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