Residents of Bucks County, Pennsylvania, attended an exclusive Crash Proof Retirement® Educational Event to hear Retirement Phase Experts Phil Cannella and Joann Small present financial solutions to the greatest risks affecting American retirees today.
King of Prussia, PA — Retirement Phase Expert Phil Cannella and Crash Proof Retirement® CEO Joann Small welcomed a large crowd of American retirees in the elegant ballrooms at the Spring Mill Manor, in Ivyland, PA. Cannella and Small educated guests about critical retirement issues that are impacting the security of their nest eggs. The rising cost of inflation and an international crisis in Ukraine were on the minds of those in attendance as Cannella introduced the expense of requiring long-term care services.
“The number one financial risk that faces every single person in this room, and no one is immune to it, is a nursing home confinement,” expressed Cannella. “In fact, anyone over the age of 65 has a 70% chance of entering a long-term care facility for three or more years, according to government statistics.” The costs of long-term care services in Pennsylvania are higher than the national average for nursing home stays and this presents a critical threat to the financial security of retirees who are not prepared. “Here in Pennsylvania, the average nursing home stay can wipe away $550,000 of your nest egg,” Cannella explained. Joann Small continued the discussion of long-term care protections by making an appeal to the audience to get educated.
“It’s how we treat getting sick that’s going to have an effect on your nest egg,” Small stated. “If you look at your nest egg and break it down, you need to be prepared for financial catastrophes and medical catastrophes that could bankrupt your nest egg.” Joann’s message was well-received, especially from women who resonated with Phil and Joann’s statement: “If you’re not prepared, it’ll be too late to get ready.” Gina, accompanied by her husband David from Langhorne, Pennsylvania, expressed curiosity and concern about long-term care expenses. “I’m not going to say that we’re going to need [long-term care], but we’re going to prepare for it should we need it.”
Another guest, Wendy from Bensalem, Pennsylvania commented, “We have more baby boomers hitting retirement age. Many of these women are single, either through widowhood or divorce, or never having gotten married, and they have to be responsible for their own care.”
After discussing the threat of long-term care expenses, Cannella continued educating guests by turning their attention to an inflation graphic to explain how rising costs were impacting their nest eggs. “Gas is the indicator that inflation is going to double-digits,” Cannella argued as gas reached a record high of $4.33 per gallon in March 2022. Price increases for goods and services caused many Americans to rethink their retirement plans and one of the reasons that Cannella attributed to rising inflation was the policy decisions of the current government administration. “We’re supposed to pray for the wisdom of all leaders in office, whether we voted for them or not; however, the lack of leadership being shown in our leadership today is really horrendous,” said Wendy. “We desperately need better leadership; not just in the United States, we need it across the world.”
Phil explained to the audience that the Federal Reserve must raise interest rates to bring inflation down, but the domino effect of doing so would cause the stock market to crash. “When interest rates went up in 1998, 1999, and 2000, it caused the markets to crash, because debt gets more expensive,” Cannella said. “If they don’t raise interest rates, it’s a big catch 22.” Audience members were aghast to learn about the likelihood of an economic collapse resulting from inflation and other issues occurring around the world. “I’m down 20%,” said Christopher Brown, from Philadelphia, Pennsylvania. “I’m in the Nasdaq more than anything and it’s just not the time to liquidate, that’s for sure.” When asked about the issues impacting the stock market today, Brown stated, “History repeats itself, no matter what they say.”
Phil Cannella and Joann Small will be hosting their next Crash Proof Retirement® Educational Event at the Springfield Country Club, in Springfield, Pennsylvania on April 6th, 2022. Additionally, there will be another Crash Proof Retirement® Educational Event on April 26th, 2022, at the Falls at the Double Tree in Mt. Laurel, New Jersey. To reserve your seat at one of their upcoming educational events, call 800-722-9728 or visit https://crashproofretirement.com/crash-proof-retirement-events/.