Retirement plan consultants in Milwaukee, WI. Adopting a retirement plan such as 401(k) is a smart move for Milwaukee, WI companies and business owners looking for a way to stand out. Retirement plans are a vital component in attracting and retaining top talent, providing employees with a feeling of stability, and fostering a loyal workforce. But, for businesses that have not established a retirement plan before, or for companies who'd like to make changes to their current plan, the wealth of plan options, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Milwaukee, WI financial consultancy firm that specializes in helping companies set up and maintain unique retirement plans for your unique business and workforce. We enjoy 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 only goal is to act in your best interest. If you're in search of a retirement plan consultant in Milwaukee, WI to help set up 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.
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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 Milwaukee, WI Business
To understand what a 401(k) or other retirement plan could mean for your Milwaukee, WI business, it's essential to examine what a retirement plan means for your employees:
- Two-thirds of U.S. retirees say there's a retirement crisis in the country; four out of ten think they might live longer than their savings last (Source)
- Nearly half of retirees say their income wasn't high enough to save for retirement; over half blame their employer for not doing enough to help them save (Source)
- In one survey, 62% of respondents said their main 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 important reason to join a company; about four in ten ranked it in their top three 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 looking for 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)
Saving for our golden years is a significant concern for most Americans, and Milwaukee, WI businesses that offer retirement plans give themselves a competitive advantage when it comes to securing and keeping valuable employees. Beyond that, there are a bevy of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Employer contributions are tax-deductible
- 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 initial costs
- Higher employee retention lowers the annual cost of turnover
Employee Benefits
- Employees can lower their taxable income
- Contributions and earnings are not taxed 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
- Improved financial security in retirement
Retirement Plan Options Available for Milwaukee, WI Businesses
If you're looking into establishing a retirement plan for your Milwaukee, WI business, there are a variety of plan options that may be right for your business:
- 401(k) Plans — The foundation 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 part of their paycheck before taxes are deducted. Employers can choose to match contributions. Safe Harbor 401(k) plans are largely the same, but employer contributions must 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 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 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 one form of defined benefit plan that tracks each participant's balance in a hypothetical account, which grows annually through employer contributions and an interest credit 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 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 established for each employee. SEPs are straightforward to manage, with no significant 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 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 simpler to manage than 401(k)s but allow employees to contribute a part of their salary to the plan, which employers are required to 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 allow employers to make discretionary contributions to their employees' retirement funds. Contributions are usually made out of the company's profits, giving employees a direct stake in 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 provide employees with company stock, offering them a stake of ownership in the business. ESOPs are not only a retirement benefit but also align 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 Milwaukee, WI Retirement Plan Consultants Do for My Business?
Our Milwaukee, WI 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 U.S. 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 aid in evaluating and selecting the most appropriate retirement plan for your business, considering factors such as company size, financial goals, employee demographics, and tax advantages. The goal is to select a plan that offers the best benefits to your employees while being economical for your business.
- Establishing the plan — Several steps are required to make the retirement plan legal. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about the terms of the plan, and establishing a record-keeping system. Our Milwaukee, WI retirement plan consultants can handle and/or assist with each of these steps.
- Plan changes — Maybe 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 guide you through 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 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 aid in the selection of investment options that should be made available within the plan. This includes analyzing the performance of different investment funds, assessing their risk levels, and guaranteeing a diverse range of options to suit the varying investment preferences and retirement goals of your 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, summary plan descriptions, and annual notices to participants.
- Ongoing participant education — Informing participants is paramount to ensuring that your employees grasp the benefits of participating in the retirement plan and how to make educated 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 increase their retirement savings.
- Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions set 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 make sure your Milwaukee, WI 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 Milwaukee, WI include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Fiduciary Financial Advisor
- Self-Employed Retirement Plans
Milwaukee, WI Retirement Plan Consultants | Correct Capital
As you think about the future prospects of your company and the welfare of your workforce, implementing a retirement plan should be a top priority. With our wide array of offerings and dedication to acting only in your best interest, we'll help you guide your Milwaukee, WI company and staff from where you are to where you want to go. To start crafting a plan that aligns with your distinct business and objectives, speak to a retirement plan consultant in Milwaukee, WI today at 877-930-4015 or contact us online.
