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Articles by Alan & Akemi

Grinning with Fingers Crossed

It's hard to make sense of a market that took us through a painful decline at the end of last  year, followed by an abrupt and unexpected recovery at the beginning of this year. The first quarter of this year gave us the biggest one-quarter gain since 2009. Then, the trend continued through the second quarter with more modest gains. This was despite warnings about an overdue recession, challenges to the economy, and trade wars. Investors are grinning at the strong performance, but behind their backs, they have their fingers crossed.

THE GOOD NEWS

The good news is that just about every investment asset produced gains in 2019’s second quarter.  The Wilshire 5000 Total Market Index—the broadest measure of U.S. stocks—rose 3.99% in the most recent three months, and now stands at an 18.66% gain for the year.¹  The comparable Russell 3000 index is up 18.71% so far this year.²

Looking at large cap stocks, the Wilshire U.S. Large Cap index gained 4.19% in the second quarter, closing out the first half of the year with a gain of 18.74%. The widely quoted S&P 500 index of large company stocks was up 3.79% in the second three months of the year, and is up 17.35% in the first half of 2019.³

As measured by the Wilshire U.S. Small-Cap index, investors in smaller companies gained 2.03% in the second quarter, and are up 17.85% so far this year.  The technology-heavy Nasdaq Composite Index gained 4.40% in the second three months of the year, and is up 20.66% at the year’s half-way point.⁴

International investors are also sitting on gains.  The broad-based EAFE index of companies in developed foreign economies gained 2.50% in the second quarter, and is up 11.77% so far this year. ⁵

Real estate, as measured by the Wilshire U.S. REIT index, posted a 1.63% gain during the year’s second quarter, for a 17.92% gain for the first six months of the year.  The S&P GUCCI index, which measures commodities returns, lost 1.42% in the second quarter, but is still up 13.34% for the year.  Energy prices are up 22.80% in 2019, while precious metals have gained 8.86% so far this year.⁶

THE BAD NEWS 

The bad news is that just about every investment asset produced gains in 2019’s second quarter. Why is that bad? Normally, investors want to buy low and sell high, but when every asset class is doing well, it's hard to decide what to buy and what to sell.

Having a globally diversified portfolio and a financial advisor that does regular, quarterly rebalancing can solve this dilemma. Every 3 months, your advisor will look at the performance of each asset class in your portfolio. When one of your 15 asset classes goes up more than 4% in a quarter, it's an indication to sell a little while it's at a peak, and put the proceeds into another asset class that is a bargain at the time. When you use the discipline of quarterly rebalancing, it takes emotion out of the decision-making.

You might expect that strong performance in the first half of the year would be followed by a correction or decline in the second half. However, that hasn't been the case historically. Over the 120-year history of the Dow Jones Industrial Average, the Dow has risen 66.4% of the time from July through December. If the Dow did well in the first half of the year, the odds of a positive second half were even better, at 72%.⁷

The challenge is unpredictability. Recently, the U.S. and China called a cease-fire in their yearlong trade war, but we know that's not the end of the war. As we approach the November elections, partisan clashes can affect the market. And there's always the fallout from misguided policy decisions, as we saw with the government shutdown last December. Be prepared for surprise.

A balanced, broadly diversified portfolio can help. Not having all your eggs in one basket can capture market returns, while reducing volatility, and providing more downside protection in the event of a market correction.

¹ Wilshire index data: https://www.wilshire.com/indexcalculator/index.html

² Russell index data: http://www.ftse.com/products/indices/russell-us

³ S&P index data: http://www.standardandpoors.com/indices/sp-500/en/us/?indexId=spusa-500-usduf–p-us-l–

http://www.nasdaq.com/markets/indices/nasdaq-total-returns.aspx

⁵ International indices: https://www.msci.com/end-of-day-data-search

⁶ Commodities index data: http://us.spindices.com/index-family/commodities/sp-gsci

https://www.marketwatch.com/story/chances-are-the-us-stock-market-will-be-higher-by-year-end-but-theres-a-catch-2019-06-25?mod=moremw_bomw

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

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Avoid Multiple Taxation on your Social Security Benefits

Depending on how you look at it, the retirement benefits you receive from Social Security may be taxed two or three times in the course of getting to your pocket or bank account.

As you well know, when you're working, you pay Federal and State taxes. That's the first level of taxation.

