Tax Planning – The Life By Design Podcast

The Problem with Hitting the Government Debt Ceiling (Ep. 80)

By thelifebydesignpodcast | May 25, 2023

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Most people don’t know that the government has hit the debt ceiling and the Treasury Department is struggling to balance the finances. What does this mean for the rest of America?

In this episode, Royal Standley explores what it means to hit the debt ceiling and why it is a big deal if there is no solution. He shares how hitting the debt ceiling impacts different levels of individuals, from government bodies to regular consumers, and how it impacts financial planning.

Royal focuses on:

What debt ceiling is and why was it created
Conservative versus Liberal viewpoints on the amount of debt owed by the government
What could be a resolution with two conflicting parties
What can listeners do with their own finances to guard against this type of scenario
And more

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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.

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

By thelifebydesignpodcast | January 25, 2023

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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

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69. Q&A on Financial Planning

By thelifebydesignpodcast | March 30, 2022

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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:

BrokerCheck by FINRA

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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.

68. Strategies for Liquid Assets

By thelifebydesignpodcast | March 16, 2022

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Everyone wants to earn money without breaking a sweat when it comes to investing.

In this episode, Royal Standley discusses some strategies for liquid assets, how they can benefit you and what they can accomplish even while you’re sleeping. He also reveals how the difference between mutual funds and ETFs impact your investment decisions based on your personal goals.

Royal discusses:

The three groups of goals to guide your investments
How different types of investments can be leveraged to reach your goals
The difference between mutual funds and ETFs
How tax evaluations impact your investment decisions
And more

Resources:

Life by Design Podcast: 67. Simplifying Financial Planning

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All guarantees are based on claims paying ability of the issuer.

Before investing in a Mutual Fund or ETF, investors should carefully consider the investment objectives, risks, charges and expenses. This and other important information is contained in the summary prospectus (if available) and prospectus, which can be obtained from your financial professional. These documents should be read carefully before investing.