in helping companies establish and manage customized retirement plans, built around the needs of both your business and employees. We love exploring the unique story behind every company we work with and getting to know what makes them tick. As fiduciary advisors, our sole aim is to act in your best interest. If you're in search of a retirement plan consultant in Boston, MA to help set up a 401(k) or other plan, reach out to us via 877-930-4015, contact us online, or schedule an appointment with one of our financial advisors today.

Benefits of Starting a Retirement Plan for Your Boston, MA Business

To understand what a 401(k) or other retirement plan could do for your Boston, MA business, it's important to consider what a retirement plan means for your employees:

• 2 in 3 U.S. retirees say there's a retirement crisis in the country; 40% think they might live longer than their savings last (Source)
• Almost 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, over half 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; 47% said it's an essential reason to join a company; almost half ranked it in their three top most desired benefits (Source)
• Nearly four out of five employees with access to a plan participate (Source)
• Nearly eight in ten of younger workers that are 401(k) plan participants are keen on customized 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 significant concern for most Americans, and Boston, MA businesses that sponsor retirement plans afford themselves a significant edge when it comes to attracting and retaining talent. Moreover, there are a bevy of benefits for both employers and employees that retirement plans offer:

Retirement Plan Options Available for Boston, MA Businesses

If you're thinking about establishing a retirement plan for your Boston, MA business, there are a multitude of plan options that may be right for your business:

• 401(k) Plans — The bedrock of American retirement plans, 401(k)s enable for diverse investments across stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a percentage of their income before taxes are taken out. Employers can choose to match contributions. Safe Harbor 401(k) plans are essentially 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 — Comparable 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 earnings, defined benefit plans promise a guaranteed monthly withdrawal once an employee reaches retirement. These plans are largely employer-funded, and the company assumes 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 grows annually 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 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 offer retirement plans. Employers make contributions directly to an IRA established for each employee. SEPs are easy to administer, with minimal red tape, and contributions are tax-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 easier to set up and maintain than 401(k)s but allow employees to contribute a part of their salary to the plan, which employers must 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 complexities of larger plans.
• Profit-Sharing Plans — Profit-sharing plans are versatile retirement solutions that enable employers to make optional contributions to their employees' retirement funds. Contributions are usually made from company stock, giving employees a direct stake in the company's bottom line. 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 employees' interests with the company's performance, potentially boosting 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 lead of the business.

How Can Correct Capital Help My Business's Retirement Plan?

Our Boston, MA 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 experience and expertise 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 unique company, bearing in mind factors such as company size, financial goals, employee demographics, and tax considerations. 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 — A number of 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 the terms of the plan, and creating a record-keeping system. Our Boston, MA retirement plan consultants can carry out and/or assist with each of these steps.
• Plan changes — Perhaps 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 adapt as you grow. Consultants can guide you through modifying your plan to accommodate business growth, changes in workforce, or shifts in financial goals. This includes introducing new options, modifying 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 wide 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, evaluating your employees' risk tolerance, and providing a diverse range of options to accommodate the different needs of different 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 — Informing participants is paramount to ensuring that your employees understand the benefits of participating in the retirement plan and how to make educated investment choices. Correct Capital's retirement plan consultants conduct 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 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 Boston, MA business stays compliant. Moreover, hiring Correct Capital as your retirement plan consultant helps remove much of the fiduciary duty related to the plan from your responsibilities.

Other services we offer in Boston, MA include:

• 401(k) Audit
• High-Net-Worth Wealth Management
• Retirement Planner
• Financial Planning
• Fiduciary Financial Advisor

Boston, MA Retirement Plan Consultants | Correct Capital

As you contemplate the future prospects of your company and the welfare of your workforce, providing a retirement plan should be a top priority. With our wide array of services and deep commitment to acting solely in your best interest, we'll help you guide your Boston, MA business and employees from where you are to where you want to go. To begin developing a plan that aligns with your unique business and goals, speak to a retirement plan consultant in Boston, MA today at 877-930-4015 or contact us online.

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