Garden Grove, CA Retirement Plan Consultants

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Retirement plan consultants in Garden Grove, CA. Adopting a retirement plan like a 401(k) is a smart step for Garden Grove, CA companies and business owners looking for a way to stand out. Retirement plans are a key factor 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 who'd like to make changes to their current plan, the variety of plans available, legal requirements, and tax considerations can be overwhelming.

Correct Capital Wealth Management is an independent Garden Grove, CA financial advisory firm that specializes in assisting companies set up and manage unique retirement plans for your unique business and workforce. We love exploring the unique story behind every company 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 in search of a retirement plan consultant in Garden Grove, CA 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 Garden Grove, CA Business?

To understand what a 401(k) or other retirement plan could do for your Garden Grove, CA business, it's essential to look at what a retirement plan means for your employees:

  • 2 in 3 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 sufficient to save for retirement; 55% blame their employer for not doing enough to help them save (Source)
  • In a recent study, nearly two-thirds of respondents said their largest 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; almost half ranked it in their three top most desired benefits (Source)
  • Nearly four out of five employees with access to a plan participate (Source)
  • Nearly eight in ten of younger workers that are 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 sound decisions with their money with the help of a financial advisor (Source)

Saving for retirement is a huge concern for most Americans, and Garden Grove, CA businesses that offer retirement plans give themselves a significant edge when it comes to attracting and retaining talent. Moreover, there are a multitude of benefits for both employers and employees that retirement plans offer:


Business Benefits

  • Tax deductions for employer 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 training new employees

Employee Benefits

  • Employee contributions can reduce their taxable income
  • No taxation on contributions and earnings 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
  • Improved financial security in retirement

Types of Retirement Plans Available for Garden Grove, CA Businesses

If you're considering sponsoring a retirement plan for your Garden Grove, CA business, there are a multitude of plan options that may be right for your business:

  • 401(k) Plans The foundation of American retirement plans, 401(k)s allow for diverse investments including stocks, bonds, mutual funds, and ETFs, and permit 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 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 paycheck, defined benefit plans promise a guaranteed monthly withdrawal in retirement. These plans are primarily employer-funded, and the company takes on the investment risk.
  • Cash Balance Plans Cash balance plans are a type of defined benefit plan that tracks each participant's balance in a hypothetical account, which increases every year through employer contributions and an interest credit 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 seeking 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 provide retirement benefits. Employers make contributions directly to an IRA established for each employee. SEPs are easy to administer, with no significant paperwork, 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 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 percentage of their paycheck 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 complexities of larger plans.
  • Profit-Sharing Plans Profit-sharing plans are versatile retirement solutions that enable employers to make discretionary contributions to their employees' retirement funds. Contributions are typically 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 distributed and calculated among employees.
  • Employee Stock Ownership Plans (ESOPs) ESOPs give employees with company stock, offering them 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 top employees who will eventually lead of the business.

What Can Correct Capital's Garden Grove, CA Retirement Plan Consultants Do for My Business?

Our Garden Grove, 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 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 and selecting the most appropriate 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 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 establishing a record-keeping system. Our Garden Grove, CA retirement plan consultants can carry out 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 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, modifying 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 diverse 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 analyzing the performance of different investment funds, determining your employees' risk tolerance, and guaranteeing a diverse range of options to accommodate 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 plan adoption agreements, summary plan descriptions, and annual notices to participants.
  • Plan participant education — Informing participants is vital to ensuring that your employees comprehend the benefits of participating in the retirement plan and how to make wise 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 make sure your Garden Grove, 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 Garden Grove, CA include:

Garden Grove, CA Retirement Plan Consultants | Correct Capital

As you think about the future of your company and the welfare of your employees, providing a retirement plan should be at the forefront. With our wide array of offerings and commitment to working only in your best interest, we'll help you lead your Garden Grove, CA business and staff from where you are to where you want to go. To start creating a plan that aligns with your distinct company and objectives, talk to a retirement plan consultant in Garden Grove, CA today at 877-930-4015 or contact us online.


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