The second level of taxation occurs when you contribute to Social Security and Medicare through your FICA contributions. FICA stands for the Federal Insurance Contributions Act and is deducted from each paycheck. 6.2% goes to Social Security tax, and 1.45% goes to Medicare, for a total of 7.65%. FICA payments are made with after-tax income.

By comparison, IRAs, 401(k)s and 403(b)s are not subject to double taxation because when you make contributions, your taxable income is reduced by the amount of the contribution. You only get taxed when you take distributions in retirement.

Unlike your personal retirement accounts, the money you pay to FICA is not held in a personal account for you to use when you receive Social Security benefits. The FICA contributions made by today's workers pay for the benefits paid to current retirees. Some argue that this is like a Ponzi scheme, in which benefits are promised, but there is really no guarantee that those who are paying into FICA today will get their money back in the future.

Trump's 2020 budget proposal makes this even more unlikely. When he campaigned for president in 2015, Trump promised the Daily Signal, a conservative publication affiliated with the Heritage Foundation, that he would leave Medicaid (Medi-Cal in California), Social Security and Medicare untouched. However, over the next 10 years, his budget will cut $25 billion from Social Security and $1.5 trillion from Medicaid.¹ This includes a $10 billion cut to Social Security Disability Insurance (SSDI), a program that assists the disabled.

The trustees of Social Security and Medicare project that Social Security will deplete its $2.9 trillion reserve fund by 2035.² Those who are receiving Social Security benefits today may be secure, but the continuation of Social Security to their children may be in doubt.

After income tax and FICA tax, you could be taxed a third time on the same money when you receive Social Security benefits. Taxation on Social Security income is based on a formula called "combined income." Start with all your income, including tax-exempt interest (such as from municipal bonds), and add in half of your Social Security benefits for the year. If you're single, and your "combined income" is above $25,000 but below $34,000, you will pay federal taxes on 50% of your Social Security income. Above $34,000, 85% of your Social Security benefit will be taxed.

If you file jointly, and your "combined income" is above $32,000 but below $44,000, you'll pay federal taxes on 50% of your Social Security income. Above $44,000, you can expect to pay taxes on 85% on your Social Security benefits.

It's even worse if you live in Minnesota, North Dakota, Vermont, or West Virginia, where the states follow the same rules as the federal government. There, you could pay state taxes as well as federal taxes on as much as 85% of your Social Security benefit.

The first two levels of taxation are unavoidable unless you live completely off the grid. However, there are legal strategies available to duck the third level. One way to keep your taxable income low, and perhaps avoid taxation on Social Security benefits, is to shift more money into tax-free vehicles like the Roth IRA. You must fund a Roth IRA with after-tax money, but then it not only grows tax-free, but the distributions can be tax-free as well.

If you have earned income, you can make annual contributions to a Roth IRA of as much as $6,000 per year ($7,000 per year if you're over 50). However, if you're single and you make more than $122,000 per year, or a married couple earning more than $193,000 per year, your eligibility for making an annual Roth contribution phases out.

Fortunately, there is a work-around. If you have money in a Traditional IRA, you can do conversions to a Roth IRA without income limits. Whatever amount you convert is taxed at ordinary income rates, just like you earned extra income in that year. Therefore, you should work with your CPA, and convert a little each year without pushing yourself into a higher tax bracket.

If you think your taxes are going to be higher in the future, it might be a good approach to do Roth conversions. You will pay a little more tax now, but have more tax-free income down the road. Consult with your CPA or Certified Financial Planner™ to see if it makes sense for you.

¹ Vox.com 3/12/2019

² Barron's 4/22/2019

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

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The SECURE Retirement Ahead

Although it hardly made headlines, the U.S. House of Representatives almost unanimously passed a new set of retirement laws just before the Memorial Day weekend.  The new act is called the Setting Every Community Up for Retirement Enhancement Act, or the SECURE Act.  The bill will now move to the Senate where a committee will release and vote on their version of the retirement act before reconciliation and final approval by the President. Differences between the House and Senate versions of the bill will still need to be resolved.  However, here are some highlights, as the bill stands currently.

