Phillip Cannella News: Phil Cannella Explains Why Bank Accounts Are a Bad Idea

Phil Cannella – Phillip Cannella News: Phil Cannella

Phil Cannella helps American retirees safeguard their hard-earned nest egg, and today’s tip is to avoid one of the most popular methods retirees use to keep their money “safe.”


Everyday bank accounts (savings accounts, money market accounts or CDs) may appear to be safe, and while this is somewhat true, the maximum amount that is legally insured by the FDIC is only $250,000. Also, bank accounts don’t yield high enough interest to provide retirees with steady income in the future, and they aren’t designed for long term investing.

Phil Cannella also reminds you that taxation and inflation are two additional problems you face with bank accounts. The interest accumulated on money you have in the bank must be added to your taxable income, and if there’s enough of it, it can increase your tax bracket and in some cases, even your Social Security taxation. Add inflation to that scenario and your account will grow slower than the inflation and taxes that are eating it up, otherwise known as financial  erosion.


In summary, let Phil Cannella be the voice in your head reminding you not to keep your valuable nest egg in everyday bank accounts. They are only equipped to hold your money temporarily until you decide on your next step.

Gain more tips and useful information by visiting Phil Cannella’s website:


One thought on “Phillip Cannella News: Phil Cannella Explains Why Bank Accounts Are a Bad Idea

  • 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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