Kansas City, KS Retirement Plan Consultants

Complimentary Planning By Elements

Retirement plan consultants in Kansas City, KS. Sponsoring a retirement plan such as 401(k) is a smart move for Kansas City, KS companies and business owners looking for a competitive advantage. Retirement plans are a vital component in retaining and attracting top talent, providing employees with a feeling of stability, and fostering a productive workforce. But, for businesses that have not established a retirement plan before, or for companies in search of a better option, the wealth of plan options, legal requirements, and tax considerations can be challenging.

Correct Capital Wealth Management is an independent Kansas City, KS financial advisory firm that specializes in helping companies establish and manage customized retirement plans, built around the needs of both your business and workforce. We love exploring the unique story behind every company we work with and getting to know the entrepreneurial spirit that guides their leaders. 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 Kansas City, KS to help create a 401(k) or other plan, reach out to us via 877-930-4015, contact us online, or make an appointment with a member of our advisor team today.


Schedule a Meeting With an Advisor Today

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.

Schedule a 15-Minute Introductory Call


More From Correct Capital Wealth Management

Explore how Correct Capital Wealth Management can help guide you toward smarter decisions, clearer goals, and lasting financial success.

Subscribe To Our Newsletter Listen To Our Podcast Watch Our YouTube Channel


Why Establish a Retirement Plan for Your Kansas City, KS Business?

To understand what a 401(k) or other retirement plan could mean for your Kansas City, KS business, it's essential to consider how much it means to your employees:

  • 67% of U.S. retirees say the country is in a retirement crisis; 2 in 5 think they might outlive their retirement savings (Source)
  • Almost half of retirees say their income wasn't high enough to save for retirement; 55% blame their employer for not providing adequate resources 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; nearly half said it's an key reason to join a company; about four in ten ranked it in their three top most desired benefits (Source)
  • More than three-quarters of employees with access to a plan participate (Source)
  • 78% of younger workers that are 401(k) plan participants are interested in customized 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)

Retirement savings is a huge concern for most Americans, and Kansas City, KS companies that sponsor retirement plans provide themselves a leg up when it comes to securing and keeping valuable employees. Moreover, there are a multitude of benefits for both employers and employees that retirement plans offer:


Business Benefits

  • Tax deductions for employer contributions
  • Tax-free earnings on assets
  • A range of plan choices and the flexibility to adapt a plan to your business
  • Tax credits and other benefits from the SECURE ACT 2.0, help reduce start up costs
  • Higher employee retention lowers the annual cost of turnover

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
  • Improved financial security in retirement

Types of Retirement Plans Available for Kansas City, KS Businesses

If you're considering setting up a retirement plan for your Kansas City, KS business, there are a range of plan options that may be right for your business:

  • 401(k) Plans The bedrock of American retirement plans, 401(k)s enable 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 deducted. 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 specifically designed 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 certain amount or percentage of their earnings, defined benefit plans offer a specific monthly withdrawal once an employee reaches retirement. These plans are mostly employer-funded, and the company assumes 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 annually 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 established for each employee. SEPs are straightforward to manage, with no significant paperwork, and contributions are 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 easier to set up and maintain 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 an excellent option 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 optional contributions to their employees' retirement funds. Contributions are usually 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 an ownership interest in the business. ESOPs are not only a retirement benefit but also align 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 high performers who will eventually lead of the business.

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

Our Kansas City, KS 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 help with evaluating different plan options and selecting the most suitable retirement plan for your business, considering factors such as company size, financial goals, employee demographics, and tax considerations. The goal is to decide on a plan that offers 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 terms and conditions, and setting up a record-keeping system. Our Kansas City, KS retirement plan consultants can handle and/or assist with each of these steps.
  • Plan changes — Maybe 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 guide you through modifying your plan to accommodate 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 more closely align with your needs.
  • Investment advice — As a Registered Investment Advisor (RIA), we have access to a diverse array of analytical tools, resources, and experience to aid in the selection of investment options that should be made available within the plan. This includes assessing the performance of different investment funds, evaluating your employees' risk tolerance, and guaranteeing a diverse range of options to meet the different needs of different employees.
  • Plan documentation — Retirement plan consultants assist in drafting and maintaining all necessary 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 vital 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 one-on-one 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 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 make sure your Kansas City, KS business stays compliant. Moreover, hiring Correct Capital as your retirement plan consultant enables us to assume much of the fiduciary duty related to the plan off your shoulders.

Other services we offer in Kansas City, KS include:

Kansas City, KS Retirement Plan Consultants | Correct Capital

As you consider the future of your business and the well-being of your workforce, implementing a retirement plan should be at the forefront. With our complete range of services and deep commitment to acting solely in your optimal interest, we'll help you guide your Kansas City, KS business and employees from where you are to where you want to go. To initiate creating a plan that fits with your individual business and goals, talk to a retirement plan consultant in Kansas City, KS today at 877-930-4015 or contact us online.


Are you ready to experience the Correct Capital difference?

GET STARTED

Meet our team of financial advisors.

Our Team

Services We Offer