Phil Cannella, who comes from a background of nearly four decades working with those in or near retirement, shares his unique philosophy on retirement, sculpted from countless hours of getting to know the everyday American and their dreams and views on retirement.
Q: Why do you say that retirement funds aren’t just about money?
Phil Cannella: It’s simple, and it’s true: The decades you have worked are moments of your time that you have sacrificed for your retirement accounts. They should be deeply personal to you and your family. Retirement money is moments of your life!
Q: So the old adage is true: Time is money.
Phil Cannella: Absolutely. No matter your age or how long you’ve been retired, you’ve worked and waited a lifetime to get to the point where you could rely on a steady stream of retirement income. And more importantly, you expect it to be there when you want it or need it. The moments of your life have a price tag. An opportunity cost is attached to every action, meaning you had to give something up to get something in return.
Q: An opportunity cost?
Phil Cannella: What I mean is, What did you give up? Think about it. First, you sacrificed by getting up every morning of your working life to go out and earn money to support your family and save for your retirement. You then sacrificed again, unselfishly, stowing away those earnings rather than spending the money the way you might have wanted to when you were younger. If you now put your nest egg in jeopardy and lose it due to market risk, you also lose some of the concrete value of those moments of your life.
Q: I’ll never look at my bank statement the same way again!
Phil Cannella: And you shouldn’t! Realize that the numbers on your bank statements—your asset values—are moments of your life that you have surrendered. You’re still a young man, but for older Americans, discovering how to preserve their assets will consequently enable them to preserve the value of those sacrificed moments, and that spells security for themselves, their spouse, their family and even their heirs. They can create a financial legacy, built out of stockpiled moments, that they pass on as part of a fruitful, lasting cycle for generations.
Q: Wow. That’s such a different way of expressing it.
Phil Cannella: If you’re a retiree, look at it this way: After enduring a hectic drive through downtown traffic, you’ve made it to the wide expanses of the retirement superhighway. But you need to ensure that you’re traveling with a safe and well-functioning vehicle, equipped with a qualified retirement advisor at the wheel, one who knows the pitfalls and the retirement advantaged laws that will get you to where you want to go. The moments you “banked” during the working years should not go to waste.