Springfield, MA Retirement Plan Consultants

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Retirement plan consultants in Springfield, MA. Establishing a retirement plan like a 401(k) is a strategic step for Springfield, MA businesses and business owners looking for a competitive advantage. These plans are a crucial element in retaining and attracting top talent, providing employees with a sense of security, and fostering a loyal workforce. But, for businesses who haven't set up a retirement plan before, or for companies in search of a better option, the variety of plans available, legal requirements, and tax considerations can be overwhelming.

Correct Capital Wealth Management is an independent Springfield, MA financial consultancy firm that specializes in assisting companies establish and maintain customized retirement plans, tailored to the needs of both your business and workers. We enjoy exploring the unique story behind every company 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 Springfield, MA to help create 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 Springfield, MA Business

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

  • 2 in 3 U.S. retirees say the country is in a retirement crisis; 2 in 5 think they might live longer than their savings last (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, 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; 47% said it's an key reason to join a company; 44% ranked it in their top three most desired benefits (Source)
  • More than three-quarters of employees with access to a plan participate (Source)
  • Nearly eight in ten of Gen Z and Millennial 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 decisions with their money with the help of a financial advisor (Source)

Saving for our golden years is a huge concern for most Americans, and Springfield, MA businesses that sponsor retirement plans provide themselves a significant edge when it comes to attracting and retaining talent. Beyond that, there are a multitude of benefits for both employers and employees that retirement plans offer:


Business Benefits

  • Tax deductions for employer contributions
  • Tax-free earnings on assets
  • 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 retention rates lower the annual cost of turnover

Employee Benefits

  • Employee contributions can reduce 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
  • Assets can be rolled over by participants if they change employers
  • Improved financial security in retirement

Types of Retirement Plans Available for Springfield, MA Businesses

If you're considering establishing a 401(k) or other plan for your Springfield, MA business, there are a variety 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 a wide range of investments including stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a part of their earnings before taxes are taken out. Employers have the option to match contributions. Safe Harbor 401(k) plans are essentially 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 Comparable 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 income, defined benefit plans promise a guaranteed monthly withdrawal once an employee reaches retirement. These plans are primarily employer-funded, and the company bears 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 interest credit rate. This plan offers consistent returns like a traditional pension but with personalized accounts similar to a 401(k). It's an attractive option for businesses seeking 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 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 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 percentage of their salary 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 hassle of larger plans.
  • Profit-Sharing Plans Profit-sharing plans are versatile retirement solutions that enable 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 success. 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 a stake of ownership in the business. ESOPs are not only a retirement benefit but also synchronize financial goals of employees with those of 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 top employees who will eventually take the reins of the business.

What Can Correct Capital's Springfield, MA Retirement Plan Consultants Do for My Business?

Our Springfield, MA retirement plan consultants are currently managing over 30 plans in companies of all sizes, and oversee over $230 million in total plan assets across the country. Our experience and expertise allows us to offer a range of services that include both the initial set up and ongoing support:

  • Plan selection — We'll assist in evaluating and selecting the most appropriate retirement plan for your business, taking into account 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 efficient for your business.
  • Establishing the plan — A number of 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 the terms of the plan, and establishing a record-keeping system. Our Springfield, MA retirement plan consultants can handle and/or assist with all of these requirements.
  • Plan changes — Maybe 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 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 suit your needs.
  • Investment advice — As a Registered Investment Advisor (RIA), we possess a diverse array of analytical tools, resources, and experience to aid in the selection of investment options that ought to be made available within the plan. This includes assessing the performance of different investment funds, determining your employees' risk tolerance, and guaranteeing a diverse range of options to meet the different needs of different employees.
  • Plan documentation — Retirement plan consultants assist in drafting and maintaining all necessary plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes plan adoption agreements, summary plan descriptions, and annual notices to participants.
  • Plan participant education — Informing participants is key 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 engage in 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 establish rigid frameworks for how companies establish and maintain their retirement plans. Most retirement plans are also subject to annual audits. Retirement plan consultants can help ensure your Springfield, MA 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 off your shoulders.

Other services we offer in Springfield, MA include:

Springfield, MA Retirement Plan Consultants | Correct Capital

As you contemplate the future prospects 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 commitment to acting only in your best interest, we'll help you lead your Springfield, MA business and staff from where you are to where you want to go. To begin developing a plan that aligns with your unique business and objectives, talk to a retirement plan consultant in Springfield, MA today at 877-930-4015 or contact us online.


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