Pensions in lump sum vs monthly payments, 401(k) rules, the fiduciary standard, and more as Joe Anderson, CFP® 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 Note that content may be outdated as rules and regulations have changed. 02:00 - "Does the early withdrawal penalty on my IRA apply to me?" 04:40 - "Never use your IRA (individual retirement account) for anything other than retirement." 05:23 - "Do 401(k) contributions have any effect on MAGI (modified adjusted growth income)?" 08:40 - "Think of 'above-the-line' as things like income and direct expenses to that income whereas 'below-the-line' is generally personal expenses." 11:14 - "Which should I take, a monthly pension or lump sum buyout?" 16:56 - "Why should I hire a fiduciary advisor?" 20:03 - "Everybody needs a financial plan, but not everybody needs a financial planner." 23:08 - "If you can save money on taxes, your money is going to grow that much further and you can take less risk." 23:51 - "Are high-yield bonds a good investment?" 26:26 - "A high-yield bond is going to be ordinary income, and you have to pay ordinary income taxes at the highest rate." 29:50 - "Do I need to pay capital gains tax on the sale of my retail space?" 33:27 - "Which income option is best for a 70-year-old?" 35:45 - "You have to look at so many different options, you can't look at this stuff in a bubble or you might make big mistakes."