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Inverted Yield Curve

By now, many have heard about the inverted yield curve and the impending disaster predicted to follow within the next 12 months. This broad window of looming disaster is the perfect  headline to keep viewers glued to TVs and give pundits the ratings boost they need. 

Yet, with all the news coverage, many are still asking, “What is an inverted yield curve and why does it matter?”  The yield curve is a line made of plotted data points, in this case the interest rate of various maturing bonds.  Commonly tracked yield curves are the three-month, two-year, 10-year, and 30-year US Treasury notes.  These yields are the basis of setting other benchmarks such as mortagage lending rates and bank loan rates.  The shape and movement of the yield curve is also tracked as a tool for predicting the future of the market.

In a normal (positive) yield curve, the interest rate offered on short-term bonds is lower than the rate offered on long-term bonds.  Theoretically, it makes sense to get paid more for longer-term bonds because you’re taking more risk by locking your money up for a longer period of time.  For example, you could lock in a current market return of 2% for 10-years and the going market rate could rise to 5% in the middle of your 10-year investment window creating opportunity loss. A normal yield curve is most commonly associated with positive economic growth. 

An inverted or negative yield curve occurs when the interest rates offered on short-term bonds are greater than the rates offered on long-term bonds. Often, this happens because investors are wary of  the future market and migrate out of stocks and into bonds.  This drives the return on long-term bonds down as investors are willing to take a lower return to avoid downside risk in equities.  An inverted yield curve has historically been seen (but not always) before a recession.  Therefore an inverted yield curve has negative sentiment and is feared by market watchers. 

Historically, an inverted yield curve has preceded the last seven recessions dating back to the 1960’s.  Most recently, the U.S. Treasury yield curve inverted in 2006 prior to the Great Recession in 2008.[i]  However, there have been two false indications of a recession also – an inverted yield curve in 1966 that was followed by economic growth and 1998[ii], a flat yield curve, similar to the one we are currently experiencing.

The question on everyone’s mind is, “Are we going into another recession?”  The most common indicators of a recession haven’t occurred – A high GDP growth rate hasn’t happened in our long slow recovery from the Great Recession, we do not have rising unemployment, nor spiking interest rates.  Additionally, some market analysts state that the interest rates on long-term bonds is no longer indicative of market demand due to large, steady foreign investments in U.S. Treasuries.  These sustained purchases create a simple supply and demand condition that drives down long-term U.S. debt, regardless of the current or future market environment[iii]

Keep in mind that the yield inversion that occurred on Friday, March 22nd was a mere 0.035% crossing of the 3-month and 10-year Treasury bonds[iv].  A recession could hit later this year, or in the next few years to come.  Some investors are considering whether now is the right time to cash out and wait on the sidelines; ready to jump back in right as the economy shifts upwards again.  The concept sounds great, in theory, but few if any have become overnight millionaires executing this strategy perfectly. 

A sounder and more logical approach to market downturns is to limit your risk exposure by balancing asset classes.  Rather than having all your eggs in one basket, implement an investment allocation that balances your exposure in large and small US companies, large and small international companies and balances your equity exposure with high-quality fixed income to shield you on the downside when equities lose value.  This dependable approach to investing not only reduces your portfolio volatility, but allows you to stay invested during difficult periods in the market so you can capture gains when the market recovers. 

At the end of 2018, people were already throwing around the term “tech-wreck” and cashing out their portfolios, referencing the Dot-com crash of 2000.  Just two months later, the S&P 500 booked the best January dating back to 1987[v].  It goes to show, market downturns and recoveries can happen very quickly.  Chasing the market can be an emotional rollercoaster that hurts your heart and your wallet in the end.  If you need a second opinion on your current investment portfolio, reach out to a financial advisor who is a Fiduciary and will put your best interest first. 

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.



