Retirement plan consultants in Pembroke Pines, FL. Setting up a retirement plan such as 401(k) is a strategic move for Pembroke Pines, FL businesses and business owners looking for a way to stand out. These plans are a crucial element 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 in search of a better option, the variety of plans available, regulatory compliance, and tax considerations can be challenging.
Correct Capital Wealth Management is an independent Pembroke Pines, FL financial consultancy firm that specializes in assisting companies establish and maintain unique retirement plans for your unique business and workforce. We love exploring the unique story behind each business we work with and getting to know the entrepreneurial spirit that drives their leaders. As fiduciary advisors, our only goal is to act in your best interest. If you're looking for a retirement plan consultant in Pembroke Pines, FL to help create a 401(k) or other plan, give us a call at 877-930-4015, contact us online, or make an appointment with one of our financial advisors today.
Benefits of Starting a Retirement Plan for Your Pembroke Pines, FL Business
To understand what a 401(k) or other retirement plan could do for your Pembroke Pines, FL business, it's important to examine what a retirement plan means for your employees:
- Two-thirds of U.S. retirees say the country is in a retirement crisis; four out of ten think they might outlive their retirement savings (Source)
- Almost half of retirees say their income wasn't high enough to save for retirement; over half blame their employer for not providing adequate resources to help them save (Source)
- In one survey, nearly two-thirds of respondents said their main 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; 44% 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)
- 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 the right financial decisions with the help of a financial advisor (Source)
Saving for retirement is a significant concern for most Americans, and Pembroke Pines, FL companies that offer retirement plans afford themselves a leg up when it comes to securing and keeping valuable employees. Beyond that, there are a host 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
- 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 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
- Enhanced financial wellbeing in retirement
Types of Retirement Plans Available for Pembroke Pines, FL Businesses
If you're considering setting up a retirement plan for your Pembroke Pines, FL business, there are a range of plan options our retirement plan consultants can speak to you about:
- 401(k) Plans — The bedrock 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 income before taxes are deducted. 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 tailored 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 income, defined benefit plans offer a specific monthly withdrawal once an employee reaches retirement. These plans are primarily 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 every year through employer contributions and an interest credit rate. This plan offers consistent returns like a traditional pension but with individual accounts similar to a 401(k). It's an appealing option for businesses seeking a middle ground between the security of pension plans and the flexibility of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer a simple way for small businesses to offer retirement plans. Employers make contributions directly to an IRA established for each employee. SEPs are straightforward to manage, 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 modified 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 percentage of their paycheck to the plan, which employers are required to match up to a certain percentage. SIMPLE IRAs are an excellent option 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 allow employers to make optional contributions to their employees' retirement funds. Contributions are typically made out of the company's profits, 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 provide employees with company stock, providing an ownership interest 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 complement a company's succession planning as ownership shares can be passed to top employees who will eventually take the reins of the business.
What Can Correct Capital's Pembroke Pines, FL Retirement Plan Consultants Do for My Business?
Our Pembroke Pines, FL retirement plan consultants manage over 30 plans in both small and large companies, and oversee over $230 million in total plan assets across the United States. Our expertise and experience allows 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 fitting retirement plan for your specific company, considering factors such as number of employees, financial goals, employee demographics, and tax advantages. The goal is to select a plan that provides 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 adopting a written plan, arranging a trust for trust assets, notifying eligible employees about the terms of the plan, and establishing a record-keeping system. Our Pembroke Pines, FL retirement plan consultants can handle and/or assist with each of these steps.
- Plan changes — Possibly 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 guide you through 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 range 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 analyzing the performance of different investment funds, determining their risk levels, and providing a diverse range of options to suit the different needs of different employees.
- Plan documentation — Retirement plan consultants assist in drafting and maintaining all essential 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 — Education is vital 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 personalized 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 guidelines 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 Pembroke Pines, FL business stays compliant. Furthermore, hiring Correct Capital as your retirement plan consultant enables us to assume much of the fiduciary duty related to the plan from your responsibilities.
Other services we offer in Pembroke Pines, FL 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
Pembroke Pines, FL Retirement Plan Consultants | Correct Capital
As you consider the future prospects of your company and the welfare of your employees, offering a retirement plan should be at the forefront. With our wide array of offerings and deep commitment to working only in your optimal interest, we'll help you get your Pembroke Pines, FL business and staff from where you are to where you want to go. To initiate developing a plan that fits with your distinct company and objectives, talk to a retirement plan consultant in Pembroke Pines, FL today at 877-930-4015 or contact us online.
