Tag Archives: IRA

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69. Q&A on Financial Planning



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

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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 Otherwise, earnings withdrawn may be subject to ordinary income tax and a 10% penalty.


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64. The IRA of the Next Generation



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

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