Corona, CA Retirement Plan Consultants

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Retirement plan consultants in Corona, CA. Establishing a retirement plan such as 401(k) is a strategic move for Corona, CA businesses and business owners looking for a way to stand out. These plans are a crucial element in retaining and attracting top talent, providing employees with a sense of security, and fostering a productive workforce. But, for businesses who haven't established a retirement plan before, or for companies in search of a better option, the wealth of plan options, regulatory compliance, and tax considerations can be challenging.

Correct Capital Wealth Management is an independent Corona, CA financial consultancy firm that specializes in helping companies set up and maintain customized retirement plans, built around the needs of both your business and workers. We enjoy 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 Corona, CA 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.


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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 Corona, CA Business?

To understand what a 401(k) or other retirement plan could do for your Corona, CA business, 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 think they might outlive their retirement savings (Source)
  • 45% of retirees say their income wasn't sufficient to save for retirement; over half 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)
  • 60% of employees cited their employers' retirement plan as a reason they remain; 47% said it's an important 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 participate (Source)
  • 78% of younger workers that are 401(k) plan participants are keen on customized investment advice for their plan (Source)
  • 77% 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 huge concern for most Americans, and Corona, CA companies that sponsor retirement plans afford themselves a competitive advantage when it comes to securing and keeping valuable employees. Moreover, there are a multitude 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
  • Variety of plan options and flexibility to adapt a plan to your business
  • Tax credits , among other advantages from the SECURE ACT 2.0, assist in reducing initial costs
  • Higher retention rates lower the annual cost of turnover

Employee Benefits

  • Employees can lower their taxable income
  • Contributions and earnings are not taxed until withdrawal
  • Contributions are easy to make 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

Types of Retirement Plans Available for Corona, CA Businesses

If you're thinking about establishing a retirement plan for your Corona, CA business, there are a multitude of plan options our retirement plan consultants can discuss with you:

  • 401(k) Plans The foundation 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 percentage of their paycheck before taxes are taken out. Employers have the option 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 Similar to 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 are based on employees contributing a certain amount or percentage of their earnings, defined benefit plans offer a predetermined monthly withdrawal in 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 tracks each participant's balance in a hypothetical account, which grows every year through employer contributions and an annual interest rate. This plan offers consistent returns 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 security of pension plans and the adaptability 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 no significant red tape, and contributions are deductible for the business. They're especially 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 easier to set up and maintain than 401(k)s but allow employees to contribute a percentage of their salary 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 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 give employees with company stock, providing an ownership interest in the business. ESOPs are not only a retirement benefit but also synchronize financial goals of employees with those of the company's performance, potentially boosting productivity and job satisfaction. ESOPs can also align with 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 Corona, CA retirement plan consultants currently manage 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 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 fitting retirement plan for your specific company, considering 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 also helping out your bottom line.
  • Establishing the plan — Several 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 setting up a record-keeping system. Our Corona, CA retirement plan consultants can carry out and/or assist with each of these steps.
  • Plan changes — Possibly 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 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 more closely align with your needs.
  • Investment advice — As a Registered Investment Advisor (RIA), we possess a wide range of analytical tools, resources, and experience to assist with the selection of investment options that should be made available within the plan. This includes assessing the performance of different investment funds, assessing your employees' risk tolerance, and ensuring 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 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 understand the benefits of participating in the retirement plan and how to make wise investment choices. Correct Capital's retirement plan consultants engage in 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 establish and maintain their retirement plans. Most retirement plans are also subject to annual audits. Retirement plan consultants can make sure your Corona, CA business stays compliant. Additionally, 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 Corona, CA include:

Corona, CA Retirement Plan Consultants | Correct Capital

As you think about the future of your company and the welfare of your employees, implementing a retirement plan should be front and center. With our wide array of offerings and dedication to working exclusively in your optimal interest, we'll help you get your Corona, CA company and employees from where you are to where you want to go. To begin creating a plan that matches with your unique business and goals, speak to a retirement plan consultant in Corona, CA today at 877-930-4015 or contact us online.


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