A conservative wealth management planner with DeRosa & Associates, Chester Pacana meets the needs of Tennessee clients seeking tax-free retirement pathways. Focused on assisting plan providers, Chester Pacana focuses on qualified, non-ERISA retirement plans. Plans established and serviced by the firm include 403(b) plans that provide employees with tax benefits as they save toward retirement. Supplementing these, 401(k)s have independent contribution limits that allow further savings potential, beyond what is possible with 403(b) plans alone. These include the popular Roth 401(k) plan that provides for tax free distributions after retirement. For companies with significant numbers of seasonal, temporary, and part-time staff members, the 3121 FICA Alternative Plan is a defined-contribution retirement solution that can serve as an alternative to Social Security. In addition, 401(a) plans are available to diverse entities, from corporations to nonprofits, and offer sound money-purchase retirement plan pathways for self-employed individuals and sole proprietorships. Complementing the range of employer-sponsored retirement plans are IRA accounts that are provided for in the tax code as accounts enabling individuals to save for retirement up to 70.5. C. Edziu Pacana and his team at DeRosa & Associates work through National Life Group in helping business clients navigate retirement options, with an aim of ensuring that employees have the most attractive and cost-effective benefits packages possible.
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Chester “C. Edziu” Pacana, a conservative wealth management planner and vice president of sales and recruitment with Jamestown, Tennessee-based DeRosa and Associates, offers clients extensive information on numerous retirement and long-term planning vehicles. Chester Pacana concentrates on working with high-net-worth clients, federal employees, and those in the medical profession. He additionally serves as a nursing retirement specialist with Retirement4Nurses.
Only recently, the average nurse planned to retire while still in his or her 50s, in part because of the unusual level of stress and burnout associated with the job. Today, however, some studies show the average retirement age for nurses as about 61 years old, a fact partially attributed to the more uncertain nature of the American economy and its benefits system. Many nurses today maintain active direct patient care roles into their 60s, with the median age of American nurses at about 45. Even so, large numbers of nurses from the baby boomer generation are planning to retire over the next few years, creating a wave of occupational vacancies that experts predict will exacerbate the nation’s long-standing nursing shortage. As reported by the AARP in 2017, almost three-quarters of registered nurses age 54 and up who are planning to retire and who responded to a national survey said that they would do so within three years. Chester “C. Edziu” Pacana works as the vice president of sales and recruitment and as a conservative wealth management planner with DeRosa and Associates, offering wealth investment and retirement planning options to clients in Tennessee and Florida. Chester Pacana is also dedicated to the sport of rucking, whose participants hike with weighted backpacks on their backs. Advocates of rucking point out that it is an excellent exercise for the cardiovascular system, burning significant amounts of calories. Rucking is a tried-and-true staple of military fitness exercises; members of the armed services are among the strongest promoters of it as a means of active resistance training for the body. Since rucking can be done at a walking or slow hiking pace, at a fast walk, or at a slow jog, the difficulty and the resulting caloric burn increase as the pace increases. While the typical civilian who takes up rucking can choose to fill his or her backpack with varying degrees of weights depending on personal fitness goals (45 pounds is a common civilian standard), a member of the military is already required to haul large amounts of gear over often rugged terrains. Either way, the cardiovascular benefits are typically extensive. Experts note that a typical rucking session burns more calories than walking, about the same amount as jogging or a demanding general fitness routine. One estimate says a 200-pound man rucking for one hour at a pace of five miles per hour can burn more than 700 calories. Rucking also increases the heart rate and builds overall physical and mental endurance. The vice president of sales and recruitment at DeRosa and Associates in Tennessee, Chester “C. Edziu” Pacana manages insurance and annuity agents in Tennessee and Florida. Under the leadership of Chester Pacana, these individuals educate clients about and market a variety of insurance policies, including whole-life, term-life, and key person life insurance.
Key person, traditionally called “key man” insurance, is bought by a company with the purpose of protecting the business against the loss of key individuals. This may include the owner of the business, a top salesperson, or any other employee whose death would significantly affect the success of the company. To determine how large a policy a company needs, there are several different calculations that can be used. One is determining the cost associated with replacing the key employee being insured. This includes the cost of finding the replacement and training that person for the position, along with the estimated revenue lost due to the lost employee. On average, this number is roughly 10 times the earnings of the key employee. Aside from calculating the cost of replacement or multiplying salary, companies can determine what percentage of their overall income the key employee is responsible for. This percentage should then be multiplied by how long finding a replacement would take. For instance, if a key employee is directly responsible for 10 percent of the revenue of a million-dollar company, that individual brings in roughly $100,000 each year. If estimates say it would take five years to completely replace this individual, the business needs a key person policy of about $500,000. Conservative wealth management planner Chester “C. Edziu” Pacana works at DeRosa & Associates Inc. in Jamestown, Tennessee. Alongside this role, he serves as the president and a managing member of Edge Interstate Investments LLLP. Chester Pacana has been working in the finance industry for upwards of 15 years and is familiar with such things as 401(k) and 403(b) plans. Most people have heard of 401(k) plans when it comes to saving for retirement. However, certain people will only have the option of setting up a 403(b) plan when they get their first job. Despite having different names, these plans are very similar to one another. Each offers tax-deferment options when contributions are made and allows employers to match employee contributions each year. Further, both limit withdrawals from participants younger than 59.5 years old, can be rolled over either from another job or into an IRA, and require that participants start getting monthly payments at age 70. Despite these similarities, 401(k) and 403(b) plans are still quite different from one another; whereas virtually any company in any field can offer 401(k) plans to its employees, 403(b) plans can only be offered to specific employees, such as government employees and teachers, working in the public sector. Moreover, most 403(b) plans are more limited in terms of investment options for participants. While a 401(k) plan enables participants to invest in stocks, bond funds, annuities, and other investment vehicles, 403(b) participants can often only invest in annuities or mutual funds. 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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July 2019
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