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Pensions in lump sum vs monthly payments, 401(k) rules, the fiduciary standard, and more as Joe Anderson, CFP\xae and Big Al Clopine, CPA answer listeners' investing and personal finance questions on episode 60 of the YMYW podcast. Original publish date August 27, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.\xa0

02:00 - \u201cDoes the early withdrawal penalty on my IRA apply to me?"

04:40 - \u201cNever use your IRA (individual retirement account) for anything other than retirement.\u201d

05:23 - \u201cDo 401(k) contributions have any effect on MAGI (modified adjusted growth income)?\u201d

08:40 - \u201cThink of \u2018above-the-line\u2019 as things like income and direct expenses to that income whereas \u2018below-the-line\u2019 is generally personal expenses.\u201d

11:14 - \u201cWhich should I take, a monthly pension or lump sum buyout?\u201d

16:56 - \u201cWhy should I hire a fiduciary advisor?\u201d

20:03 - \u201cEverybody needs a financial plan, but not everybody needs a financial planner.\u201d

23:08 - \u201cIf you can save money on taxes, your money is going to grow that much further and you can take less risk.\u201d

23:51 - \u201cAre high-yield bonds a good investment?\u201d

26:26 - \u201cA high-yield bond is going to be ordinary income, and you have to pay ordinary income taxes at the highest rate.\u201d

29:50 - \u201cDo I need to pay capital gains tax on the sale of my retail space?\u201d

33:27 - \u201cWhich income option is best for a 70-year-old?\u201d

35:45 - \u201cYou have to look at so many different options, you can\u2019t look at this stuff in a bubble or you might make big mistakes.\u201d