A managing agent at DeRosa & Associates in Jamestown, Tennessee, Chester (C. Edziu) Pacana leverages his knowledge of insurance programs, annuities, and retirement savings plans to serve clients. Focusing on conservative wealth management strategies, Chester Pacana has built a career out of helping clients reach their retirement savings goals. Opening a retirement savings account in your 20s can lead to a huge payoff in the long term. Part of this benefit comes from compound interest, which means the deposits you make earn interest over and over again throughout the years, adding up to larger amounts in the future. To start saving, sign up for your employer’s 401(k) program, or open a Roth Individual Retirement Account (IRA). Roth IRAs are funded with after-tax earnings, which means you won’t need to pay taxes on those funds when you withdraw them in retirement. In contrast, you don't pay taxes on funds going into a 401(k), but you may be taxed on the earnings when you withdraw them. Even if money is tight, putting away just 10 percent of your paycheck each month can reap long-term rewards as the interest continues to compound on your growing savings account each year. Saving early also begins a lifelong habit that will help ensure your financial security in retirement.
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Chester “C. Edziu” Pacana is a conservative wealth-management planner at DeRosa & Associates in Jamestown, Tennessee, where he serves the needs of high-net-worth clients. Chester Pacana educates clients about annuities and various life insurance products, including key person insurance. Key person insurance is purchased by a business to mitigate losses if a key executive, such as the owner, dies. Sometimes called "key man” or “key woman” insurance, or even "business life insurance,” the policy is taken out in cases where losing a high-contributing executive would mean a significant negative impact on the company's operations. The key person insurance payout helps the company tread water while it strategizes ways to maintain the business moving forward. The insurance funds can be used to pay off debts, distribute money to investors, or even pay severance to employees if the business must close. Key person insurance is an attractive alternative to having to declare bankruptcy in the face of an untimely death. |
AuthorChester Pacana - Experienced Conservative Wealth Management Planner. Archives
July 2019
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