Irving, TX Retirement Plan Consultants

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Retirement plan consultants in Irving, TX. Setting up a retirement plan such as 401(k) is a strategic step for Irving, TX businesses and business owners looking for a competitive advantage. These 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 that have not set up 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 Irving, TX financial consultancy 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 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 Irving, 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 one of our financial advisors 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 Irving, TX Business?

To understand what a 401(k) or other retirement plan could mean for your Irving, TX business, it's essential to look at what a retirement plan means for your employees:

  • 2 in 3 U.S. retirees say there's a retirement crisis in the country; 40% think they might live longer than their savings last (Source)
  • 45% 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 a recent study, over half 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 three most desired 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)
  • Three-quarters 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 significant concern for most Americans, and Irving, TX businesses that sponsor retirement plans provide themselves a significant edge when it comes to securing and keeping valuable employees. Beyond that, there are a host 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
  • 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 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
  • 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
  • Enhanced financial wellbeing in retirement

Retirement Plan Options Available for Irving, TX Businesses

If you're considering adopting a retirement plan for your Irving, TX business, there are a range of plan options our retirement plan consultants are ready to discuss:

  • 401(k) Plans The foundation of American retirement plans, 401(k)s allow for a wide range of 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 essentially the same, but employer contributions are required to be fully vested when made. 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 tailored 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 specific amount or percentage of their paycheck, defined benefit plans promise 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 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 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 set up for each employee. SEPs are easy to administer, with no significant red tape, and contributions are tax-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 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 income to the plan, which employers must 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 red tape associated with 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 often made out of the company's profits, giving employees an incentive to contribute to the company's success. 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 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, 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.

How Can Correct Capital Help My Business's Retirement Plan?

Our Irving, TX retirement plan consultants 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 enables us to offer a range of services that include both the initial set up and ongoing support:

  • Plan selection — We'll help with evaluating different plan options and selecting the most fitting 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 efficient for your business.
  • Establishing the plan — A number of steps are required to formally put the retirement plan in place. These include adopting a written plan, arranging a trust for trust assets, notifying eligible employees about terms and conditions, and establishing a record-keeping system. Our Irving, TX retirement plan consultants can handle and/or assist with each of these steps.
  • 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 adapt as you grow. Consultants can assist you in 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 better meet your needs.
  • Investment advice — As a Registered Investment Advisor (RIA), we possess a diverse array of analytical tools, resources, and experience to help with the selection of investment options that should be made available within the plan. This includes analyzing the performance of different investment funds, assessing your employees' risk tolerance, and guaranteeing a diverse range of options to accommodate the different needs of different employees.
  • Plan documentation — Retirement plan consultants help 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 — Informing participants is key to ensuring that your employees grasp the benefits of participating in the retirement plan and how to make informed 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 establish rigid guidelines for how companies establish and maintain their retirement plans. Most 401(k) plans are also subject to annual audits. Retirement plan consultants can assist in ensuring your Irving, TX business stays compliant. Furthermore, hiring Correct Capital as your retirement plan consultant enables us to assume much of the fiduciary duty related to the plan from your responsibilities.

Other services we offer in Irving, TX include:

Irving, TX Retirement Plan Consultants | Correct Capital

As you think about the future of your business and the well-being of your employees, providing a retirement plan should be a top priority. With our comprehensive suite of offerings and deep commitment to acting solely in your best interest, we'll help you guide your Irving, TX business and employees from where you are to where you want to go. To initiate crafting a plan that matches with your distinct company and goals, speak to a retirement plan consultant in Irving, TX today at 877-930-4015 or contact us online.


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