Sound Financial Advice by David McPherson, founder of Four Ponds Financial Planning LLC, Falmouth and Mansfield, Mass.

How to salvage (or savage) a retirement plan

Once again, I fielded questions this week from viewers of World News Tonight with Charles Gibson. The questions centered around what to do with a 401(k) plan in the wake of the damage done by the current financial crisis.

Many of the questions revolved around whether it was wise to pull money out of retirement plans and stuff it into a bank account. In most cases, I said, no.

Read on to see the questions and answers.

On ABCNews.com: Retirement planning questions

ABC News asked me this week to field questions on retirement planning in response to a story about folks postponing retirement  because of the recent economic and market market turmoil. The story ran Monday night on "World News with Charles Gibson," and at the end, Gibson welcomed viewers to email their questions to a "financial planner on call."

That planner on call was me. Here are the questions and answers.

Questions on budgeting and financial planning

More on ABCNews.com: In response to a World News story on a young family struggling to make ends meet, I answered viewer questions this week on budgeting and general financial planning. The questions covered budgeting, credit cards, home ownership and other such topics.