Did I Save Enough for Retirement?

Tennessee-based finance professional Chester “C. Edziu” Pacana serves as a managing agent and conservative wealth management planner at DeRosa & Associates Inc. As such, Chester Pacana manages annuity and insurance agents in Tennessee and Florida and maintains a strong working knowledge of varying retirement strategies and savings plans.

Figuring out what you need for retirement is complicated and involves the honest evaluation of your total income and monthly expenses.

To start, add up the total amount of money you bring in each month. This income may be in the form of your after-tax pay from work, investment income, and other income sources. However, you must remember that certain income sources are removed once you retire. Work income, for example, will stop after retirement, but Social Security income will begin.

You must also add up the total amount of money you spend on bills and other debts every month. Don’t forget to include monthly estimates for food and entertainment, among other things.

Once you have an idea of how much you need each month, take into consideration your retirement goals and normal increases in salary and inflation. On average, you can expect that your salary will rise by about 2 percent annually. The inflation that will affect your expenses, by contrast, will increase by about 3 percent annually. Considering such increases will give you a better idea of how much you’ll need when you actually retire.

Further, you must consider changes in your lifestyle once you retire. For instance, if you plan on traveling for several weeks or months at a time, your expenses in retirement may be higher than at present.

Studies Show Reading Increases Empathy

As a conservative wealth management planner with DeRosa & Associates in Jamestown, Tennessee, Chester “C. Edziu” Pacana works with high-net-worth individuals, medical professionals, federal employees, and other clients to develop long-term financial strategies. Outside of his professional life, Chester Pacana pursues a diverse range of hobbies that includes hiking, traveling, and reading.

Reading has numerous benefits in addition to simply being an entertaining and informative way to spend leisure time. Besides improving brain function and decision-making, research suggests that reading a specific type of fiction can actually increase the capacity for empathy.

In 2013, researchers at The New School conducted a series of tests that measured subjects’ abilities to interpret the emotions and thought of other people, one of the hallmarks of empathy. After dividing the test subjects into several groups, the researchers assigned each group a different kind of literature to read, including nonfiction, genre fiction, and literary fiction. After the subjects read the assigned literature, each took a test that measures empathy.

The study results indicated that readers of nonfiction and genre fiction, such as books by Danielle Steel or James Patterson, scored much less impressively on the empathy test than those who read literary fiction, which is often defined as fiction that mimics reality and explores character psychology and emotion more than plot. Experts who have examined the test results suggest that readers of literary fiction develop emotional and psychological intelligence through their mental interactions with the characters on the page, and that this can be applied in the real world.

The Three Parts of the Federal Employee Retirement System

An accomplished financial professional, Chester “C. Edziu” Pacana draws upon experience with a range of financial, insurance, and retirement issues in his work as a conservative wealth management planner with DeRosa & Associates in Tennessee. Among other areas of focus, Chester Pacana and the team at DeRosa & Associates offer guidance on topics related to the Federal Employee Retirement System (FERS).

Created in 1987, FERS is the retirement plan for all civilian employees who work for the US government, including the legislative, executive, and judicial branches. FERS currently comprises three major parts:

*Basic Benefit Plan: Similar to a pension, this element of the plan will pay the employee a fixed monthly sum, known as a monthly annuity, upon retirement. The amount varies, depending on several factors, including how long the employee worked for the federal government.

*Social Security: Virtually all workers in the United States pay into the Social Security system, which provides a guaranteed stream of payments after retirement age. Federal workers also participate in this system, with contributions made through automatic deductions from regular paychecks.

*Thrift Savings Plan (TSP): Similar to the 401(k) plans that many workers in the private sector have access to, a TSP is an investment vehicle that offers a range of tax benefits and investment options. Automatic contributions to the TSP are taken out of each paycheck, with employees having the option of making additional contributions if they so choose.