Raising the RMD Age

Under the SECURE Act, the RMD age would move from age 70 ½ to age 72.  This means retirees would not be forced to starting taking mandatory withdrawals until later in their retirement, possibly allowing more time for their retirement savings to grow, tax-deferred.  It is believed the Senate version of the bill would push the RMD out even further, to age 75 by 2030. It’s estimated that the delay in withdrawals could cost the Treasury $8.9 billion over a 10-year budget window.[i]

Another, unforeseen byproduct is the delayed RMD may reduce charitable gifting to non-profit organizations. Due to the Tax Cuts and Jobs Act, the standard deduction has increased and many itemized deductions have been eliminated, making Qualified Charitable Distributions (QCDs), or direct gifts from an IRA to a non-profit, tax-free, one of the few remaining ways to get a tax-break. If the RMD age is pushed back, QCDs may also be delayed.

IRA Contributions past age 70 ½

The SECURE Act also allows older workers to continue making IRA contributions past the current cut-off age of 70 ½. These days, many people are working longer or starting passion projects in retirement. The new tax rules will allow this group of working Americans to continue saving while staying active.

Small Business Incentives

The SECURE Act would make it easier for small businesses to consolidate resources and offer multi-employer 401k plans to employees. By allowing employers to share costs associated with administering benefit programs, more small business employers are likely to offer retirement benefits to their employees. The act also requires businesses to let long-term, part-time workers become eligible for retirement benefits so they too, may save for retirement. Additionally, there is a proposed $5,500 tax credit to small business employers who automatically enroll their employees in retirement savings plans (versus allowing employees to opt-in to savings plans). By eliminating the hurdle of enrollment, the propensity to save will increase.

Retirement Education

The bill encourages retirement planning to be integrated into the traditional savings process by asking retirement plan sponsors to estimate how much income a retiree’s current savings might generate in future retirement income. There are no plans on how to provide such support currently, as it would require the integration of delicate cash flow projections based on social security benefit assumptions, inflation estimates, investment return projections, etc., but the value of earlier financial planning is noted as crucial for a successful retirement.

Penalty-Free IRA Withdrawals for New Parents

New parents will be allowed to take a $5,000 withdraw from a qualified retirement account within a year after the birth or adoption of a child, penalty-free. The provision would allow parents to recontribute the $5,000 back into the plan in the future.

Depleted Inherited IRA

Most of the proposed provisions are great for the American public, but also hurt the wallet of the Federal government. It is believed that the proposed Inherited IRA changes will make up for much of the lost funding. Currently, if a parent passes away, their unused IRA could go to their child (or any non-spouse beneficiary) in the form of an Inherited IRA. Through the Inherited IRA, the child would continue to benefit from tax-deferred growth, and would only be subject to small annual distribution requirements. This has been a powerful estate planning tool, especially when the tax-benefit is stretched over two or more generations. Under the SECURE Act, Inherited IRAs will no longer have the benefit of indefinite life. Instead, Inherited IRAs will be required to be depleted within 10 years of the date of gift. This increases the tax-collection profits of the IRS, as IRA withdrawals are taxed as ordinary income (State and Federal) to the recipient in the year of distribution. The Senate Bill is proposing a five-year payout timeline for IRAs above $400,000[ii].

These days, bipartisan agreement on anything from immigration reform to releasing the unredacted Mueller Report is inconceivable, at best. For this reason, the most refreshing part of the retirement act is the bipartisan support (passed by a 417-3 vote) to improve the way Americans prepare for a financially secure retirement. Hopefully, in a time of division, small steps of unity will remind us to work together for the common good of all. Remember to reach out to your financial planner to ensure you’re integrating opportunities to strengthen your retirement plan once the final bill is approved.

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

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The Truth About Tariffs

It is ironic that at a time when the US economy is strong, the roller-coaster market volatility is self-inflicted by government policy. We were witness to that in December, when the market lost 9% in one month, sparked by the government shutdown and the trade war between the US and China. Trump initiated trade tensions early in his presidency when he declared, "I am a Tariff Man," and imposed tariffs and import duties on steel and aluminum products from abroad.

Volatility reared its ugly head again last week, when Trump responded to failing talks with China by raising existing tariffs to 25%, and imposing new ones on an additional $325 billion worth of China's imports to the US. China retaliated by placing tariffs on nearly all of America's exports to China, including agricultural products.

Trump declared, "Trade wars are good, and easy to win." The truth is very different. The negative impact, especially for American farmers, has been crushing. The US Farm Belt was already experiencing the deepest downturn since the 1980s. The stalled trade talks have made this even more painful.¹ The Standard and Poors GSCI Agricultural Commodities index, reflecting sales of soybeans, milk, pork and many other products, hit its lowest level this week in more than 10 years. Bankruptcy filings in the Midwest have hit a 10-year peak.

