Phil Cannella – Phillip Cannella News
Phil Cannella: “Well let’s say that you’ve worked 30 years on average,
and you’ve had that long time of saving ten percent since you were 25, and you did everything right, and now you do have enough asset level to maintain the beautiful lifestyle that you had when you were working. How do people safeguard something that they worked for all their life, like their nest egg, and keep it intact during market crashes? Because we talked about earlier the real estate market falling out and people lost the equity in their homes and that’s their biggest asset. Well how about the last so many years, we had two major recessions the real estate market falling out. How about those folks in retired years that worked all that time to have that secure retirement because they put that time in, and they are looking at disaster today. What is research showing there?”
Alicia Munnell: “So Phil, if I knew how to not have my assets go down when we have things like the financial crisis I would be very rich. Everybody got hit. I think actually those in retirement were somewhat protected because Social Security is really their biggest source of income, and also retirees tend to invest relatively securely, probably too securely.”
Phil Cannella: “What are secure investments?”
Alicia Munnell: “They have little in, except for the rich, they really have little in stocks and mostly in bonds.”
Hear more from the interview with Phil Cannella and Alicia Munnell on The Crash Proof Retirement Show®. Saturdays at 11am and Sundays at 1pm on Talk Radio 1210AM, WPHT!