Retirement plan consultants in Fort Worth, TX. Creating a retirement plan like a 401(k) is a smart move for Fort Worth, TX companies and business owners looking for a competitive advantage. Retirement plans are a crucial element in retaining and attracting top talent, providing employees with a feeling of stability, and fostering a loyal workforce. But, for businesses that have not 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 daunting.
Correct Capital Wealth Management is an independent Fort Worth, TX financial advisory firm that specializes in helping companies establish and maintain customized retirement plans, built around 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 motivates their leaders. As fiduciary advisors, our sole aim is to act in your best interest. If you're looking for a retirement plan consultant in Fort Worth, TX to help set up 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 mean for your Fort Worth, TX company, it's crucial to consider how much it means to your employees:
- Two-thirds of U.S. retirees say there's a retirement crisis in the country; 40% worry they will live longer than their savings last (Source)
- 45% of retirees say their income wasn't sufficient to save for retirement; 55% blame their employer for not providing adequate resources to help them save (Source)
- In a recent study, 62% 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; nearly half said it's an key reason to join a company; almost half ranked it in their top three most desired benefits (Source)
- 77% of employees with access to a plan choose to participate (Source)
- Nearly eight in ten of Gen Z and Millennial 401(k) plan participants are looking for 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 Fort Worth, TX businesses that sponsor retirement plans provide themselves a significant edge when it comes to attracting and retaining talent. Beyond that, there are a multitude of benefits for both employers and employees when it comes to offering retirement plans:
Business Benefits
- Tax deductions for employer contributions
- 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, assist in reducing initial costs
- Higher employee retention lowers the annual cost of training new employees
Employee Benefits
- Employees can lower their taxable income
- No taxation on contributions and earnings 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
- Enhanced financial wellbeing in retirement
Types of Retirement Plans Available for Fort Worth, TX Businesses
If you're considering adopting a 401(k) or other plan for your Fort Worth, TX business, there are a variety of plan options our retirement plan consultants can speak to you about:
- 401(k) Plans — The foundation of American retirement plans, 401(k)s allow for diverse investments across stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a portion of their income before taxes are taken out. Employers can choose to match contributions. Safe Harbor 401(k) plans are largely 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 specifically designed for employees of tax-exempt organizations.
- Defined Benefit (Pension) Plans — While 401(k)s and other defined contribution plans are based on employees contributing a specific amount or percentage of their income, defined benefit plans offer a guaranteed monthly withdrawal in retirement. These plans are mostly employer-funded, and the company bears 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 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 attractive option for businesses seeking a middle ground between the certainty of pensions and the flexibility of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer a straightforward way for small businesses to sponsor retirement plans. Employers make contributions directly to an IRA set up for each employee. SEPs are easy to administer, with minimal paperwork, and contributions are tax-deductible for the business. They're particularly 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 designed for 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 paycheck to the plan, which employers must 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 out of the company's profits, giving employees a direct stake in the company's success. 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 employees' interests with 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.
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 oversee over $230 million in total plan assets across the United States. Our expertise and experience allows us to offer a range of services that include 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 specific company, considering factors such as company size, financial goals, employee demographics, and tax considerations. The goal is to choose a plan that provides the best benefits to your employees while being efficient for your business.
- Establishing the plan — Multiple 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 terms and conditions, and creating a record-keeping system. Our Fort Worth, TX retirement plan consultants can handle and/or assist with all of these requirements.
- Plan changes — Possibly you're unsatisfied 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 adapt to 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 more closely align with 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 ought to be made available within the plan. This includes examining the performance of different investment funds, assessing their risk levels, and guaranteeing a diverse range of options to meet the varying investment preferences and retirement goals of your 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 adoption agreements for the plan, plan summaries, and annual notices to participants.
- Plan participant education — Informing participants is key to ensuring that your employees comprehend 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 increase their retirement savings.
- Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions establish rigid guidelines for how companies establish and maintain their retirement plans. Most retirement plans are also subject to annual audits. Retirement plan consultants can help ensure your Fort Worth, TX business stays compliant. Moreover, hiring Correct Capital as your retirement plan consultant allows us to take much of the fiduciary duty related to the plan off your shoulders.
Other services we offer in Fort Worth, TX 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
Fort Worth, TX Retirement Plan Consultants | Correct Capital
As you think about the future prospects of your business and the welfare of your employees, providing a retirement plan should be a top priority. With our comprehensive suite of services and deep commitment to acting exclusively in your best interest, we'll help you get your Fort Worth, TX business and staff from where you are to where you want to go. To begin creating a plan that matches with your unique business and objectives, talk to a retirement plan consultant in Fort Worth, TX today at 877-930-4015 or contact us online.
