Frequently Asked Questions

What is your first bit of advice in investing for retirement?

START!! If you haven’t already. Plans can be implemented with as little as a $50 per month investment. Systematically save and increase the amount as your income increases or debt decreases.

What do you consider in determining the suitability of an investment option for a client?

Basically everything!! More specifically---age, timeline for investing, investment experience, net worth, income, other owned investments, sensitivity to market volatility, investment objectives, specific client needs, and many other things according to specific situations.

I have changed jobs and have a 401(k). Should I roll it over to an IRA?

Your former employer has control over what investment company is utilized and what investments are available which are usually very limited. By rolling your investments into an IRA, YOU have control and can choose from a great number of investments and investment companies. We may recommend a well established company with funds that have a track record of 10 years or longer in which you can properly diversify your portfolio and has low annual management fees.

What is Prosperity Financial Services' location and What are your hours of operation?

The primary office location is 1036 Stearman Drive White House, TN 37188 which is approximately 1 mile south of the White House, TN city limits off of HWY 31W. Terry also works from a satellite office at 351 Arrowhead Court, Kingston Springs, TN 37082. Our hours of operation are extremely flexible to accommodate clients who have varying work schedules. Generally we schedule visits from 7:00 A.M. to 8:00 P.M. Monday through Saturday according to client needs. We take the word “services” in our name quite seriously. Therefore, we will actually meet with you in the comfort of your home, place of business or any place you are comfortable with at YOUR convenience. You don’t have to take off work, plan for travel time or even leave home to meet with us. Your lives, your time, your family and your convenience are important to us. Of course, our offices are always available for meetings if a more formal setting is desired. Contact us at 615-672-4686--Office, 615-545-6546—Jim’s Cell, 615-668-7684—Terry’s Cell.

What retirement plans exist for small business owners and the self employed?

SIMPLE plan for small businesses SEP for the self employed SOLO 401(K) ** Contact PROSPERITY FINANCIAL at 1-615-672-4686 for a detailed discussion about the advantages and limitations of each.

Do you administer / implement Employer 401(k) Plans?

Yes. We have aligned ourselves with companies that specialize in plans that have lower costs, more choices and less paperwork associated to ease the burden on the employer sponsoring the 401(k) plan. We also offer personal customer service that is unmatched in the industry. We are regularly in contact with the employer administrator to assist with any day-day questions. During the employee enrollment, if the employee chooses to become a personal client we will meet individually with them to assist them, complete the necessary new client forms, and assist them in choosing the right investments that meets their particular needs while obtaining diversification. Afterwards, we make ourselves available to the participants by phone 24/7 and personally once a quarter at their worksite.

I have a life insurance policy. Why should I bother getting a quote from PROSPERITY?

We can save you money in most cases. First, Odds are your current policy was “ sold” to you by an agent who was captive to one company selling a limited line of products. We are independent and associated with most of the major companies in the market and have all their products for our use. The insurance industry is highly competitive and we use this to YOUR advantage. We compare and shop for the absolute best bargain for YOU. Secondly, you may have been “sold” a product that is not right for you, providing little coverage for a large premium. We evaluate your situation and needs then recommend placement of the right product for you and your family EACH and EVERY time. Replacement would not be recommended if your current product suits your needs. It’s that simple. We are in business for YOU and not a particular insurance company.

I have been declined insurance coverage based on a specific medical condition. Do I have any hope of obtaining coverage?

Yes, we are associated with particular top rated companies that underwrite “high risk” impairments. While the premium may be somewhat higher, coverage can still be obtained in most cases.

I realize term life insurance provides maximum coverage for the least amount of money while I have young children at home. What happens at the end of the term? Can I still get insurance?

We teach people to become “self insured” by systematically investing funds in an investment vehicle and to not pay for insurance all their lives. However, the companies we are associated with provide a convertible feature that allows the individual to convert to a permanent type of insurance without evidence of insurability at some point before their term ends if their situation warrants it. Some people opt for a new term policy for lower face amounts and/or term. The idea is that term insurance provides for maximum coverage for less money at a time when it is needed to replace a loss of income, pay mortgages, etc. Late in life less insurance is needed as the children are grown, the mortgage is paid, etc.

Are annuities a better investment than CDs?

This depends upon the particular situation. Options are discussed with the client in depth to assure any recommendations are suitable for the client. After obtaining complete information regarding a particular individual an annuity may be a better option, especially the more conservative investor. The interest or returns grow tax deferred, and upon the owner’s death the proceeds are payable directly to the beneficiary bypassing probate. The annuity may offer an option to be turned into an income stream that the owner can never outlive. Call Prosperity for a more complete discussion given your particular situation.

What is the current limit for IRA contributions?

For 2026 the limits are $7500 for individuals under age 50 and $8600 for ages 50 and over.