Retirement plan consultants in Fort Worth, TX. Sponsoring a retirement plan such as 401(k) is a smart step for Fort Worth, TX businesses and business owners looking for a competitive advantage. These 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 that have not set up a retirement plan before, or for companies in search of a plan upgrade, the variety of plans available, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Fort Worth, TX financial advisory firm that specializes in assisting companies establish and manage unique retirement plans for your unique business and workforce. We enjoy exploring the unique story behind each business we work with and getting to know what makes them tick. 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 Fort Worth, TX to help create a 401(k) or other plan, give us a call at 877-930-4015, contact us online, or schedule an appointment with a member of our advisor team today.
Why Establish a Retirement Plan for Your Fort Worth, TX Business?
To understand what a 401(k) or other retirement plan could do for your Fort Worth, TX company, it's essential to examine what a retirement plan means for your employees:
- 67% of U.S. retirees say there's a retirement crisis in the country; 2 in 5 think they might 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 one survey, nearly two-thirds 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 essential 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 participate (Source)
- 78% of younger workers that are 401(k) plan participants are looking for 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)
Saving for retirement is a significant concern for most Americans, and Fort Worth, TX businesses that offer retirement plans provide themselves a leg up when it comes to attracting and retaining talent. Beyond that, there are a bevy of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Tax deductions for matching contributions
- Earnings on plan assets are tax-free
- Variety of plan options and flexibility to adapt a plan to your business
- Tax credits and other benefits from the SECURE ACT 2.0, can lower 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
- Easy-to-make contributions through payroll deductions
- Small, regular contributions can grow into significant retirement savings
- Participant assets can be rolled over if they change employers
- Enhanced financial wellbeing in retirement
Retirement Plan Options Available for Fort Worth, TX Businesses
If you're looking into setting up a 401(k) or other plan for your Fort Worth, TX business, there are a variety of plan options that may be right for your business:
- 401(k) Plans — The cornerstone of American retirement plans, 401(k)s enable for a wide range of investments including stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a part 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 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 offer a predetermined monthly withdrawal in 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 consistent returns 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 certainty of pensions and the adaptability of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer an uncomplicated way for small businesses to provide retirement benefits. Employers make contributions directly to an IRA set up for each employee. SEPs are straightforward to manage, with no significant paperwork, and contributions are deductible for the business. They're especially 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 simpler to manage 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 an excellent option for small businesses looking to offer 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 often made from company stock, giving employees a direct stake in the company's success. These plans can be structured 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 a stake of ownership 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 high performers who will eventually lead of the business.
How Can Correct Capital Help My Business's Retirement Plan?
Our Fort Worth, TX 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 United States. Our experience and expertise allows us to offer a range of services that encompass both the initial set up and ongoing support:
- Plan selection — We'll aid in evaluating different plan options and selecting the most fitting retirement plan for your business, considering factors such as company size, financial goals, employee demographics, and tax considerations. The goal is to select a plan that provides the best benefits to your employees while also helping out your bottom line.
- Establishing the plan — Several steps are required to make the retirement plan legitimate. These include adopting a written plan, arranging a trust for trust assets, notifying eligible employees about the terms of the plan, and establishing a record-keeping system. Our Fort Worth, TX retirement plan consultants can manage 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 adapt as you grow. Consultants can help you with modifying your plan to accommodate business growth, changes in workforce, or shifts in financial goals. This includes adding new features, modifying 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 help with the selection of investment options that ought to be made available within the plan. This includes examining the performance of different investment funds, determining your employees' risk tolerance, and providing 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 plan adoption agreements, plan summaries, and annual notices to participants.
- Ongoing participant education — Education is key to ensuring that your employees understand the benefits of participating in the retirement plan and how to make informed 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 set 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 make sure your Fort Worth, TX 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 Fort Worth, TX include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Fiduciary Financial Advisor
Fort Worth, TX Retirement Plan Consultants | Correct Capital
As you contemplate the future prospects of your business and the well-being of your employees, implementing a retirement plan should be at the forefront. With our complete range of offerings and deep commitment to acting solely in your optimal interest, we'll help you get your Fort Worth, TX business and employees from where you are to where you want to go. To start creating a plan that aligns with your unique company and objectives, reach out to a retirement plan consultant in Fort Worth, TX today at 877-930-4015 or contact us online.
