Tag: IRA

Featured Image
How the SECURE Act 2.0 Changes Retirement Planning (Ep. 74)

How the SECURE Act 2.0 Changes Retirement Planning (Ep. 74)

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | TuneIn | RSS | More

When the SECURE Act was first rolled out, clients were eager to learn more about the benefits they could receive. With the latest updates to the SECURE Act entering quietly, financial advisors and their clients might need to learn how to leverage these tools in the best way possible.

In this episode, Royal Standley focuses on the major points of the SECURE Act 2.0 that might affect most people and what this bill could mean from a planning standpoint. Royal reveals some of the updates to retirement planning tools that financial planners or clients may not have noticed yet and their role in boosting retirement income.

Royal discusses:

  • How the SECURE Act 2.0 impacts the required minimum distribution during retirement
  • The role of college saving 529 plans in financial planning
  • What bonus individuals receive between the ages 60 and 63 due to the Secure Act updates
  • How to gain a boost in retirement income along with a tax credit through an IRA
  • And more

Connect with Royal Standley:

Discussions in this show are for educational purposes only. Information presented should not be considered specific investment advice or a recommendation to take any particular course of action.  Always consult with a financial professional regarding your personal situation before making financial decisions. The views and opinions expressed are based on current economic and market conditions and are subject to change.  All investing involves risk, including the potential for loss of principal.  Securities offered through United Planners Financial Services (UP), Member FINRA/SIPC. Advisory Services offered through Oregon Pacific Financial Advisors, Inc. (OPFA). OPFA & UP are independent companies. Neither OPFA nor UP offers tax or legal advice.

Featured Image
69. Q&A on Financial Planning

69. Q&A on Financial Planning

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | TuneIn | RSS | More

If you are just starting your financial planning or preparing for retirement, there are always questions on what to do and how to prepare your financial future.

In this episode, Royal Standley answers some of the financial planning questions sent in by you. He dives into some of the uncertainties clients feel during the financial planning process to help you live a relaxing retirement.

Royal discusses:

  • When you should involve a financial advisor
  • How to utilize FINRA’s BrokerCheck when finding the best advisor for you
  • The difference between Roth IRAs and traditional IRAs
  • The basics of retirement planning
  • And more

Resources:

Connect with Royal Standley:

Advisory Services offered through Oregon Pacific Financial Advisors, Inc. Securities offered through United Planners Financial Services of America, Member FINRA / SIPC. Oregon Pacific Financial Advisors, Inc., and United Planners Financial Services are independent companies.

Withdrawals from a Traditional IRA prior to age 59 ½ will be subject to ordinary income tax and may also incur a 10% penalty tax unless an exception applies.

Contributions to a Roth IRA are subject to income limitations. You may take nontaxable withdrawals from a Roth IRA if you are at least 59 ½ and the account has been held at least 5 years. Otherwise, earnings withdrawn may be subject to ordinary income tax and a 10% penalty.

Featured Image
64. The IRA of the Next Generation

64. The IRA of the Next Generation

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | TuneIn | RSS | More

The next generation will eventually inherit your IRA. How you prepare your accounts and beneficiaries today will impact the inheritance they will receive.

In this episode, Royal Standley discusses the changes to IRA inheritance. He recounts how the SECURE Act changed IRA inheritance depending on the beneficiary’s age and relation to the deceased. Royal discusses how the IRA will be taxed after you are gone and the differences between a single beneficiary and a charity foundation being named beneficiary.

Royal discusses:

  • Why the government changed IRA inheritance
  • How your relationship to the deceased impacts your inheritance
  • What you will be taxed depending on when you withdraw the inheritance
  • The benefits of naming a charity as the beneficiary

Connect with Royal Standley:

Resources: