Phil Cannella – Phillip Cannella Blog: Phil Cannella is a believer in what is known in the industry as a Roth conversion and he explains this in some detail. Essentially it lets you grow your retirement account tax-free rather than tax-deferred, something that could be of great value depending on one’s retirement goals, one’s assets, one’s willingness to face risk, and other factors.
In Phil Cannella’s own words: “When your retirement advisor converts your tax-deferred retirement account into a Roth, it gets transformed from a tax-infested account into one that provides you with tax-free income that you can use at any age and for the rest of your life. And if managed properly, this tax-free account will be around for your heirs to enjoy because they can stretch the account over their life expectancies.
“Imagine that, a retirement account that grows over your entire lifetime, not only during your working years, but through your golden years; an account that’s tax-free, repels market risk and can be parlayed into three generations of non-taxable income. What a gift that would be to provide your spouse, children, grandchildren and yourself with a safety net, meanwhile leaving a legacy, a lasting imprint of the moments and sacrifices of your life.”
Find out more about this by reading Phil Cannella’s book Crash Proof Retirement, The Planning Isn’t Over.