[i] https://www.investopedia.com/news/inverted-yield-curve-guide-recession/

[ii] https://www.marketwatch.com/story/the-yield-curve-inverted-here-are-5-things-investors-need-to-know-2019-03-22

[iii] https://www.marketwatch.com/story/the-yield-curve-inverted-here-are-5-things-investors-need-to-know-2019-03-22

[iv] https://www.marketwatch.com/story/the-yield-curve-inverted-here-are-5-things-investors-need-to-know-2019-03-22

[v] https://www.cbsnews.com/news/stocks-today-sp-500-posts-best-january-since-1987/

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Deficit Prompts Attack on Health Programs

Just over a year ago, President Trump gave corporations a "tax holiday", a levy of only 6% on $620 billion of tax-free profits sheltered overseas. Then, he granted corporations a massive, permanent tax cut from 35% down to 21%. It was unprecedented, because this sort of government largesse is only doled out during times of recession, when the economy badly needs a stimulus to recover. This time, it was granted when corporations were already making record profits. It created an unnecessary burden on the federal deficit.

Trump campaigned on the promise to wipe out the government's $19 trillion in total debt. Since the tax cuts, corporate revenue to the government plummeted 21%, from $76 billion to $60 billion. Consequently, this sharply accelerated the federal deficit.

The Congressional Budget Office said that, compared to 2017, the interest expense on U.S. debt increased by nearly 50%, and is scheduled to hit $390 billion next year. Within ten years, the annual interest expense is projected to be $900 billion. This would represent 13% of the federal budget, more than the expenditure on the military, on Medicaid, or on programs for children. 1

The increased expenditure would also draw resources away from infrastructure projects to repair or replace America's aging roads, electrical grid, clean water systems and public buildings. Although Trump vowed to put $1 trillion into improving infrastructure, he couldn't get his own party to agree to it, while the deficit hung over their heads.

Who does Trump blame for this runaway debt?  -- the Federal Reserve Bank. The two basic goals of the Fed are to maximize employment, and to keep inflation at bay. To accomplish that, Fed chair Jerome Powell raised interest rates gradually, a quarter-percent at a time, last year. As of March 2019, inflation hit the lowest rate in nearly 2 ½ years, and unemployment is at a record low. Yet, Trump attacked the Fed, an independent body, leading to rumors that he would fire Powell for the rate increases. Trump demanded that the Fed, instead, use its power to support his trade plans and goals, and ignore its own mandate. ²

Since last year, Trump has waged a tariff war against China, imposing tariffs on over $250 billion worth of Chinese products. It started with a 25% tax on $50 billion of Chinese imports last June. Then in September 2018, there was another 10% tax on an additional $200 billion of Chinese products. China responded by imposing duties on about $110 billion of U.S. exports. This has ended up hurting Trump's own supporters in the farming and manufacturing sectors. Trump said the trade deficit was crushing the U.S. economy. The tariffs, he said, would reduce the U.S. reliance on imported goods and materials.

However, despite the tariffs, the Commerce Department reported this week that the trade deficit with China hit a record $419 billion last year, up from the previous record of $375.5 billion in 2017. The overall trade deficit was $621 billion, the highest since 2008. ³

The other result was that customs duties nearly doubled, from $12.6 billion to $24.5 billion due to the Administration's tariffs. These additional duties were in actuality paid by American consumers at the cash register. The tariffs were really a hidden tax on the economy.

When Marketplace interviewed former Fed Reserve chair, Janet Yellen, last month, they asked, "Do you think the president has a grasp of macroeconomic policy?" "No, I do not," she replied, adding that she doubted if he understood how the Fed worked. ²

Now, Medicare and Medicaid are in the crosshairs as a way to reduce the deficit. During the 2016 presidential campaign, Trump declared he would protect Medicare and Social Security. However, his budget last year proposed a $550 billion cut to the programs. The budget also endorsed the Medicaid block grant idea.

Medicaid is a federal assistance program that began in the 1960s as part of the War on Poverty. It guarantees states a federal share of funding for anyone who is eligible for the program (those who have low income, low assets, or are blind or disabled).

