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 Note that content may be outdated as rules and regulations have changed.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.”
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IMPORTANT DISCLOSURES:
Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are not intended as investment advice or to predict future performance.
• Past performance does not guarantee future results.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
