Phil Cannella Crash Proof Retirement: Phil Cannella Explains Tax-Deferred vs. Tax-Free Retirement Accounts – Phil Cannella Crash Proof Retirement

Phil Cannella Crash Proof Retirement

Phil Cannella Crash Proof Retirement – Phillip Cannella Crash Proof RetirementPhil Cannella Crash Proof Retirement has based his career on helping retirees in America take advantage of various hidden laws that will secure their nest egg. One of those advantages is the tax-free retirement account.

Phillip Cannella Crash Proof Retirement

Phil Cannella coaches his clients to understand that there is a big difference between tax-deferred and tax-free, and it translates to thousands of dollars in your pocket over your retirement.

What are tax-deferred accounts? They are investment accounts that are fed with pre-tax dollars, and taxes are not paid on the accumulation. No taxes are due as long as the account is left untouched. Taxes are due only when you withdraw money from the account. No taxes are paid on the money you put into the account and you don’t have to report their growth to the IRS as income. Your 401(k) is an example of a tax-deferred account.

These accounts seem attractive to investors who are saving for retirement. But what happens when you start withdrawing money from tax-deferred accounts? This is when it turns into what Phil Cannella calls a “tax-infested” account.

Now let’s look at the better solution: tax-free accounts. Plain and simple, tax-free accounts are those that are never subject to taxes. Yes, that’s correct – the account is allowed to grow without taxation whether you withdraw the interest or not – FOREVER!

Learn more strategies that can save your nest egg on Phil Cannella’s blog:

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