Retirement plan consultants in Henderson, NV. Creating a retirement plan such as 401(k) is a wise step for Henderson, NV businesses and business owners looking for a way to stand out. These plans are a key factor in attracting and retaining top talent, providing employees with a sense of security, and fostering a committed 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 wealth of plan options, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Henderson, NV financial advisory firm that specializes in assisting companies set up and maintain 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 the entrepreneurial spirit that motivates their leaders. 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 Henderson, NV to help create a 401(k) or other plan, reach out to us via 877-930-4015, contact us online, or schedule an appointment with a member of our advisor team today.
Benefits of Starting a Retirement Plan for Your Henderson, NV Business
To understand what a 401(k) or other retirement plan could do for your Henderson, NV company, it's important to consider what a retirement plan means for your employees:
- Two-thirds of U.S. retirees say the country is in a retirement crisis; 40% worry they will live longer than their savings last (Source)
- 45% of retirees say their income wasn't high enough to save for retirement; 55% blame their employer for not doing enough to help them save (Source)
- In one survey, 62% of respondents said their main 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; nearly half said it's an essential reason to join a company; almost half ranked it in their three most desired most desired benefits (Source)
- 77% of employees with access to a plan opt-in (Source)
- Nearly eight in ten of younger workers that are 401(k) plan participants are interested in 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)
Retirement savings is a major concern for most Americans, and Henderson, NV 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 and other benefits from the SECURE ACT 2.0, can lower start up 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
- Assets can be rolled over by participants if they change employers
- Improved financial security in retirement
Retirement Plan Options Available for Henderson, NV Businesses
If you're considering setting up a retirement plan for your Henderson, NV business, there are a range of plan options our retirement plan consultants can speak to you about:
- 401(k) Plans — The cornerstone of American retirement plans, 401(k)s enable for diverse investments across stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a part of their paycheck before taxes are taken out. Employers can choose 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 — Comparable to 401(k)s, 403(b)s are specifically designed for employees of non-profit entities.
- 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 promise a guaranteed monthly withdrawal once an employee reaches retirement. These plans are mostly employer-funded, and the company bears 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 grows annually 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 attractive 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 a simple 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 fluctuating income, as the contribution amounts can be modified 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 income to the plan, which employers must match up to a certain percentage. SIMPLE IRAs are a great choice for small businesses looking to offer 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 can be structured 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 a stake of ownership in the business. ESOPs are not only a retirement benefit but also align 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 high performers who will eventually take the reins of the business.
How Can Correct Capital Help My Business's Retirement Plan?
Our Henderson, NV retirement plan consultants currently manage over 30 plans in companies of all sizes, and oversee over $230 million in total plan assets across the country. Our expertise and experience allows us to offer a range of services that encompass both the initial set up and ongoing support:
- Plan selection — We'll help with evaluating and selecting the most appropriate retirement plan for your unique company, considering factors such as company size, financial goals, employee demographics, and tax advantages. The goal is to choose a plan that offers the best benefits to your employees while being cost-effective for your business.
- 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 creating a record-keeping system. Our Henderson, NV retirement plan consultants can manage 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 adapt as you grow. 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 better meet your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we have access to a diverse array 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 analyzing the performance of different investment funds, evaluating their risk levels, and providing a diverse range of options to accommodate the varying investment preferences and retirement goals of your 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 plan adoption agreements, summary plan descriptions, and annual notices to participants.
- Ongoing participant education — Education is vital 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 conduct quarterly webinars to plan participants and offer personalized 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 guidelines 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 assist in ensuring your Henderson, NV business stays compliant. Additionally, hiring Correct Capital as your retirement plan consultant helps remove much of the fiduciary duty related to the plan off your shoulders.
Other services we offer in Henderson, NV include:
Henderson, NV Retirement Plan Consultants | Correct Capital
As you think about the future of your business and the well-being of your workforce, implementing a retirement plan should be front and center. With our wide array of services and deep commitment to acting only in your optimal interest, we'll help you lead your Henderson, NV business and staff from where you are to where you want to go. To initiate crafting a plan that aligns with your individual business and objectives, talk to a retirement plan consultant in Henderson, NV today at 877-930-4015 or contact us online.
