Bridgeport, CT Retirement Plan Consultants

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Retirement plan consultants in Bridgeport, CT. Adopting a retirement plan like a 401(k) is a wise step for Bridgeport, CT businesses and business owners looking for a way to stand out. Retirement plans are a vital component in retaining and attracting 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 wealth of plan options, legal requirements, and tax considerations can be daunting.

Correct Capital Wealth Management is an independent Bridgeport, CT financial advisory firm that specializes in assisting companies establish and maintain customized retirement plans, tailored to the needs of both your business and workers. We enjoy exploring the unique story behind each business we work with and getting to know the entrepreneurial spirit that guides 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 Bridgeport, CT 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 a member of our advisor team today.


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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

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Why Establish a Retirement Plan for Your Bridgeport, CT Business?

To understand what a 401(k) or other retirement plan could mean for your Bridgeport, CT company, it's important to consider what a retirement plan means for your employees:

  • 67% of U.S. retirees say the country is in a retirement crisis; 2 in 5 worry they will outlive their retirement savings (Source)
  • Nearly 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, over half of respondents said their primary source of income in retirement will be their 401(k) (Source)
  • Three-fifths of employees cited their employers' retirement plan as a reason they remain; 47% said it's an key reason to join a company; 44% ranked it in their top three most desired benefits (Source)
  • Nearly four out of five employees with access to a plan opt-in (Source)
  • 78% of Gen Z and Millennial 401(k) plan participants are interested in personalized investment advice for their plan (Source)
  • Three-quarters of plan participants are "extremely confident" in their ability to make the right decisions with their finances with the help of a financial advisor (Source)

Saving for retirement is a significant concern for most Americans, and Bridgeport, CT companies that sponsor retirement plans provide themselves a competitive advantage when it comes to securing and keeping valuable employees. Beyond that, there are a host of benefits for both employers and employees when it comes to offering retirement plans:


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, can lower initial costs
  • Higher retention rates lower the annual cost of training new employees

Employee Benefits

  • Employees can lower 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
  • Assets can be rolled over by participants if they change employers
  • Improved financial security in retirement

Types of Retirement Plans Available for Bridgeport, CT Businesses

If you're thinking about setting up a 401(k) or other plan for your Bridgeport, CT business, there are a range of plan options that may be right for your business:

  • 401(k) Plans The bedrock of American retirement plans, 401(k)s allow for a wide range of investments including stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a portion of their paycheck before taxes are taken out. 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 Comparable to 401(k)s, 403(b)s are specifically designed for employees of educational institutions and non-profits.
  • Defined Benefit (Pension) Plans While 401(k)s and other defined contribution plans operate based on employees contributing a certain amount or percentage of their income, 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 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 predictable benefits like a traditional pension but with personalized accounts similar to a 401(k). It's an appealing option for businesses looking for a middle ground between the security of pension plans and the adaptability of contribution plans.
  • Simplified Employee Pension (SEP) IRAs SEP plans offer a simple way for small businesses to offer retirement plans. Employers make contributions directly to an IRA set up for each employee. SEPs are straightforward to manage, with minimal paperwork, and contributions are tax-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 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 income 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 allow employers to make discretionary 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 are adaptable 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, 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 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 Bridgeport, CT retirement plan consultants currently manage over 30 plans in companies of all sizes, and oversee over $230 million in total plan assets across the U.S. Our experience and expertise enables us to offer a range of services that encompass both the initial set up and ongoing support:

  • Plan selection — We'll help with evaluating different plan options and selecting the most suitable retirement plan for your unique company, taking into account factors such as company size, 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 formally put the retirement plan in place. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about the terms of the plan, and creating a record-keeping system. Our Bridgeport, CT retirement plan consultants can manage and/or assist with all of these requirements.
  • Plan changes — Perhaps you dislike 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 assist you in modifying your plan to adapt to 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 suit 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 ought to be made available within the plan. This includes assessing the performance of different investment funds, determining their risk levels, and guaranteeing a diverse range of options to accommodate the different needs of different employees.
  • Plan documentation — Retirement plan consultants help in drafting and maintaining all necessary plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes plan adoption agreements, summary plan descriptions, 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 offer quarterly webinars to plan participants and offer personalized 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 establish rigid frameworks for how companies need to stay legally compliant with their retirement plans. Most 401(k) plans are also subject to annual audits. Retirement plan consultants can help ensure your Bridgeport, CT 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 Bridgeport, CT include:

Bridgeport, CT Retirement Plan Consultants | Correct Capital

As you think about the future prospects of your company and the well-being of your employees, offering a retirement plan should be at the forefront. With our complete range of offerings and commitment to working exclusively in your best interest, we'll help you get your Bridgeport, CT business and staff from where you are to where you want to go. To start creating a plan that fits with your distinct business and objectives, speak to a retirement plan consultant in Bridgeport, CT today at 877-930-4015 or contact us online.


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