Phil Cannella – Phillip Cannella Blog: Phil Cannella has eyed the challenges those in their retired years face which are frankly quite unique and different to the challenges people in the accumulation phase of their life have to deal with. Anyone working with seniors needs to understand their idiosyncrasies if one desires to help them.
Phil Cannella makes this observation: “During the Accumulation Phase, you work, save and invest for your retirement. That’s it – that’s the Accumulation Phase. You invest your savings in such a way that they (hopefully) grow into a sizable nest egg by the time you’re ready to retire. But things get tricky in the Retirement Phase when you’re ready to harvest, to start pulling out that money – and you come face to face with risk that didn’t exist before.”
To that end, Phil Cannella, urges us to take the risk out of lives, financially speaking, so that we can live in the comfort of knowing that our nest egg is safe from preying vultures in the form of Wall Street and other vested interests who seek to manipulate the markets in order to further their own ends and thereby line their own pockets. If we are exposed to that risk we could lose some or a lot of our nest egg that we need to get through the retirement phase.