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The financial news seems to be all gloom and doom these days. The reports are that we re not in a recession, but times are tough for a lot of people. No matter how tight things get, we still have bills to pay. People are responding to this very intelligently. They re turning to public transportation, eating out less, seeking cheaper forms of entertainment, and cutting back on unneeded items. But what do you do if that isn t enough? . . Tapping your retirement plan It s tempting to pull money out of your retirement plan, like a 401(k), especially if you change jobs. In fact, about 40 percent of job changers in their twenties and thirties have done just that, according to a recent report by the Financial Industry Regulatory Authority (FINRA). could cost you $130,000 If you re under 59 , it s usually not a good idea to cash out your retirement plan. Let s look at the example that FINRA used: You re 30-years old with $20,000 in your 401(k). If you earn just 6% on that money until you retire at 62, you ll have nearly $130,000 in your account, without making any additional contributions. and then some! Of course, you can start over. But you lose the power of money compounding on top of money on top of more money, all accumulating tax free until you take it out. So it s like taking at least two steps backward. But that s not all. Here are 4 other steps back: You ll have to pay income taxes out of this money, since it was invested pre-tax. There s also a 10 percent penalty for early withdrawal (unless you re over 59 ) Your employer is required to withhold 20 percent toward income taxes. If you owe money, your creditors can t touch your 401(k) unless you cash it out. By the time you get a check, that $20,000 will probably be more like $14,000 net of everything. So cashing out of your retirement plan is a short-term solution with long-term consequences. Subscribe to The Bigg Success Show in iTunes. Subscribe to the Bigg Success feed. Related posts 63 Moves to Stop Living from Paycheck to Paycheck Don't Make This Costly Mistake (Image by nighthawk7) ShareThis

Join me & Liberty Tax Service, with over 2400 offices across the USA, Liberty is a national leader in the industry! We will address the new year, tax planning, tax changes & tips to help you with your stress and concerns about your 2007 Tax Returns! Visit Liberty online http://www.libertytax.com, & enjoy the show! Call in with your tax questions 646-595-3665! Your Host, Brad Richard

Download Harding and Mike H What would you be willing to do if you knew that you could save hundreds of thousands of dollars in income taxes while building a secure retirement? Would you be willing to invest a little time learning about the options available to you? In this episode of Pro Money Talk, we discuss retirement plans; how they work, the various types available, basic considerations in choosing a plan for a business, and some of the recent changes that have been enacted. Our guest is Sam Harding, a local Bay Area Pension Administrator with over 25 years experience in helping companies set up and administer retirement plans for their owners and employees. Our interview and discussion applies only to U.S. tax laws and provisions. The good news is that we ve seen substantial improvements to the benefits available to participants in retirement plans, as the Government moves to provide more options and alternatives to supplement traditional sources of retirement income such as Social Security and company pension plans. Show recorded in March of 2006; short follow-up interview recorded in January, 2007 to update for Pension Protection Act, passed in mid-2006, so the interview is a combination of two parts. The second part was recorded outdoors at a hotel where we were attending a professional meeting that Sam was a speaker at, so you ll notice an obvious change in sound quality, but it still sounds clear. The discussion does get technical; you ll want to stop and replay certain segments to get a better understanding, but it s well worth it. Success Segment Mike H, a young saver with insights beyond his years. More information at Wikipedia: http://en.wikipedia.org/wiki/Retirement_plan This episode of Pro Money Talk provides a high-level introduction to the valuable tax-advantaged savings plans available to business owners in the U.S. Our expert guest is Sam Harding, an Accredited Pension Administrator (APA) with more than 25 years of experience in retirement plan consulting and administration for small to mid-sized businesses. If you re in business (even if you re the sole employee of your company), or if you re thinking of starting a business, you need to know about these potent savings tools. Our discussion provides a roadmap, including definitions, of various retirement plans with a focus on so-called qualified plans that offer the biggest benefits for business owners and employees. Revised plan contribution limits. Automatic enrollment (companies can choose to opt employees in to 401k plans). A handy pdf document comparing various types of retirement plans as well as their advantages and disadvantages may be found here. Sam Harding is the founder and President of Retirement Administration, Inc., based in Los Altos, California. Sam is an Accredited Pension Administrator (APA). He has served a three-year term on the Board of Directors of the National Institute of Pension Administrators (NIPA), and is the past president of the Northern California NIPA Chapter. Sam brings more than twenty-five years of experience in meeting the retirement planning needs of small to mid-sized companies. More information about Retirement Administration, Inc., may be found here.

