With substantial experience as a manager of agents throughout Florida and Tennessee, Chester “C. Edziu” Pacana operates as a 403(b)/457 agent and financial consultant in the latter state at Appreciation Financial. A frequent retirement planning workshop presenter, Chester Pacana enjoys helping clients protect their principal and secure their retirement.
After you die, your estate will go through the usually lengthy and complex probate process, which are the court proceedings that settle your legal and financial matters according to your will, if you left a valid one. If necessary, the probate court will act as a neutral forum to settle any disputes over your estate raised by the heirs involved. In general, probate proceedings can take from a few months to a year or more to settle, with some complex or contested estates requiring more time to be resolved. In most cases, your heirs must wait for the probate process to be over before claiming the bulk of their inheritance. The probate and administrative fees typically cost between 6 and 10 percent of your total estate assets, and all of the proceedings are part of the public record. If you want to avoid the lengthy and costly probate process, a trained wealth management professional can help you do so with a carefully planned trust, which allows you to pass your estate to your heirs more privately and rapidly.
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An accomplished conservative wealth management planner, Chester “C. Edziu” Pacana of Tennessee operates as a 403(b)/457 agent and financial consultant at Appreciation Financial. Knowledgeable about annuities and retirement savings strategies, Chester Pacana led a seminar entitled “New Rules of Saving for Retirement.” To have financial security in retirement, you need to start saving early. In 2019, the maximum contribution limit to Independent Retirement Accounts (IRAs) was raised to $6,000, up from $5,500 in 2018. If you own more than one IRA account, you may only contribute a total of $6,000 annually across all your IRA accounts combined. However, if you are age 50 or older, you can contribute an additional $1,000 as a “catch-up” contribution, for a total of $6,000. If you have an employer-sponsored retirement plan, such as a 401(k) or 403(b), your maximum contribution limit in 2019 is $19,000, a $500 increase over 2018. If you are age 50 or older, you are allowed to contribute an additional $6,000 yearly to “catch up” with your retirement savings goals. A managing agent at DeRosa and Associates, Chester “C. Edziu” Pacana oversees annuity and insurance agents in both Tennessee and Florida. To ensure that he provides clients with the most informed guidance possible, Chester Pacana has developed deep knowledge about retirement options such as Medicare supplements, FedPlan, and 457(b) plans.
The 457(b) is a retirement savings account only available to employees of local or state government and certain nonprofits. This class includes such professionals as firefighters, police officers, and other kinds of civil servants, as well as those working in hospitals and churches. Union executives may also be eligible for a 457(b). In many ways, it is the same as the 401(k) or the 403(b). The 457(b) is tax-deferred, meaning tax is paid when money is taken out of the plan rather than at the time of contribution, and is eligible for employer matching. As with 401(k)s, withdrawals cannot usually be made from a 457 (b) plan without penalty until the age of 70.5 years, though there is some flexibility to take earlier unpenalized withdrawals from the 457 (b) that does not exist for the 401(k). For instance, individuals who leave their government employer can remove the money from their 457(b) without incurring the 10 percent penalty that is added to early 401(k) withdrawals. Both 401(k) and 457(b) plans also share a personal contribution limit. But 457(b) plans have some added flexibility with it comes to contributions. In general, the maximum annual contribution for both these plans is about $19,000, as of 2019. There is also a slight increase in maximum contributions for individuals aged 50 or older that allows them to add up to $25,000 to their plan. 457(b) plans, however, also have an accelerated savings option for people within three years of average retirement age. During this time, people can contribute up to $36,000 if they haven’t met their contribution limits in previous years. Tennessee-based conservative wealth management planner and medical professional retirement specialist Chester “C. Edziu” Pacana provides retirement planning services and products to clients working in the public and private sectors. A managing agent with DeRosa and Associates, Chester Pacana has a license to sell insurance policies in Tennessee and Florida through the National Life Group. The goal of any sales-related career, whether it involves selling vacuums or life insurance, is to close a sale. There are several strategies to help you increase the chances of selling a life insurance policy. Pitch solutions Many salespeople focus on pitching the discounts their agency provide for life insurance instead of telling customers how the product will solve a problem they either currently have or will have. Presenting life insurance as a solution to a problem is a much more effective sales strategy, but it does require that you listen to your prospects to ensure you have a good grasp of their needs. Give fewer options Often, having more choices available seems sensible, and you may attempt selling your customers a wide range of insurance options. Unfortunately, when presented with multiple alternatives, prospective clients often struggle more with the decision. By narrowing the choices of products you pitch, you speed up the sales process and increase the chance of closing. Tell a story As you speak to your prospects, set about creating a vivid picture in their minds of a situation where life insurance may be beneficial. This not only helps prospects visualize their need for your product better, it also prompts them to feel different emotions during your pitch. Emotions are a strong motivator, often encouraging prospects to take action to either prevent a negative situation or to see the positive outcome. An established Tennessee investment professional, Chester “C. Edziu” Pacana functions as a conservative wealth management planner. A particular emphasis of Chester Pacana and his team is on maintaining judicious approaches that balance stock and bond holdings.
