Phil Cannella Reviews, Phil Cannella Lawsuits, Phil Cannella Complaints
Phil Cannella explains that one of the benefits of an annuity is that they interest that grows in the account grows on a tax deferred basis until you pull it out. In other words, if you have $100,000 in an annuity and that annuity has grown over the years to $150,000, you do not need to pay any taxes on that growth until the time that you start taking income from the annuity. This is one of the real benefits of an annuity says Phil Cannella. If you are in a higher tax bracket during your work years but a lower one in retirement, you will pay less in taxes when you need the income in retirement.
Then again, as Phil Cannella so astutely points out, you could also consider a Roth conversion. In this case, you pay the taxes on your monies now, and the growth in your annuity grows tax fee. In this case a $50,000 growth results with no taxes due, ever.
Phil Cannella points out that annuities have a bad rap, and in many cases rightly so. However, there are some annuities on the market which are good for consumers and should be considered in light of the goals of the client.
