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).

What if, suddenly, you had enough money to buy something you’ve long desired, travel to a place you’ve dreamed of going, or make a real difference to a charity you’ve always admired?

Consider it a problem we’d all like to have. But consider it a potential problem nonetheless.

If we live long enough, we will most likely become caregivers. “Caregiving in the U.S. 2020” as published by the National Alliance for Caregiving and AARP, stated about 1 in 6 Americans currently care for someone aged 50 or over. More than half of these caregivers are themselves aged 50 or over and 20% are aged 65 or older. According to AARP, 42% of caregivers have experienced a financial impact from this role.