Trump's budget proposal calls for a spending cut of nearly $1.5 trillion to Medicaid over the next 10 years. It also eliminates funding for Medicaid expansion under the Affordable Care Act. 

Under the newly proposed budget, the federal commitment to fund Medicaid would end. Instead, states would receive small fixed grants and would have to bear the healthcare burden themselves by 2021. The growth of the grants would be limited to the Consumer Price Index, even though the actual cost of healthcare inflates at about double that amount, at 5.3% per year. This means that states would be saddled with escalating healthcare costs. ⁴

Charles Kahn, president of the Federation of American Hospitals warned that the budget "imposes arbitrary and blunt Medicare cuts. The impact on seniors and low-income Americans will be devastating." ⁴

1 New York Times, 9/25/2018

² Time, 2/25/2019

³ Politico 3/6/2019

⁴ Washington Post, 3/11/2019

 

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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Rainy Day Funds

Globally, many view America at the peak of prosperity with limitless upward potential.  This January marked the best January returns for the history of the stock market since 1987. February was equally lovely with investors hoping the US and China would reconcile and soon come to a trade agreement.  Technology stocks rebounded well from their 2018 lows and the Federal Reserve committed to raising interest rates at a slower pace in 2019 than they did in prior year. 

Many might assume that with all the good news, Americans are more prosperous than ever, but a recent study revealed that average American families are not nearly as financially secure as first thought. When examining American household spending, savings and debt ratios, the Center for Financial Services Innovation found that only 28% of Americans could be considered “financially healthy.” Such statistics are disturbing because financial health can impact family stability and upward mobility for generations to come.

The same study revealed that approximately 44% of people said their expenses exceeded their income in the past year and they were reliant on short-term debt vehicles like credit cards, to close the gap.  Additionally, 42% of those polled said they had no retirement savings at all.  Although the future is always uncertain, we are at a clear crossroads where the government is not in a position to fund public benefit programs like Medicare and Social Security for the long haul unless drastic changes to our government budget are achieved.  Therefore, it would be naïve to count on government programs to provide substantial retirement benefits for Millenials and generations to follow. 

For these reasons, it is sound and prudent for every household to have a rainy day fund or savings reserved for the unexpected – a change in employment, an unexpected home or auto repair, a sudden drop in the stock market, etc.  For single-income households, it is advised to keep six months’ to one year’s worth of living expenses in a highly liquid savings vehicle.  For dual-income households, six months’ worth of savings may suffice under the logic that if one source of income is disturbed, the second income may carry the family over until normal finances resume. 

Rainy Day Funds should be held in a liquid investment that you can access with ease in the case of an emergency.  These days you can get a decent return on short-term CDs at your local or online bank.  It may make sense to ladder the maturity of your CDs so that some matured funds are on the horizon regularly.

While 2019 appears to demonstrate strong economic growth potential, there is no guarantee that the market decline at the end of 2018 was the end of a down market cycle.

With savings in excess of your emergency fund, consider employing a diversified investment strategy that is built to withstand normal market cycles.  A properly constructed diversified portfolio should aim to provide you with steady market returns over a long-term investment window by adding to your bottom line when the market is doing well and protecting you on the down-side if the market is contracting. 

Reach out to your Certified Financial Planner ™ or CPA if you need a second opinion on your investing and saving strategy.  Your financial professionals are built to serve as a financial sounding board and keep you on track during the good and not-so-good times.

 

¹ https://www.marketwatch.com/story/only-3-in-10-americans-are-considered-financially-healthy-2018-11-01

² https://www.nerdwallet.com/blog/banking/why-you-should-save-a-rainy-day-fund-and-an-emergency-fund/

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 Turkey in the Oven

We are now in an upward market streak in which the Dow Jones Industrial Average of large, U.S. companies has risen for the most straight weeks since November 2017.

