Retirement: Also A Job For Accountants

November 11, 2019
Coworkers celebrating a colleague’s retirement in the office

Unless you’re superman, old age is an inevitable stage in our lives. Hence, retirement is a vital subject that should be considered by everyone. As an accountant, you should always consider discussing retirement plans with your clients. This article by Anita Dennis last October 21, 2019 on the Journal of Accountancy guides us on some key strategies when retiring.

7 strategies for a great retirement

You’ve built a successful career, and you’re starting to think ahead to your next challenge. Will you be ready to retire when you decide the time has come? CPAs who have already blazed a trail into retirement offer advice on how to lay the groundwork for a satisfying future:

Don’t let work get in the way of planning. It’s important to avoid getting so caught up in work that you fail to focus on your future, advised Bob Goldfarb, CPA, who retired after merging his 15-person Long Island, N.Y., firm with Janover LLC. “Decide what you want and be set to start once you retire,” he advised. Click here to read more…

From what we read in Anita’s article, it may seem that retirement is not for everyone. Although old age is inevitable, retiring may not be as such. Some factors may prevent a person from retiring. These factors can be read here on this article written by Teri Saylor on the Journal of Accountancy last March 18, 2019.

How to know if retirement is right for you

The calendar says it may be time to retire, but how do you know if you are emotionally ready to take that step?

The decision to retire is intensely personal, according to Michael Goodman, CPA/PFS, president and principal of Wealthstream Advisors Inc. of New York City, who often counsels individuals on their retirement plans.

“Some of my clients are ready to retire as soon as possible. Others have no interest in retiring,” he said. “I always encourage them to keep working as long as they want to.” Click here to read more…

Running through Teri’s checklist will help you check if your client would benefit from a retirement. Otherwise, you may place yourself and your client in danger of running out of money. In fact, this risk is one of the biggest fears of business owners when it comes to retirement. Samiha Khanna discusses this issue further in their article on the Journal of Accountancy.

Clients’ top retirement fear: Running out of money

Nearly one-third (30%) of financial planners say their clients’ top retirement fear is running out of money, according to a recent AICPA survey of 631 CPA financial planners.

“This is a huge issue as people approach retirement, particularly with longevity improving and the length of time in retirement, for some, approaching the amount of time spent working,” said Leonard Wright, CPA/PFS, member of the AICPA Personal Financial Specialist (PFS) Credential Committee. Click here to read more…

Being knowledgeable about the pros and cons of retiring benefits, not just your client, but you as well. Aldaris CPA offers various accounting and CPA solutions in and around Seattle. We offer Individual and Family Consulting, Bookkeeping, tax planning, and more. Click here to schedule a visit with us now!