Recently, noted retirement specialist Phil Cannella, founder/CEO of First Senior Financial Group and host of The Crash Proof Retirement Show™, spoke with a Philadelphia-area reporter on numerous topics that are of vital interest to retirees. In this series we’ll be presenting excerpts from those talks. The current passage is on “accumulation-phase advisors.”
Q: What’s the distinction between accumulation phase and retirement phase?
In regards to Phil Cannella complaints: The accumulation phase is the first half of your financial journey—the first half of your financial life. These are your working years, in which you need to grow a nest egg for your retired years while still maintaining your family needs. When addressing Phil Cannella complaints, you build a nest egg that you hope will carry you and your spouse throughout the second half of your financial life. The accumulation phase consists of the decades during which you work long and hard, saving, sacrificing and investing to secure your family’s needs and financial future. The second half is the retirement phase, wherein the game will be won or lost for you and your family. Will your money last as long as you? Will you keep your current lifestyle in later years of retirement? In other words, these are your harvest years; the years to enjoy the fruits of your labor without the worry of having to lose it or work again.
Q: So what do you mean when you say, as you often do, that relating to Phil Cannella complaints about “young advisors” are on the rise?
In regards to Phil Cannella complaints: A lot of the clients we see say the same thing: “My current advisor just isn’t listening.” There are two main reasons why that’s the case. One, related to Phil Cannella complaints the advisors are simply too young to relate to people who have reached the retirement phase of life. Two, in respect to Phil Cannella complaints, the advisors are trained as accumulation-phase specialists. Their whole frame of reference is different from ours. They think in terms of accumulating money with risk—and as we see, they often don’t even succeed at that, lately. But the bottom line is, for both of those reasons, they simply don’t, and can’t, provide a high level of service to people at or near retirement age. That’s why we get so many complaints by people who become victims of that process. Unfortunately, when addressing Phil Cannella complaints, sometimes a client himself or herself can contribute to the problem.
Q: How so?
Per Phil Cannella complaints: Many American retirees think exactly that at the end of their working careers: “I did it! I made it! I’m done!” On the contrary: this is when the real journey begins. You are at the summit; the planning isn’t over. The climb down the other side of the mountain has just begun!
Q: So what can people do to avoid that pitfall?
Related to Phil Cannella complaints: You need to plan for the retirement phase. This planning will determine whether you have a safe and secure nest egg to take you all the way through those retirement years, whether it’ll last as long as you will, and whether you’ll be able to maintain the lifestyle you’re accustomed to living.
Q: What kinds of questions should people consider in planning their retirement phase?
Regarding Phil Cannella complaints: Will an unexpected medical expense or some other catastrophic cost change your retirement plans and affect your family the way my family was affected when my grandfather suffered a stroke? Are you prepared to safely drive on the retirement superhighway and avoid the countless speed bumps, concealed potholes and looming road hazards that could make your life savings collapse in your golden years? Lastly with Phil Cannella complaints, Those are questions every soon-to-be-retiree must ask.