Retirement plan consultants in Las Vegas, NV. Adopting a retirement plan like a 401(k) is a strategic move for Las Vegas, NV businesses and business owners looking for a way to stand out. These plans are a vital component in retaining and attracting top talent, providing employees with a sense of security, and fostering a committed 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 challenging.
Correct Capital Wealth Management is an independent Las Vegas, NV financial consultancy firm that specializes in assisting companies establish 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 the entrepreneurial spirit that guides 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 Las Vegas, NV 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 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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Benefits of Starting a Retirement Plan for Your Las Vegas, NV Business
To understand what a 401(k) or other retirement plan could do for your Las Vegas, NV company, it's essential to consider what a retirement plan means for your employees:
- Two-thirds of U.S. retirees say there's a retirement crisis in the country; 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; over half blame their employer for not providing adequate resources to help them save (Source)
- In one survey, over half of respondents said their largest 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 important reason to join a company; about four in ten ranked it in their three most desired most desired benefits (Source)
- Nearly four out of five employees with access to a plan opt-in (Source)
- 78% 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 decisions with their finances with the help of a financial advisor (Source)
Saving for our golden years is a major concern for most Americans, and Las Vegas, 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 that retirement plans offer:
Business Benefits
- Tax deductions for matching 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, help reduce start up costs
- Higher retention rates lower the annual cost of training new employees
Employee Benefits
- Employees can lower their taxable income
- Contributions and earnings are not taxed until withdrawal
- Contributions are easy to make through payroll deductions
- Even small, regular contributions can accumulate 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 Las Vegas, NV Businesses
If you're thinking about adopting a retirement plan for your Las Vegas, NV business, there are a multitude of plan options that may be right for your business:
- 401(k) Plans — The cornerstone 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 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 educational institutions and non-profits.
- 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 promise a guaranteed 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 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 security of pension plans 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 no significant paperwork, and contributions are deductible for the business. They're especially well-suited for businesses with fluctuating income, 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 income to the plan, which employers are required to 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 often made from company stock, giving employees an incentive to contribute to the company's bottom line. 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 a stake of ownership 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 complement 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 Las Vegas, NV Retirement Plan Consultants Do for My Business?
Our Las Vegas, NV retirement plan consultants are currently managing over 30 plans in companies of all sizes, and oversee over $230 million in total plan assets across the U.S. Our experience and expertise enables us to offer a range of services that encompass 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 unique company, considering factors such as number of employees, financial goals, employee demographics, and tax considerations. The goal is to choose 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 setting up a record-keeping system. Our Las Vegas, NV 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 guide you through 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 wide range of analytical tools, resources, and experience to help with the selection of investment options that should be made available within the plan. This includes examining the performance of different investment funds, evaluating your employees' risk tolerance, and providing a diverse range of options to suit 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 — Education is vital to ensuring that your employees comprehend the benefits of participating in the retirement plan and how to make educated 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 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 Las Vegas, NV 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 Las Vegas, NV include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Fiduciary Financial Advisor
- Self-Employed Retirement Plans
Las Vegas, NV Retirement Plan Consultants | Correct Capital
As you think about the future of your company and the welfare of your workforce, offering a retirement plan should be at the forefront. With our wide array of offerings and dedication to working exclusively in your best interest, we'll help you lead your Las Vegas, NV company and staff from where you are to where you want to go. To start crafting a plan that matches with your distinct business and goals, reach out to a retirement plan consultant in Las Vegas, NV today at 877-930-4015 or contact us online.