One key consideration is that, with bonds offering relative stability and low risk, stocks provide greater upside potential. One traditional approach among balanced funds involves a mix of 60 percent stocks and 40 percent bonds, with an aim of generating income, conserving principal, and achieving long-term growth. For many people, a balanced fund is simply a core component of a broader portfolio that includes investments that take on more risk. For example, someone holding a balanced fund may also have assets in other asset classes, including art and real estate, for example, and encompass a greater range of individual security holdings. Keep in mind that even the most diversified allocation method is not immune to fluctuation and mutual funds are exposed to systemic risk tied to interest exchange rates. As a conservative wealth management planner with Pacana Conservative Wealth Management in Tennessee, Chester “C. Edziu” Pacana advises clients on conservative investment strategies with the goal of helping them to secure a reliable retirement income while protecting their principal. Chester Pacana is highly knowledgeable about several forms of life insurance products, including mortgage protection insurance (MPI). MPI covers mortgage payments if a policyholder becomes unable to do so due to job loss, illness, or injury. Most plans will also pay the mortgage outright if the policyholder passes away. Since MPIs and other term life insurance benefits can overlap, there are a few situations where MPI may be a better choice. While the payout goes directly to the mortgage lender, MPIs can provide peace of mind to families that rely on one breadwinner. Further, people with severe health conditions who cannot obtain traditional life insurance are more likely to qualify for an MPI policy, which is usually granted without a medical examination. Additionally, people in dangerous professions can take out an MPI policy to ensure that a workplace injury won’t put their family home at risk. Possessing an extensive background in wealth planning strategies, Chester (C. Edziu) Pacana aims to help his clients to safeguard their principal while developing steady retirement income streams. As a conservative wealth management planner with Pacana Conservative Wealth Management in Tennessee, Chester Pacana creates individualized financial programs based on each client’s retirement needs. He is well-versed in state retirement plans, such as the Tennessee Consolidated Retirement System (TCRS).
Considered one of the top-performing pension plans in the country, the TCRS manages retirement, disability, and survivor benefits for Tennessee state and local government employees, including teachers, higher-education personnel, and their families. The pension fund has more than $45 billion under management and handles retirement benefits for over a quarter of a million members and some 150,000 retirees. After a five-year vesting period, teachers who remain in the system for 30 years or until the age of 60 will receive a monthly retirement benefit. The annual benefit total is determined by factoring years of active teaching, retirement age, and average compensation. The TCRS also offers early-retirement and death benefit options for eligible members. As a conservative wealth management planner with DeRosa & Associates Inc. in Jamestown, Tennessee, Chester “C. Edziu” Pacana designs tax-free retirement strategies while satisfying a host of additional professional obligations. Chester Pacana’s areas of knowledge include utilizing investment pathways to beat inflation, which can erode savings over time.
Reflecting the increasing cost of goods and services over time, inflation is a constant that impacts spending power when one holds savings of a set value. According to the United States Department of Labor, inflation has averaged 3 percent annually over the past century, which is why salaries, as well as costs, are significantly higher than they were a generation ago. One misleading aspect of this equation is the significant, often sharp increases and decreases that occur along the way, amidst periods in which very little changes from year to year. One example of a sustained drop in inflation was during the Great Depression of the 1930s, as consumer demand bottomed out. Conversely, the oil crisis caused significant inflation increases in the 1970s and 1980s. Even relatively small inflation rate increases can have a dramatic price impact over the long term. For example, a 3 percent inflation rate over the course of two decades will increase average home prices from around $275,000 to nearly $500,000. For this reason, Chester Pacana and his associates recommend risk-adverse investment strategies designed to grow wealth at a faster rate than that of inflation. A conservative wealth management planner based in Tennessee, Chester “C. Edziu” Pacana is diversely experienced in real estate investment and financial planning. In addition to offering wealth management planning for high-net-worth individuals, Chester Pacana engages in challenging physical activities, such as hiking and rucking. Rucking, or taking a “forced march,” comes from a common Army training exercise in which soldiers are required to carry their equipment on their backs while walking for miles. Backpacks may weigh 45 pounds or more. Infantry members often complete the march in full combat uniform and may be required to hold a loaded weapon. The march usually takes place on uneven or difficult terrain. Rucking is a fundamental part of basic training, and improving finish time is essential for any soldier who wishes to move up the ranks. A 12-mile ruck march must be completed within three hours in order to qualify for an Expert Infantryman Badge. Forced marches are also part of admission and passing criteria for some specialist Army schools. Civilians use rucking for exercise and posture improvement, carrying weight in a backpack Chester Pacana is an established conservative wealth management planner who meets the needs of Tennessee clients through his work with DeRosa & Associates. In a recent LinkedIn article titled “Getting in Front of Potential Clients and Showing Them Need” Chester Pacana brought focus to strategies that independent agents use in securing new clients.
One major hurdle for agents is securing quality leads, with even “double verified leads" typically requiring several phone calls to talk with, and event more attempts to arrange sit-down or online appointments. Even in cases of successful meetings, where positive relationships are built, a significant percentage of potential clients are simply shopping and may not come to any firm decision for months. This does not mean that the motivated, personable agent cannot set out a clear value proposition that makes forging long-term relationship with a prospective client a more likely. A key aspect of this is clearly outlining the benefits of products such as term, final expense, Medicare Advance, and supplemental insurance. When it comes to such products as whole life with dividends, fixed index annuities, and indexed universal life insurance, it is more challenging to present a compelling narrative. This has to do with the conditioning people receive that simply placing money over the long term into a 401(k) or equities portfolio will allow assets to grow and provide a comfortable retirement. C. Edziu Pacana suggests that the key is being able to clearly explain the ways in which indexing and related strategies protect clients and provide a springboard for quality gains, without the level of principal loss risks associated with other products that clients may see as essentially the same. |
AuthorChester Pacana - Experienced Conservative Wealth Management Planner. Archives
July 2019
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