Although the Trump administration is putting together an aid package for farmers, many farmers feel it is insufficient to compensate them for the economic damage. In addition, farmers have pride, and don't want bailouts or government money. They just want markets they can depend on.¹

Besides, the aid package is temporary. Even if the trade war is eventually resolved, farmers worry that the damage to agricultural export markets will be permanent. In an industry that is already subject to the uncertainties of weather, pests and global warming, farmers depend on reliable markets where they can sell their crops abroad. Before the talks collapsed, China was ready to make massive purchases of US commodities, as well as initiating major regulatory changes to open China's market to new US farm exports. This came to an abrupt end, and now Chinese customers have shifted their purchases of American crops to South America, which has long sought a foothold in the world's largest consumer market.

The Treasury is definitely getting fatter as a result of American tariffs on Chinese goods. Trump crowed that the tariffs would bring in "$100 billion." From his point of view, this is a welcome source of revenue. When he lowered the corporate tax rate from 35% to 21%, the Treasury's income fell by 21%, from $75 billion to 60 billion. In effect, the tariffs are helping to pay for the corporate tax cuts.

The tariff hits many consumer products like seafood, luggage, vacuum cleaners and electronics. The cost of an iPhone might go up $160. Consumers may have to pay 24% more for an Apple computer.³ Trump assured the American public that the cost of the tariffs would be "mostly borne by China." In actuality, economists from Columbia University, Princeton University, and the New York Federal Reserve agree that US consumers are paying all of the bill, to the tune of $17 billion a year. The tariffs represent an additional tax directly on the wallets and purses of Americans. Even worse, the cost to US consumers is greater than the revenue brought in from the new tariffs, making America poorer overall.⁴

The end result of all this turmoil is exactly the opposite of Trump's stated goal of reducing the US trade deficit. Instead of going down, the US trade deficit with the world has gone up from $375.5 billion in 2017 to $419.2 billion today, as it continues to import more goods and services than it exports.⁵

¹ Wall Street Journal 5/20/2019

² Brookings Institution 3/15/2019

³ Business Insider 5/14/2019

⁴ New York Times 3/3/2019

⁵ Politico 3/6/2019

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

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Financial Illiteracy Puts Children at Risk

Although we hear a lot in the news about global warming as a risk to future generations, there is also a more immediate hazard to our children and grandchildren -- the lack of financial literacy.

It's not their fault. Financial literacy is rarely part of the curriculum at school. Students' first exposure to consumer credit is often at college orientation, where banks offer free pizza in exchange for signing up for a credit card.

In addition, parents often don't like to talk to their children about family finances. This may be especially true for Japanese American families who were held in concentration camps during WWII. For many, the memory is still fresh how banks froze their accounts when they were down and helpless. Even though they had money in the bank, many families could not pay their mortgages and taxes, and consequently lost their homes, businesses, cars and property. The lingering suspicion and distrust of financial institutions has filtered down, even to generations who weren't personally imprisoned and victimized.

We're now entering a time when financial illiteracy is dangerous, because predatory financial practices are on the rise. When students graduate from college, they are immediately handicapped with an average $37,000 in student loans.¹ Student debt is greater than credit card debt or auto loans, totaling over $1.5 trillion.² Already, 10.7% of the loans are in default. Compare this to France, where the tuition is normally around $200 a year at public universities.³

The parents' generation likely grew up believing in the American Dream -- if you got a good education, worked hard, and managed your money well, the chances were good that you would advance financially, and be a success. Back in 1940, there was a 92% chance that children would earn more than their parents. The economy was growing strongly, and benefited the upper, middle and working classes alike.⁴

Things have changed. By the time we got to 1985, the odds were down to a 50-50 chance that children would earn more than their parents. Today, it's much lower than 50%. Is it because we're poorer as a nation? Not at all -- we actually have much more wealth. Between 1980 and today, the average Gross Domestic Product per capita grew five times as high.⁵ 

The real reason for the growing income gap is that nearly 70% of the income gains from 1980 to now have gone to the top 1% of the wealthy. The inequality in wealth is even sharper. Today, the top 10% of the population owns 77% of all the wealth in the U.S. On the flip side, who owns most of the debt? -- the bottom 40% of Americans.⁶

Magnifying the risk for future generations is the claw-back of the safety nets that have protected the health and retirement incomes of most people. President Trump's latest budget proposes a $550 billion cut to Social Security and Medicare, as well as a $1.5 trillion cut to Medicaid (Medi-Cal in California). Trump plans to eliminate Medicaid by 2021, replacing it with fixed block grants.

