Retirement plan consultants in Savannah, GA. Setting up a retirement plan such as 401(k) is a wise step for Savannah, GA businesses and business owners looking for a competitive advantage. These plans are a key factor in retaining and attracting top talent, providing employees with a feeling of stability, and fostering a committed workforce. But, for businesses that have not set up a retirement plan before, or for companies in search of a plan upgrade, the wealth of plan options, legal requirements, and tax considerations can be challenging.
Correct Capital Wealth Management is an independent Savannah, GA financial advisory firm that specializes in helping companies set up 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 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 Savannah, GA to help create a 401(k) or other plan, reach out to us via 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 Savannah, GA Business
To understand what a 401(k) or other retirement plan could mean for your Savannah, GA business, it's crucial to examine how much it means to your employees:
- Two-thirds of U.S. retirees say the country is in a retirement crisis; 40% 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 a recent study, over half 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; 44% ranked it in their top three most desired benefits (Source)
- 77% of employees with access to a plan participate (Source)
- Nearly eight in ten 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 the right financial decisions with the help of a financial advisor (Source)
Retirement savings is a major concern for most Americans, and Savannah, GA companies that offer retirement plans afford themselves a leg up when it comes to securing and keeping valuable employees. Additionally, there are a multitude of benefits for both employers and employees when it comes to offering retirement plans:
Business Benefits
- Matching 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 start up costs
- Higher retention rates lower the annual cost of training new employees
Employee Benefits
- Employee contributions can reduce their taxable income
- Contributions and earnings are not taxed 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
- Enhanced financial wellbeing in retirement
Types of Retirement Plans Available for Savannah, GA Businesses
If you're thinking about sponsoring a 401(k) or other plan for your Savannah, GA business, there are a multitude of plan options our retirement plan consultants can discuss with you:
- 401(k) Plans — The bedrock 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 part of their paycheck before taxes are deducted. 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 immediately. 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 tax-exempt organizations.
- 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 earnings, defined benefit plans promise a guaranteed monthly withdrawal in retirement. These plans are mostly employer-funded, and the company bears the investment risk.
- Cash Balance Plans — Cash balance plans are a type 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 predictable benefits like a traditional pension but with personalized 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 adaptability 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 no significant paperwork, and contributions are deductible for the business. They're especially 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 designed for 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 salary to the plan, which employers must 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 enable employers to make discretionary contributions to their employees' retirement funds. Contributions are often made out of the company's profits, giving employees a direct stake in the company's success. 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, 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 align with 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 Savannah, GA Retirement Plan Consultants Do for My Business?
Our Savannah, GA retirement plan consultants currently manage over 30 plans in companies of all sizes, and represent over $230 million in total plan assets across the country. Our experience and expertise enables us to offer a range of services that encompass both the initial set up and ongoing support:
- Plan selection — We'll help with evaluating and selecting the most appropriate retirement plan for your specific company, considering factors such as company size, financial goals, employee demographics, and tax considerations. The goal is to choose a plan that offers the best benefits to your employees while being cost-effective for your business.
- Establishing the plan — Multiple steps are required to formally put the retirement plan in place. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about terms and conditions, and establishing a record-keeping system. Our Savannah, GA retirement plan consultants can carry out and/or assist with all of these requirements.
- Plan changes — Maybe you dislike 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 assist you in modifying your plan to accommodate business growth, changes in workforce, or shifts in financial goals. This includes introducing new options, modifying contribution limits, or transitioning to a different type of plan to suit your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we have access to a wide range 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 your employees' risk tolerance, and ensuring 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 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 — Education is key to ensuring that your employees comprehend the benefits of participating in the retirement plan and how to make educated investment choices. Correct Capital's retirement plan consultants conduct 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 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 make sure your Savannah, GA business stays compliant. Furthermore, hiring Correct Capital as your retirement plan consultant allows us to take much of the fiduciary duty related to the plan from your responsibilities.
Other services we offer in Savannah, GA include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Fiduciary Financial Advisor
Savannah, GA Retirement Plan Consultants | Correct Capital
As you consider the future of your company and the welfare of your employees, providing a retirement plan should be front and center. With our complete range of offerings and dedication to working only in your best interest, we'll help you guide your Savannah, GA business and employees from where you are to where you want to go. To start crafting a plan that fits with your individual business and objectives, talk to a retirement plan consultant in Savannah, GA today at 877-930-4015 or contact us online.