This follows a stomach-churning December, in which the losses for the DJIA and the Standard and Poors 500 Index were the worst December performance for the market since 1931. The government shutdown, reduced growth numbers for Germany and Italy, and the trade war between the U.S. and China made many investors nervous. In that month alone, the Dow lost 9%, and the S&P 500 lost 8.5%.¹

Last year, some investors began to worry that we were heading into a major bear market plunge. This was despite the facts -- the economy was not collapsing, companies were not going out of business, and employment numbers were strong.

This year's rebound came from the Federal Reserve Bank expressing more caution about raising interest rates in 2019. It was helped along by average investors' continued faith in the U.S. economy. When regular investors got back into the market, it triggered computerized trading algorithms to jump back in too. This January was the best month for the DJIA since October 2015, hitting a 2-month high on February 5.² It's a sign of how the market can bounce back even in the face of harsh uncertainties.

So far, the S&P 500 is up 8.7% for the year. Those who reacted emotionally last year to market fear and sold out their investments at the end of the 2018 missed out on this rally.

The moral of the story is that you shouldn't judge success on a monthly or even quarterly basis. From day to day, month to month, and year to year, past returns do not tell us much about what's around the bend in the future. Rather than trying to time the market, broad, global diversification may allow you to capture the upside while providing greater downside protection. Large U.S. companies took the biggest hit last December. However, if you had a globally-diversified portfolio, other asset classes in your portfolio did well during this time -- small U.S. companies, value strategies (where you look for bargains and buy when the market is down), emerging markets like China and India, and short-term bonds.³ Balancing these different asset classes can reduce some of the volatility and help give you the peace of mind to not abandon your investment strategy.

Author Dan Roam, in his upcoming book "27 Principles Every Investor Should Know", explains this principle in a way everyone can understand. He points out that these days, couples who are both age 65 can expect to spend 25 to 30 years in retirement. Investing for this long stretch of time, he explains, is like roasting a 20-pound turkey. You know it's going to take 4 to 5 hours. You can't measure success by opening the oven every couple of minutes to see how it's going.

Your gut and emotions will still be calling out to you, but a diversified investment approach may strengthen your resolve to stick to your plan and accomplish your long-term goals.

 

¹ Fox Business 12/31/2018

² Wall Street Journal 2/11/2019

³ https://us.spindexes.com/indices/equity/sp-500

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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Opening Weekend for Taxes

Monday was the official opening of the tax filing season.  The next few weeks may seem like the normal hustle and bustle of gathering documents for your CPA. However, the tax-filing process is actually very different this year.  Effective in 2018, the Tax Cuts and Jobs Act (TCJA) doubled the standard deduction, eliminated the personal exemption, and wiped out several popular deductions that millions of taxpayers utilized previously. Here are a few key changes to keep in mind.

Standard Deduction & Personal Exemptions

Annually, taxpayers decide whether they will take the standard deduction on their tax return, or if they have enough itemized deductions to claim a greater offset against taxable income. In an effort to create a “simpler” tax return, the TCJA doubled the standard deduction from $6,350 to $12,000 for individuals, and from $12,700 to $24,000 for married couples[i]

At the same time, in the spirit of “simplicity” the TCJA eliminated the personal exemptions and dependent exemptions of $4,050 per person. Prior to 2018, taxpayers could claim a personal exemption for themselves and a dependent exemption for each eligible dependent.

Here is a very basic example[ii].  Say you’re a married couple with two dependent children.  Prior to the new tax law, you have itemized expenses totaling $15,000.  Your itemized deductions are higher than the $12,700 standard deduction, so you opt to itemize.  You are also eligible for 4 exemptions of $4,050 for you, your spouse, and your two dependent children. Therefore, you have a total benefit of approximately $31,200.  However, with the new TCJA, this same couple would be urged to take the standard deduction of $24,000 in lieu of the $15,000 of itemized expenses they incurred during the year.  Given personal deductions are no longer allowed, their total tax deduction is $24,000, which compared to the old rules would result in a loss of $7,200 in benefits.