Download Flat Tax - Interview with Steve Forbes At Pro Money Talk we always try to bring you the most influential and knowledgeable guests on each topic. In some cases those guests are not only famous in their industry, but in some cases they are known more widely. The topic we chose for this show was the flat tax, and we are very happy to announce that our interviewee for the show is Steve Forbes. Steve is the editor-in-chief of Forbes magazine and CEO of Forbes Inc. You may remember that he ran in the presidential primaries in 1996 and 2000 on a platform that included the introduction of a flat rate income tax. In addition to the flat tax, Steve is a strong supporter of free market thinking and restrained government spending. In this interview we talked to Steve about: His 17% flat income tax proposal. How low income Americans would pay no income tax. Avoiding estate, capital gains, and AMT taxes. Competing for jobs and industry in a global economy. The paradox of how a flat tax can lower individual income tax but raise tax revenues. Giving taxpayers a choice between tax systems to avoid fear of loss. We wrap up the discussion with a quick take on the recently deceased Nobel laureate Milton Friedman. For more information on Steve Forbes, the flat tax, and Steve s book, Flat Tax Revolution, please see the links below. http://en.wikipedia.org/wiki/Steve_Forbes http://en.wikipedia.org/wiki/Flat_tax http://www.forbes.com/ http://www.amazon.com/Flat-Tax-Revolution-Postcard-Abolish/dp/0895260409

Download Standard Podcast Our guest this week is Jim Skrydlak discussing what we know and don’t know about this very new and exciting retirement vehicle. Jim is an advisor to financial planning firms and has studied the new Roth 401k rules in order to provide assistance to his clients. Here he describes the relevant details in a manner that anybody can understand. Roth 401k’s are not well known but became available January 1st 2006. This new plan could have significant benefits to individuals who participate but it’s important to know that this is not the best plan for everyone. In this interview Jim explains how Roth 401k’s came into existence and provides information for our listeners to better understand the pros and cons of this plan as it applies to them. There is so little good information about Roth 401k’s available, this may be the first comprehensive explanation on the topic available. We discuss: Why Roth 401k’s are just being implemented The difference between a Roth 401k and a Roth IRA The difference between a Roth 401k and a traditional 401k Who benefits from a Roth 401k Who would not benefit The tax advantages of a Roth 401k The risks of using a Roth 401k Examples and strategies for use In the show Jim recommends four websites for various information. These websites are: www.tagdata.com - provides a list of Roth 401k providers. www.psca.org - the profit sharing and 401k council of America www.irs.gov - the IRS website www.roth401k.com - more articles about the Roth 401k As a new feature, Pro Money Talk is now available on your cellphone. Simply click on the “mobilize the last show” button on the website, enter your telephone number and this show will be sent to you phone! We hope you enjoy this show and don’t forget to listen to our next episode where we talk with Nobel Prize winning economist Bill Sharpe! Until then, here’s to your success!

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Download Standard Podcast This weeks show is on the Alternative Minimum Tax, or AMT. Peter interview Tom Bondi, tax Principal and Director of BERGER/LEWIS Emerging Business Services Group. Tom has more than 25 years of public accounting experience. In the show, Peter and Tom discuss: How to avoid getting tripped up by AMT What groups are falling into AMT Common errors that people make that cost them money What is a dual-basis asset? How the timing of the payment of state income taxes affects AMT and planning Why paying AMT isn t always a bad thing Resources, books New IRS Tool Finally, Jason and Peter talk about upcoming Pro Money Talk shows, including an interview with Nobel Prize winning economist Bill Sharpe.

Download Standard Podcast The national fair tax initiative has been getting much publicity recently, with 2 bills in congress and a New York Times best selling book promoting it. Until recently, this has been largely mentioned only in the South, where the movement originated. But, with the book, the bills, and our President s tasking of the IRS to look at alternatives, the fair tax has gained some popularity and admirers. In this weeks show, we talk about the fair tax, and what it would mean to taxpayers. We cover: o What is the fair tax proposal? o How is it different from our current system? o What would it mean for taxpayers? o Pros and cons of such as system. o Who would be the biggest winners and the biggest loser? We hope you enjoy our show this week and keep the comments coming! Until next week, here s to your success! Jason & Peter

Download Standard Podcast [02:30] In this week s show, Peter begins by talking about the importance of family communication in family wealth planning. He discusses: Why is family communication about money important? How do families learn about money? Why is leaving large amounts of money to heirs potentially damaging? What are the benefits of proper communication? Looking at the big picture Overcoming common challanges [21:55] Next, we talk to Skip Wise of Brownson, Rehmus, and Foxworth (www.brfinc.com) about how to properly handle a concentrated single stock position. Skip discusses: Why people end up with concentrated positions. What are the obstacles to diversification? What are the tax issues with disposition? What are the tools we can use to divest from a concentrated position? When do we use these tools?