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.
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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. 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. 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. 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. 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. 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. |
AuthorChester Pacana - Experienced Conservative Wealth Management Planner. Archives
July 2019
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