Retirement plan consultants in Mesquite, TX. Adopting a retirement plan like a 401(k) is a wise step for Mesquite, TX 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 productive workforce. But, for businesses who haven't set up a retirement plan before, or for companies looking for a better option, the wealth of plan options, regulatory compliance, and tax considerations can be daunting.
Correct Capital Wealth Management is an independent Mesquite, TX financial consultancy firm that specializes in assisting companies set up and maintain customized retirement plans, built around the needs of both your business and workforce. We love exploring the unique story behind each business we work with and getting to know what makes them tick. As fiduciary advisors, our only goal is to act in your best interest. If you're in search of a retirement plan consultant in Mesquite, 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 a member of our advisor team today.
Benefits of Starting a Retirement Plan for Your Mesquite, TX Business
To understand what a 401(k) or other retirement plan could mean for your Mesquite, TX company, it's essential to examine what a retirement plan means for your employees:
- 2 in 3 U.S. retirees say there's a retirement crisis in the country; four out of ten worry they will live longer than their savings last (Source)
- 45% of retirees say their income wasn't sufficient to save for retirement; 55% blame their employer for not doing enough to help them save (Source)
- In a recent study, over half of respondents said their primary 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 top most desired benefits (Source)
- Nearly four out of five employees with access to a plan choose to participate (Source)
- Nearly eight in ten of younger workers that are 401(k) plan participants are looking for customized investment advice for their plan (Source)
- 77% of plan participants are "extremely confident" in their ability to make sound decisions with their money with the help of a financial advisor (Source)
Retirement savings is a major concern for most Americans, and Mesquite, TX companies that sponsor retirement plans give themselves a significant edge when it comes to securing and keeping valuable employees. Additionally, there are a multitude 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
- Variety of plan options and flexibility to adapt a plan to your business
- Tax credits , among other advantages from the SECURE ACT 2.0, help reduce initial costs
- Higher employee retention lowers the annual cost of training new employees
Employee Benefits
- Employees can lower their taxable income
- No taxation on contributions and earnings until withdrawal
- Contributions are easy to make through payroll deductions
- Small, regular contributions can grow into significant retirement savings
- Participant assets can be rolled over if they change employers
- Enhanced financial wellbeing in retirement
Retirement Plan Options Available for Mesquite, TX Businesses
If you're considering establishing a 401(k) or other plan for your Mesquite, TX business, there are a multitude of plan options our retirement plan consultants can speak to you about:
- 401(k) Plans — The foundation of American retirement plans, 401(k)s enable for diverse investments including 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 are required to be fully vested immediately. In exchange, safe harbor 401(k)s are not subject to annual nondiscrimination tests.
- 403(b) Plans — Similar to 401(k)s, 403(b)s are tailored 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 certain amount or percentage of their income, defined benefit plans promise a predetermined 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 one form 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 predictable benefits 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 straightforward way for small businesses to provide retirement benefits. Employers make contributions directly to an IRA set up for each employee. SEPs are straightforward to manage, with minimal paperwork, and contributions are 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 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 hassle of larger plans.
- Profit-Sharing Plans — Profit-sharing plans are versatile retirement solutions that allow employers to make optional contributions to their employees' retirement funds. Contributions are usually made from company stock, giving employees an incentive to contribute to the company's bottom line. 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, offering them 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 take the reins of the business.
What Can Correct Capital's Mesquite, TX Retirement Plan Consultants Do for My Business?
Our Mesquite, TX retirement plan consultants are currently managing over 30 plans in both small and large companies, and represent 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 aid in evaluating and selecting the most suitable retirement plan for your specific company, taking into account factors such as company size, financial goals, employee demographics, and tax advantages. 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 — Multiple steps are required to make the retirement plan legitimate. 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 Mesquite, TX retirement plan consultants can manage and/or assist with all of these requirements.
- Plan changes — Possibly you're unsatisfied 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 help you with 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 diverse 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 analyzing the performance of different investment funds, assessing your employees' risk tolerance, and ensuring a diverse range of options to meet the different needs of different employees.
- Plan documentation — Retirement plan consultants assist in drafting and maintaining all required plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes adoption agreements for the plan, plan summaries, and annual notices to participants.
- Ongoing participant education — Informing participants is paramount 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 carry out 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 frameworks 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 Mesquite, TX 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 Mesquite, TX include:
- Financial Planning for Business Owners
- Comprehensive Financial Planning
- Retirement Income Planning
- Investment Planning
- Retirement Financial Planning
- Independent Financial Advisor
- Roth Conversion
- Investment Management
- 401(k) Audit
- High-Net-Worth Wealth Management
Mesquite, TX Retirement Plan Consultants | Correct Capital
As you contemplate the future of your company and the welfare of your workforce, providing a retirement plan should be a top priority. With our complete range of offerings and commitment to acting solely in your optimal interest, we'll help you get your Mesquite, TX business and employees from where you are to where you want to go. To initiate developing a plan that fits with your distinct company and goals, speak to a retirement plan consultant in Mesquite, TX today at 877-930-4015 or contact us online.
