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Other Works Written by Dr. Wong

Two Case Studies on Maximizing Retirement

As I write this article, typical retirement investment options are: 0.88% coupon interest on a 10-year and 1.63% on a 30-year U.S. Treasury Bond; 1% or less on bank CDs; and 2.02% average dividend yield and 4.57% compound growth rate before fees over the last 21 years on S&P 500 stocks.

Financial Lessons learned From 2020 and the Pandemic

We’ve just lived through an amazingly turbulent 2020, where the coronavirus pandemic has upended the lives of tens of millions of Americans.

Steps To Take Now Before Biden Tax Plan Hits

As I write this article, it looks more likely that Joe Biden will become the next U.S. President. If the Democrats win the runoff for the 2 Senate seats in Georgia, they will control the Senate, House, and the Presidency.

Roth IRA Makes a Big Difference in Retirement

In previous articles, I’ve listed the main benefit of a Roth IRA Conversion. You will have no tax on unlimited earnings for your and spouse’s life; and for the first 10 years that your heirs inherit your Roth IRA.

Why Americans Don’t Save Lots of Income Tax

According to the Tax Foundation, America will spend more on taxes (including federal, state, and local) than it will on food, clothing, and housing combined. This is especially true for retirees that own a free and clear primary home.

Three Ways to Become a Millionaire

Many Americans say they want to be a millionaire, but it’s just a dream for most. Credit-Suisse reports that in 2020 there were 18.6 million individuals (representing 11.8 million households) that had a net worth of at least $1 million or more. This is 3% of the U.S. population.

Roth IRAs Make More Financial Sense For Your Retirement

Trillions are held in traditional IRAs and 401(k)s. However, this creates a ticking tax time bomb because any money withdrawn is taxed as ordinary income (think wages or profits from any small business you own). You got a tax deduction from your original deposit and your earnings were tax-deferred until you pulled money out (typically in retirement). If you had deposited $250,000 over the decades while working, and were lucky enough for it to be worth $1 million at retirement, all $1 million will be taxed as ordinary income when you spend it.

Here Are 2 Ways People Have Large Roth IRA Accounts

Since 2009, I have typically given at least 40 talks per year and thousands have attended my financial seminars. Many have seen me for a consultation on their taxes, investments, and retirement planning and I’ve noticed that no more than 2% have more than $30,000 in a Roth IRA account. The main reason is that Americans love getting the immediate tax deduction when they contribute to a traditional IRA or 401(k) account. The earnings are tax-deferred, but then all withdrawals (with the bulk taken during retirement) are taxed as ordinary income. This is only fair because traditional IRA or 401(k) contributions come from either wage earnings from a job or profits from one’s business.

Different Ways to Save on Income Taxes

The coronavirus pandemic shutdown of most of the U.S. was devastating. However, the economic is now slowly coming out of the previous mandatory lockdown orders and many predict that we will have a strong 4th quarter in 2020 and strong economic recovery in 2021. For many upper middle-class families, income taxes are one of the two highest single expenses, along with housing expenses. It’s the highest expense once your house is paid off. Let’s examine several major tax-savings options.

Paul Leatham

"Dr. Wong gives a straight forward presentation to maximize investment earnings by placing money into tax savings investments outside of the stock market. I learned several investment strategies I had never heard before covering what may be in the best interest of the investor instead of the financial firms ..."

 

DDS Paul Leatham

Ambassador at the 2017 Western Regional Dental Conference

Danette Earnest Keller

"I would be interested and excited to invite my clients to hear about his tax strategies and feel that this would be an added value we would be able to offer our clients."

 

Danette Earnest Keller

Williams Real Estate Broker

Stephanie Gonzalez

"He is engaging, funny, articulate and left our audience members wanting more information and insight. He truly understood our audience and quickly gained supporters ..."

 

Stephanie Gonzalez

Program Chair, Realty Executives, Phoenix AZ

Les Taylor

"I am writing this testimonial letter to applaud the competency and expertise of Dr. Harold Wong. As the former Assistant Police Chief of Tempe, AZ, I appreciate someone who is honest as well as competent. I have known Dr. Wong for many years as we see each other most months at the meetings of the National Speakers Association, AZ Chapter."

 

Les Taylor

President/CEO of Achievement Solutions, LLC and Retired Assistant Police Chief of Tempe, AZ

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