How can future generations protect themselves against this onslaught? One way is to overcome complacency, become involved with the community, and work towards positive social change.

The other is to minimize financial mistakes. It's no accident that the top 1% of the wealthy own half of the stocks and bonds, and over half of Americans have zero invested in the market.⁷ The wealthy know that when inflation is averaging 4% per year, putting all your money in the bank guarantees an annual loss of purchasing power. Because younger people have time on their side, they can weather market fluctuations, and can take advantage of the power of compounding that investing offers.

When Trump became president, one of the first things he did was to kill the Fidiciary Rule, which stipulated that any investment advisor helping a client with retirement has to act in the client's best interest. Overturning the Fiduciary rule gave the green light to predatory financial institutions and "advisors," and has cost investors about $17 billion a year in higher fees, commissions and bad advice.⁸ Advise your children to work with a team of fiduciaries -- a CPA, attorney, Certified Financial Planner™, and Registered Investment Advisor. These professionals will help your child create a roadmap for success, provide them with the education they need, and guide them through life's changes.

¹ Bloomberg Data 2018                                                      ⁵ The World Bank

² Forbes 6/13/2018                                                             ⁶ Edward N. Wolff, NYU

³ www.valuecolleges.com                                                   ⁷ Money 12/19/2017

⁴ New York Times 12/8/2016                                            ⁸ Investment News 9/5/2018

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

 

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EDUCATIONAL WORKSHOPS

2019 SCHEDULE 

YOUR 2019 INVESTMENT STRATEGY

Saturday, March 16, 2019

9:00 a.m. - 11:00 a.m.

South Pasadena Public Library Community Room**

1115 El Centro St.

South Pasadena, CA  91030

**This activity is not sponsored by the City of South Pasadena or the South Pasadena Public Library

 

YOUR 2019 INVESTMENT STRATEGY

Saturday, March 23, 2019

9:00 a.m. - 11:00 a.m.

Ken Nakaoka Center*

1670 W. 162nd St.,

Gardena, CA  90247

*not sponsored by the City of Gardena

 

HELP YOUR CHILDREN WITH FINANCES

Saturday, May 4, 2019

9:00 a.m. - 11:00 a.m.

Ken Nakaoka Center*

1670 W. 162nd St.,

Gardena, CA  90247

*Not sponsored by the City of Gardena

 

HELP YOUR CHILDREN WITH FINANCES

Saturday, May 11, 2019

9:00 a.m. - 11:00 a.m.

South Pasadena Public Library Community Room**

1115 El Centro St.,

South Pasadena, CA  91030

**This activity is not sponsored by the City of South Pasadena or the South Pasadena Public Library

 

YOUR RETIREMENT CHECKLIST AND LTC/LI HYBRIDS

Saturday, July 13, 2019

9:00 a.m. - 11:00 a.m.

Kondo Wealth Advisors Pasadena Office (tentative)

300 N. Lake Ave. Suite 920

Pasadena, CA  91101

 

YOUR RETIREMENT CHECKLIST AND LTC/LI HYBRIDS

Saturday, July 20, 2019

9:00 a.m. - 11:00 a.m.

Ken Nakaoka Center*

1670 W. 162nd St.,

Gardena, CA  90247

*not sponsored by the City of Gardena

 

INVESTING AFTER AGE 70.5 AND RMDs

Saturday, September 7, 2019

9:00 a.m. - 11:00 a.m.

South Pasadena Public Library Community Room**

1115 El Centro St.

South Pasadena, CA  91030

**This activity is not sponsored by the City of South Pasadena or the South Pasadena Public Library

 

INVESTING AFTER AGE 70.5 AND RMDs

Saturday, September 14, 2019

9:00 a.m. - 11:00 a.m.

Ken Nakaoka Center*

1670 W. 162nd St.,

Gardena, CA  90247

*not sponsored by the City of Gardena

 

 

Contact Us

300 North Lake Avenue, Suite 920
Pasadena, California 91101
Phone: (626) 449-7783
Fax: (626) 449-7785
Email: info@kondowealthadvisors.com

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