Phillip Cannella Blog: Phil Cannella Tells Consumers How to Do Away with Their RMDs

Phil Cannella – Phillip Cannella Blog: Phil Cannella’s advice here may sound too good to be true. Some may even challenge that it is just not possible to do away with RMDs completely. Before making that conclusion you first have to hear Phil Cannella and his look at retirement accounts.

Phil Cannella puts it this way: “Something else happens when you convert your tax-deferred, tax-infested retirement account to a tax-free Roth IRA: your forced RMD goes away. You don’t have to take it if you don’t need it. And when you are ready to collect the income, you won’t have to pay taxes on the withdrawals or report the income. When I hold educational programs for seniors, my favorite part is when I say, “How would you like to have a tax-free IRA in your retired years?” and “What if I told you that you don’t have to take your required minimum distributions— even if you’re older than 70 ½?” That’s my favorite part because, without fail, the entire room becomes quiet as they absorb the information.”

This is the beauty of the Roth IRA, you can take care of the taxes now and from then on never have to be concerned with the tax implications later on. And considering the national debt and other factors, Phil Cannella warns us that tax brackets may see a return to former levels and then you really will have lost out if you didn’t convert when you had the opportunity at a lower tax level.


One thought on “Phillip Cannella Blog: Phil Cannella Tells Consumers How to Do Away with Their RMDs

  • Phil Cannella

    Phil Cannella – Champion of Consumer Advocacy
    With the uncertainty and volatility of the market, Phil Cannella, with First Senior Financial Group, prides himself on ensuring a safe retirement future for senior consumers. With an unparalleled devotion to educating seniors, Phil Cannella works endlessly to know and understand the ever changing tax laws and economic changes that can adversely affect one’s nest egg. Thousands of senior citizens have gone through First Senior Financial Group’s education process and learned how to have up to an 85% tax free retirement income.
    As if that isn’t reason enough to respect Phil Cannella, the truly amazing thing about how he runs First Senior Financial Group is that he never takes a dime from the seniors who come to him to be educated. Everything he teaches and everything he offers comes free of charge. That is the true mark of a consumer advocate, someone who cares enough to help you without asking for anything in return.

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