Paterson, NJ Retirement Plan Consultants

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Retirement plan consultants in Paterson, NJ. Establishing a retirement plan such as 401(k) is a strategic move for Paterson, NJ companies 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 loyal 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 wealth of plan options, regulatory compliance, and tax considerations can be challenging.

Correct Capital Wealth Management is an independent Paterson, NJ financial advisory firm that specializes in helping companies establish and manage unique retirement plans for your unique business and workforce. We enjoy exploring the unique story behind each business 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 Paterson, NJ 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 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 Paterson, NJ Business

To understand what a 401(k) or other retirement plan could do for your Paterson, NJ company, it's crucial to look at how much it means to your employees:

  • 67% of U.S. retirees say there's a retirement crisis in the country; four out of ten think they might outlive their retirement savings (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 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 essential reason to join a company; about four in ten ranked it in their three top most desired benefits (Source)
  • 77% of employees with access to a plan opt-in (Source)
  • 78% of Millennial and Gen Z 401(k) plan participants are looking for personalized 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 huge concern for most Americans, and Paterson, NJ companies that offer retirement plans afford themselves a competitive advantage when it comes to securing and keeping valuable employees. Moreover, there are a bevy of benefits for both employers and employees when it comes to offering retirement plans:


Business Benefits

  • Employer contributions are tax-deductible
  • Earnings on plan assets are tax-free
  • A range of plan choices and the flexibility to adapt a plan to your business
  • Tax credits , among other advantages 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
  • 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 Paterson, NJ Businesses

If you're thinking about setting up a 401(k) or other plan for your Paterson, NJ business, there are a variety of plan options that may be right for your business:

  • 401(k) Plans The cornerstone of American retirement plans, 401(k)s allow for a wide range of investments including stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a portion of their income before taxes are taken out. Employers have the option to match contributions. Safe Harbor 401(k) plans are largely 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 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 certain amount or percentage of their income, defined benefit plans offer a predetermined monthly withdrawal in retirement. These plans are largely employer-funded, and the company takes on 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 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 security of pension plans 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 set up for each employee. SEPs are easy to administer, with no significant paperwork, and contributions are tax-deductible for the business. They're particularly 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 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 earnings to the plan, which employers must 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 hassle of 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 typically 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, offering them an ownership interest 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 take the reins of the business.

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

Our Paterson, NJ retirement plan consultants are currently managing over 30 plans in both small and large companies, and oversee over $230 million in total plan assets across the U.S. Our experience and expertise 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 business, taking into account factors such as company size, 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 efficient for your business.
  • Establishing the plan — Multiple 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 Paterson, NJ retirement plan consultants can carry out 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 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 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 diverse array of analytical tools, resources, and experience to help with the selection of investment options that ought to be made available within the plan. This includes examining the performance of different investment funds, evaluating their risk levels, 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 adoption agreements for the plan, 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 wise 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 enhance their retirement savings.
  • Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions set rigid guidelines for how companies need to stay legally compliant with their retirement plans. Most retirement plans are also subject to annual audits. Retirement plan consultants can assist in ensuring your Paterson, NJ business stays compliant. Additionally, 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 Paterson, NJ include:

Paterson, NJ Retirement Plan Consultants | Correct Capital

As you think about the future of your business and the well-being of your workforce, providing a retirement plan should be at the forefront. With our comprehensive suite of offerings and dedication to working exclusively in your optimal interest, we'll help you guide your Paterson, NJ company and staff from where you are to where you want to go. To start creating a plan that aligns with your individual business and objectives, reach out to a retirement plan consultant in Paterson, NJ today at 877-930-4015 or contact us online.


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