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Just before Thanksgiving in 2024, legendary investor Warren Buffett offered a deeply personal letter. He talks about crucial principles for the successful transfer of assets to the next generation and ways to preserve family harmony.

For many, most of their liquid assets are inside their traditional IRA or 401k. The annual contribution acts as a powerful incentive because it can be deducted on your tax return.  However, this is a mistake because you are creating a ticking tax time bomb.

The baby boomer generation was born between 1946 and 1964, making them currently roughly age 59 to 78. Many have retired and many are still working. Most have kids and grandkids. According to a recent post in www.modernlaw.com, 25% of all divorces are from people over 50.

For most American families, there are four major financial dreams: Earn enough to enjoy a middle-class lifestyle; Buy a home; Enjoy a happy retirement; and Help your kids with college expenses. Now that we are in the holiday season, the greatest gift to your kids would be to offer a different path so that they can be financially successful.

For decades, when a high-income client complains to his CPA about paying too much income tax, the CPA profession has three standard solutions: Buy a More Expensive House; Contribute the Maximum to your IRA or 401k; and Invest in Rental Real Estate. These solutions simply do not work very well.

We will soon have a presidential election on Tuesday November 5, 2024. According to a July 30, 2024 report from Statista Research Department, here are the top 3 issues to voters as of July, 2024: 25% say Inflation/Prices; 11% Immigration; and a tie for 3rd place with 10% saying Healthcare and Jobs & the Economy.

The previous two articles, published in July and August, 2024 (and found at in the “Articles” section of www.drharoldwong.com) have discussed how to have enough money to enjoy retirement. This article will cover how to be happy in retirement. Note: Not having enough money to cover your needs can be miserable; but having enough money does NOT make you happy.

In April, 2024 study “The Peak Boomers Impact Study” by Robert Shapiro and Luke Stuttgen, finds that “A Majority of Peak Boomers Are Not Financially Prepared for Retirement”