Retirement Saving Plans Offered by Nonprofit, Public-Sector Employers

Chester (C. Edziu) Pacana is a conservative wealth management planner who serves as managing agent at DeRosa & Associates in Jamestown, Tennessee. Operating with the motto, “Protecting Principal and Securing Retirement,” Chester Pacana helps clients with retirement planning through investment vehicles such as 401(a), 403(b), and 457(b) plans. Similar to 401(k)s, these plans are designed for organizations that offer employees defined-benefit plans, or pensions, upon retirement, and they are intended to help employees save for retirement and/or supplement the pension plans. 

Public-sector employers, school districts, religious groups, and nonprofits have a choice of retirement savings accounts to offer to employees. A money-purchase retirement plan, the 401(a) plan is funded in large part by employer contributions and receives employee contributions that are either mandatory or voluntary, depending on the employer. In addition, 401(a) plans can be either core or supplemental retirement plans and are often used to attract employees. 

Other options include 403(b) and 457(b) plans. 403(b) plans have a catch-up contribution provision, which allows eligible employees to contribute up to $3,000 more per year. 457(b) plans are intended specifically for government employees and have generous catch-up contribution rules. In addition to employer-sponsored programs, employees may decide to open independent Individual Retirement Accounts (IRAs), to save even more aggressively for retirement.

The Physical Benefits of Rucking

As a conservative wealth management planner and managing agent at DeRosa & Associates Inc., Chester “C. Edziu” Pacana educates clients about term, whole, and indexed universal life insurance policies and assists government workers with retirement planning. Beyond dispatching his professional obligations, Chester Pacana enjoys rucking.

Common in the military, rucking involves walking with a weighted backpack to improve cardiovascular endurance. In the military, soldiers will often march for hours, if not days, with rucksacks stocked with equipment and provisions. Thanks to companies like GoRuck, which manufactures specialized backpacks for rucking and hosts rucking events, the exercise is growing in popularity among civilians as a form of training.

Arguably an ideal aerobic alternative for people who don’t like running, rucking offers the added benefit of facilitating the growth of muscles in your back, core, and shoulders, depending on how much weight is in your pack. Moreover, it has been shown to have roughly the same aerobic benefits as running, but with less risk of injury, and can also help improve posture, relieve back pain, and strengthen your hips. Perhaps the best part of rucking is that you can do it anywhere and at any time of day.

Chester Pacana - Retirement and Insurance Solutions

A conservative wealth management planner based in Tennessee, Chester “C. Edziu” Pacana assists clients as a managing agent with DeRosa & Associates Inc. in Jamestown. Knowledgeable about the insurance marketplace, Chester Pacana engages closely with a wide range of clients, including civilians and federal employees.

C. Edziu Pacana aims to provide sound financial solutions that deliver consistent returns over the long term. His portfolio of offerings encompass life and health insurance policies; annuities; and 403(b), 457(b), and 401(k) plans. His foundational philosophy is one of “protecting principal and securing retirement.”

An alumnus of Saint Leo University with a BA in history, Chester Pacana recently began educating medical professionals about planning for retirement in his capacity with Retirement4nurses.com. For the past 15 years, he has also held responsibilities as a managing member of Edge Interstate Investments LLLP. As such, he guides financial investments and oversees rental real estate property management and maintenance.

Chester Pacana, Experienced Retirement Planning Professional

Chester “C. Edziu” Pacana began his career while attending Saint Leo University, where he graduated cum laude as a presenter for the Florida branch of the Phi Alpha Theta honor society. He had already spent more than two years in high-level leadership positions in the real estate investment industry, having served as president of Second Chance Funding and managing member of Edge Interstate Investments since 2003. In addition to these roles, Chester Pacana expanded into retirement services in 2017. As a conservative wealth management planner with DeRosa & Associates, he oversees insurance and annuity agents throughout Tennessee and Florida, while also working with clients and hosting workshops geared toward retirement preparation.

In his most recent role, C. Edziu Pacana draws on experience working with medical professionals and federal employees. He offers individual services and hosts workshops through DeRosa’s participation in Fed Plan, a group of financial services providers that offer retirement guidance to government workers. Chester Pacana also serves as a wealth management planner at Retirement4nurses, an organization dedicated to individualized goal-oriented service for those with careers in health care.