Retirement plan consultants in Columbus, GA. Adopting a retirement plan such as 401(k) is a smart move for Columbus, GA companies and business owners looking for a competitive advantage. These plans are a crucial element in attracting and retaining top talent, providing employees with a sense of security, and fostering a committed workforce. But, for businesses who haven't established 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 Columbus, GA financial advisory firm that specializes in helping companies set up and manage 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 guides their leaders. As fiduciary advisors, we have a legal and ethical obligation to act only in your best interest. If you're looking for a retirement plan consultant in Columbus, 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 one of our financial advisors today.
Benefits of Starting a Retirement Plan for Your Columbus, GA Business
To understand what a 401(k) or other retirement plan could do for your Columbus, GA company, it's essential to look at what a retirement plan means for your employees:
- 2 in 3 U.S. retirees say there's a retirement crisis in the country; four out of ten think they might 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 doing enough 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; 47% said it's an essential 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 choose to participate (Source)
- Nearly eight in ten 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 financial decisions with the help of a financial advisor (Source)
Saving for our golden years is a significant concern for most Americans, and Columbus, GA companies that offer retirement plans give themselves a leg up when it comes to attracting and retaining talent. Additionally, there are a host of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Matching contributions are tax-deductible
- Tax-free earnings on assets
- A range of plan choices and the flexibility to adapt a plan to your business
- Tax credits and other benefits from the SECURE ACT 2.0, can lower start up costs
- Higher retention rates lower the annual cost of training new employees
Employee Benefits
- Employee contributions can reduce their taxable income
- Contributions and earnings are not taxed until withdrawal
- Easy-to-make contributions through payroll deductions
- Even small, regular contributions can accumulate into significant retirement savings
- Participant assets can be rolled over if they change employers
- Enhanced financial wellbeing in retirement
Retirement Plan Options Available for Columbus, GA Businesses
If you're looking into adopting a retirement plan for your Columbus, GA business, there are a range of plan options that may be right for your business:
- 401(k) Plans — The cornerstone of American retirement plans, 401(k)s enable for diverse investments across stocks, bonds, mutual funds, and ETFs, and allow employees to save and invest a part of their income before taxes are taken out. Employers have the option to match contributions. Safe Harbor 401(k) plans are essentially 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 — Much like 401(k)s, 403(b)s are tailored 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 specific monthly withdrawal once an employee reaches retirement. These plans are largely employer-funded, and the company bears 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 annual interest rate. This plan offers predictable benefits like a traditional pension but with individual accounts similar to a defined contribution plan. It's an appealing 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 an uncomplicated 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 red tape, and contributions are tax-deductible for the business. They're especially 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 part of their income to the plan, which employers are required to 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 red tape associated with 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 are adaptable in many ways, offering flexibility in how contributions are calculated and distributed among employees.
- Employee Stock Ownership Plans (ESOPs) — ESOPs offer employees with company stock, providing an ownership interest 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 Columbus, GA Retirement Plan Consultants Do for My Business?
Our Columbus, GA 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 assist in evaluating different plan options and selecting the most appropriate retirement plan for your business, considering factors such as number of employees, financial goals, employee demographics, and tax advantages. 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 — A number of 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 creating a record-keeping system. Our Columbus, GA retirement plan consultants can carry out and/or assist with all of these requirements.
- Plan changes — Possibly 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 introducing new options, adjusting contribution limits, or transitioning to a different type of plan to suit your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we have access to a wide range of analytical tools, resources, and experience to help with the selection of investment options that should 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 meet 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 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 educated 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 enhance 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 401(k) plans are also subject to annual audits. Retirement plan consultants can help ensure your Columbus, 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 from your responsibilities.
Other services we offer in Columbus, GA include:
- Family Wealth Planning
- 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
Columbus, GA Retirement Plan Consultants | Correct Capital
As you contemplate the future of your company and the well-being of your employees, offering a retirement plan should be at the forefront. With our wide array of offerings and deep commitment to working exclusively in your best interest, we'll help you lead your Columbus, GA business and staff from where you are to where you want to go. To initiate developing a plan that fits with your distinct business and objectives, reach out to a retirement plan consultant in Columbus, GA today at 877-930-4015 or contact us online.
