You are working hard, very hard. In fact, you have never worked so hard in your life. Your employees are also working hard. Therefore, your business must be doing, amazingly well. Right? BUT...your bank account is nearly empty, your desk drawer is full of checks that you can't mail, and your line of credit is maxed. So, what is wrong - where is all the cash going? Often, the mystery may be explained by analyzing your financial statements.

Many people have retirement savings in the form of 401(k)s, IRAs, and other such funds, but many people can get stuck when it comes to where they wish to live out their retirement. The Dayton Business Journal has provided the top five places where retirees have, on average, the best financial security, and our very own Dayton comes in at number 5!

Seems like a great time to reflect on some business pointers from some very wise people as we begin the new year. Always fun to ponder on where we have been, where we are, where we are going, how will we get there and who will be on the bus with us. Rarely, do I get out of the pounding surf long enough to think through these questions. Regardless, this line of thinking should drive the events of 2023 and beyond.

How much money is needed for your everyday expenses in retirement? How much money do you need to travel and for other discretionary expenses? What is the rate of inflation? How much do you wish to leave the kids? To accomplish that goal – what type of investment returns do you need? How much financial risks are you willing to accept? These questions and some other thoughts follow in the WSJ article below written by Glenn Ruffenbach and published on Monday, November 7, 2022.

Although, whether they want to admit it or not, I suspect that most parents would like to leave a nest egg of some sorts to their kids. But what if creating or setting aside monies for your children adversely affects your happiness in your golden years? That is where things begin to get a little dicey.

Do you pay more or less income tax being married? Or, being single? Hmmm…well, it depends. There are no easy answers in the tax world. To make a long story, short – the so-called marriage penalties or marriage bonuses “generally occur when certain tax brackets and/or tax deductions for married couples aren’t twice the same amount for single taxpayers.” These marriage penalties or bonuses occur in numerous sections of the Internal Revenue Code (IRC).