Other Eliminated Deductions and Changes

One of the notable changes in the Tax Cuts and Jobs Act (TCJA) was the reduction of the corporate tax rate from 35% down to 20%.  During the first three quarters of 2018, large US companies earned profits of about 25% over the prior year due greatly to the tax benefit[iii]. However, to make up for the big corporate tax breaks, many of the personal deductions by individual taxpayers were eliminated. Some of the eliminated deductions include the following[iv][v]:

  • Home Mortgage Interest - You can no longer deduct the interest paid on debt over $750,000 to acquire a home. With the median home price in Los Angeles County near $1 million[vi], this rule will likely affect many living in metropolitan areas of the country.
  • Home Equity Loan Interest – Interest on home equity loans or HELOCs are no longer deductible if the proceeds are utilized for something other than home improvements (I.e.: if you used the HELOC to pay off credit card debt or pay for your child’s college tuition). If the loan proceeds are used for home improvements, the interest would be deductible only if the combined debt of the primary home loan and the HELOC are below the $750,000 cap under the new tax law. Homeowners with existing mortgages and home equity lines will be grandfathered in and therefore unaffected by the new law.
  • Job Expenses – Many hard-working employees, such as teachers, pay for a great deal of job-related expenses out of pocket (i.e.: supplies, union dues, work-related education, home-office expenses, tools, work clothes, etc.).  Prior to the TCJA, these used to be deductible on your tax return if the total of your miscellaneous expense exceeded 2% of your AGI.  
  • Tax Preparation Fees – This item was also a tax deduction if in combination with other miscellaneous expenses, exceeded 2% of your AGI.
  • Miscellaneous Deductions – Items in this category included investment advisory and management fees, fees for legal and tax advice related to investments, trustee fees, etc. These were also subject to the 2% of AGI rule.

 

Charitable Gifting Solutions

It is estimated that due to the higher standard deduction in the Tax Cuts and Jobs Act, the number of people who make tax deductible charitable gifts will drop by 50%[vii].  That’s because with the standard deduction doubling, few will have the means to gift in excess of the $12,000 and $24,000 limits for single or joint filers, respectively. As a result, Qualified Charitable Distributions (QCDs) have elevated in popularity and a new strategy called bunching has emerged.

Qualified Charitable Distributions (QCDs) allow a retiree age 70.5 or older to donate their Required Minimum Distribution (RMD) directly to a qualified charitable organization. The QCD avoids the pitfalls of the new higher standard deduction because the QCD is a direct reduction of taxable income rather than a tax-deductible item that needs to exceed your standard deduction threshold. 

Bunching is the strategy of combining several years of gifts into one larger gift in a single year that will qualify for a tax deduction.  Some employ this strategy utilizing a Donor Advised Fund (DAF); a charitable gifting vehicle which makes gifts on behalf of an organization or family. Your financial planner can help you determine if these strategies make sense for you and aid you in completing the transaction if so.

------

Hopefully the new tax laws will work in your favor. Tax efficient strategies of investing, saving and gifting often come about when your professionals work together collaboratively.  Be sure that your investment advisor and CPA are communicating throughout the year to create a customized plan that helps you achieve your goals and manage your tax liability.   

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.


[i] https://www.irs.gov/publications/p501

[ii] There are many variables that could affect the outcome of this example and all individual estimates of tax should be prepared by a qualified tax professional.

[iii] https://www.wsj.com/articles/behind-the-market-swoon-the-herdlike-behavior-of-computerized-trading-11545785641

[iv] https://www.cbsnews.com/news/9-tax-deductions-individuals-can-no-longer-claim-for-their-2018-taxes/

[v] https://www.nolo.com/legal-encyclopedia/miscellaneous-itemized-deductions-often-overlooked-valuable.html

[vi] https://www.forbes.com/sites/ellenparis/2018/05/28/los-angeles-median-home-price-nears-1-million-as-fierce-bidding-wars-continue/#6cec0e681e85

[vii] WSJ: Charitable Contributions by Laura Saunders 2/14/18

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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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