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PERSONAL FINANCIAL PLANNING

Help clients

make 3 critical

shifts in

retirement

Retirees need to learn to look differently at
spending, taxes, and powers of attorney.

By Kelley C. Long, CPA/PFS

ith approximately 10,000 Baby Boomers turning 65 MORE THAN JUST CRUNCHING THE NUMBERS
every day, the need for retirement planning has never Helping clients determine their retirement readiness involves
Wbeen greater, particularly when it comes to seeking more than just crunching numbers and constructing a
advice on transitioning into retirement. The No. 1 reason tax-efficient income stream based on a safe withdrawal rate,
why people would hire a financial adviser is to understand although those are important aspects. As clients contemplate
how much they can safely spend in retirement, according to their workforce exit, CPAs can help with several additional
research by Michael Finke, a professor of wealth management financial planning areas.
at the American College of Financial Services. Retirees need to make three critical shifts in thinking to
For CPAs whose practices feature a high percentage of obtain the most enjoyment out of their golden years. While
individual clients, whether the specialty is tax, small business a practitioner, depending on experience, may wish to refer
advisory, or personal financial planning, it’s likely that many a client to another professional for help with tangible steps,
clients would desire help with this transition even if they are guiding clients toward the awareness of the need is a valuable
not asking for it. and necessary service.

22 | Journal of Accountancy September 2022