Phil Cannella – Phillip Cannella Media: Phil Cannella is sharp to point out that financial predators, those with vested interests who are in a position to manipulate the markets through market crashes, can wipe out much of your nest egg in one short breath. This is why Phil Cannella urges us to look outside the box and instead at products that can secure us a safe retirement.
Phil Cannella likens this to a locust devastating a crop; “In theory, retirement can be regarded as one’s harvest years. It is during this time of retirees’ lives that they should be able to ‘reap’ during retirement what they have ‘sown’ during most of their adult lives. But it’s difficult to reap what you’ve sown if a horde of locusts has come along and devoured your crops. Sure, you can re-plant, but it will take time to grow back what you’ve lost – and you need those crops to eat. It’s the same with your retirement savings. You’ve worked and saved, and now you will be drawing down those savings to meet your expenses or fulfill your dreams. You can’t do that and grow your nest egg back from a market crash at the same time. All too often, those in the harvest years of their lives simply can’t wait for their financial crops to grow back. The older you are, the less time you have to regain that lost ground.”
Hence Phil Cannella exhorts us to look at an industry grounded in safety; the life insurance industry, which offers safer vehicles. The insurance industry offers investment vehicles that are not susceptible to market crashes, ones that allow you to sleep with the certainty that your nest egg will never decrease in value.
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