Lincoln, NE Retirement Plan Consultants

Retirement plan consultants in Lincoln, NE. Adopting a retirement plan like a 401(k) is a wise move for Lincoln, NE companies and business owners looking for a competitive advantage. Retirement plans are a vital component in attracting and retaining 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 plan upgrade, the variety of plans available, legal requirements, and tax considerations can be challenging.

Correct Capital Wealth Management is an independent Lincoln, NE financial consultancy firm that specializes in helping companies set up and manage customized retirement plans, built around the needs of both your business and employees. We love exploring the unique story behind each business 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 looking for a retirement plan consultant in Lincoln, NE 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.

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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

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Benefits of Starting a Retirement Plan for Your Lincoln, NE Business

To understand what a 401(k) or other retirement plan could do for your Lincoln, NE 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 think they might outlive their retirement savings (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 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; 44% ranked it in their top three most desired benefits (Source)
• Nearly four out of five employees with access to a plan opt-in (Source)
• Nearly eight in ten of Gen Z and Millennial 401(k) plan participants are keen on personalized 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 major concern for most Americans, and Lincoln, NE companies that offer retirement plans give themselves a significant edge 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:

Retirement Plan Options Available for Lincoln, NE Businesses

If you're thinking about sponsoring a 401(k) or other plan for your Lincoln, NE business, there are a variety of plan options our retirement plan consultants can discuss with you:

• 401(k) Plans — The bedrock of American retirement plans, 401(k)s enable for a wide range of investments across stocks, bonds, mutual funds, and ETFs, and allow employees to save and invest a portion of their earnings before taxes are taken out. Employers can choose to match contributions. Safe Harbor 401(k) plans are essentially the same, but employer contributions must be fully vested when made. 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 specifically designed for employees of non-profit entities.
• Defined Benefit (Pension) Plans — While 401(k)s and other defined contribution plans operate based on employees contributing a specific amount or percentage of their earnings, defined benefit plans offer a guaranteed monthly withdrawal in retirement. These plans are largely employer-funded, and the company bears 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 increases annually through employer contributions and an annual interest rate. This plan offers consistent returns like a traditional pension but with individual accounts similar to a 401(k). It's an attractive 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 a simple way for small businesses to sponsor retirement plans. Employers make contributions directly to an IRA established for each employee. SEPs are straightforward to manage, with minimal red tape, and contributions are tax-deductible for the business. They're particularly 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 tailored to 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 earnings 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 complexities of larger plans.
• Profit-Sharing Plans — Profit-sharing plans are flexible retirement solutions that enable employers to make discretionary 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 distributed and calculated among employees.
• Employee Stock Ownership Plans (ESOPs) — ESOPs offer employees with company stock, providing a stake of ownership in the business. ESOPs are not only a retirement benefit but also synchronize employees' interests with the company's performance, potentially boosting productivity and job satisfaction. ESOPs can also be part of a company's succession planning as ownership shares can be passed to high performers who will eventually lead of the business.

What Can Correct Capital's Lincoln, NE Retirement Plan Consultants Do for My Business?

Our Lincoln, NE retirement plan consultants manage over 30 plans in companies of all sizes, and represent over $230 million in total plan assets across the United States. Our expertise and experience enables us to offer a range of services that encompass both the initial set up and ongoing support:

• Plan selection — We'll aid in evaluating and selecting the most suitable retirement plan for your business, considering factors such as number of employees, financial goals, employee demographics, and tax considerations. The goal is to decide on a plan that provides the best benefits to your employees while being cost-effective 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 the terms of the plan, and setting up a record-keeping system. Our Lincoln, NE retirement plan consultants can manage and/or assist with all of these requirements.
• Plan changes — Maybe you're unhappy with 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 introducing new options, 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 possess a wide array of analytical tools, resources, and experience to assist with the selection of investment options that ought to be made available within the plan. This includes examining the performance of different investment funds, assessing your employees' risk tolerance, and ensuring a diverse range of options to suit the different needs of different employees.
• Plan documentation — Retirement plan consultants help in drafting and maintaining all essential plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes plan adoption agreements, plan summaries, and annual notices to participants.
• Plan participant education — Informing participants is vital 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 carry out 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 set rigid frameworks 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 Lincoln, NE business stays compliant. Furthermore, 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 Lincoln, NE include:

• 401(k) Audit
• High-Net-Worth Wealth Management
• Retirement Planner
• Financial Planning
• Fiduciary Financial Advisor
• Self-Employed Retirement Plans

Lincoln, NE Retirement Plan Consultants | Correct Capital

As you contemplate the future prospects of your business and the well-being of your workforce, offering a retirement plan should be a top priority. With our wide array of offerings and commitment to acting only in your optimal interest, we'll help you get your Lincoln, NE business and employees from where you are to where you want to go. To begin creating a plan that matches with your individual company and goals, speak to a retirement plan consultant in Lincoln, NE today at 877-930-4015 or contact us online.

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