Tapping Into Savings or Retirement Funds

Drastic Steps that could Seriously Impact Retirement
Fresno Claudia Stanley, Certified Public Accountant: "The people we have seen liquidating were in a little more vulnerable industries, certainly anything to do with housing-construction industry."

Stanley says her clients, like everyone, are banking on the economy to improve. Everyone wants the depressed housing market to rebound. To see Wall Street weather the runaway credit card debt crisis, and to have consumer sales and confidence on the upside, but is cashing out savings accounts or retirement funds going to help your future?

We went looking for answers at this Northwest Fresno Investment Firm. Mike Leffler advises clients of all ages on how to grow their retirement funds over time. He says short term use of long term money, even bank savings accounts, is generally not a good idea.

Mike Leffler, Certified Financial Advisor: "Sometimes people will learn from an experience like this that: 'well, maybe I just need to take care of the necessesities first before I deal with the bigger house or fancier car'."

Leffler suggests his clients think long term no matter what their age. Stanley expects 2008 to bring an equally difficult tax season next year and is counseling her business clients now.

Claudia Stanley, Certified Public Accountant: "What can we cut in overhead, unnecessary spending? What can we do to avoid cashing out our retirement plans?"

At either end of the personal finances spectrum the message from these professionals is similar. Spend less, charge less and maintain a savings account, not your retirement funds, for those rainy days.

Mike Leffler, Certified Financial Advisor: "We've had a series of rainy days and months you have to balance the needs of today versus the needs of tomorrow."

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