CPA Financial Planners Identify Retirement Planning as a Top Issue
10 Questions to Consider
Companies Becoming Aware of Retirement Challenges
What Clients Should Know About 401(k)s
AICPA Resources
PrimePlus/ElderCare Focus
Elsewhere in the News
AICPA News
PFP Section Member News
CPA Financial Planners Identify Retirement Planning as a Top Issue
Retirement is the number one personal financial planning concern, regardless of age, according to an informal survey of CPAs at the AICPA 2007 Personal Financial Planning Conference. It is a major concern for those 25 to 34 years of age, with the more immediate pressures of education, home buying and debt management following close behind. The CPAs attending the conference also cited outliving investments, the effects of the global economy, eldercare and long term care insurance as key issues for all clients.
10 Questions to Consider
What issues should clients approaching retirement be thinking about? The president of the Employee Benefit Research Institute suggests 10 questions for pre-retirees, including what benefits they’re due from employers and from Social Security; the tax consequences of 401(k) distributions; and what health benefit coverage they can expect, according to a SeniorJournal article.
Companies Becoming Aware of Retirement Challenges
Recent changes to the financial and legislative environment, as well as declining employer confidence that employees are saving enough for retirement, are prompting many companies to take a closer look at their retirement programs this year, according to a study by Hewitt Associates. That includes an overall evaluation of retirement programs, a continued focus on managing costs and risks, enhanced retirement education and guidance, and a continued emphasis on automating the 401(k) plan to help employees maximize the benefits of their retirement plans. Click here for more details.
What Clients Should Know about 401(k)s
What secrets should clients know about their company retirement plans? Smaller funds tend to have higher fees; the fund choices may not be top quality in all categories; clients may not be getting sufficient investment diversity; and a Roth 401(k) may be a better choice. Those are some of the revelations in a SmartMoney article on what your 401(k) provider won’t tell you.
AICPA Resources
CPAs who want to help clients address the retirement planning issues can find tips and tools available at the Web site of the AICPA 360 Degrees of Financial Literacy Program at www.360financialliteracy.org. In addition, the national Feed the Pig campaign (www.feedthepig.org) is designed specifically for career builders to help them begin saving for retirement. Click here for more information.
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PrimePlus/ElderCare Focus
New LTC Web Site
The U.S. Department of Health & Human Services has launched a new Web site, the National Clearinghouse for Long-Term Care Information, which provides comprehensive information about long-term care planning, services and financing options, along with tools to help people begin the planning process. The Web site features a number of resources to help individuals start the planning process, including interactive tools such as a savings calculator, contact information for a range of programs and services, and real-life examples of how individuals have planned successfully. It can be found at www.longtermcare.gov.
Emergency Preparedness Steps
What steps should older clients take before an emergency strikes to ensure their safety? According to the American Red Cross, they include making sure caretakers have access to the older clients’ home; having emergency documents and health records handy; keeping emergency supplies and a few days’ supply of medication; and setting up a workable communications system for caretakers. Click here for more information and resources.
Tips for Remaining Vibrant
There are many ways to maintain memory, fitness and mental health, according to advice from MetLife. They include simply having fun, and also increasing physical activity while lowering calorie intake, following doctors’ orders and developing one’s spiritual side. The company also offers free brochures on healthy aging and maintaining good mental function. Click here for more information.
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Elsewhere in the News
Developments in Patenting Tax Strategies
Will clients face a patent infringement lawsuit if they use a tax strategy that someone has already patented? An International Herald Tribune article describes this developing issue, including one case in which a patent holder would bar someone from using a patented strategy.
The AICPA Tax Center provides further information on this issue, including a link to a House hearing on the subject .
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AICPA News
PFS Credential Holders: Enhance Your National Visibilty
To promote their knowledge and enhance women’s financial literacy, PFS credential holders have the opportunity to become presenters in the U.S. Department of Labor Women’s Bureau national Wi$e Up teleconferences. Doing so makes it possible to demonstrate your expertise by discussing financial planning topics and answering questions about timely PFP issues. You’ll also be recognized by consumers around the country as a financial planning expert and by the general public when the recorded sessions and transcripts are published to the Wi$eUp Web site at wiseupwomen.org. Finally, it’s possible to use the recorded sessions as a resource for your existing and prospective clients.
The teleconferences will take place on the last business day of every month from February through November 2007, at 2:00-3:00 p.m. EST. If you would like to participate in this exclusive PFS opportunity, please send an email to Teighlor March at tmarch@aicpa.org.
AICPA Conference on Tax Strategies for the High-Income Individual
Serving wealthy clients is an appealing practice area and the 2007 AICPA Conference on Tax Strategies for the High-Income Individual offers a great opportunity to expand into this niche. The conference, which takes place in Las Vegas on April 30 to May 1, features insights into the latest developments affecting high-income clients and opportunities to network with other professionals in the field. Click here to learn more information.
SAVE THE DATE! Other Upcoming AICPA Conferences Related to Financial Planning
Click here for more details on these upcoming conferences:
Advanced Estate Planning, Practitioners Symposium, and Retirement and PrimePlus/Elder Care. Also, as part of your PFP section member benefits, you will receive a $50 discount for each of these conferences (excluding Practitioner’s Symposium).
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PFP Section Member News
PFP Section “Member Spotlight”
A new addition to the PFP Center Web site, “Member Spotlight”, will feature a different member of the PFP Section or PFS credential community bi-weekly and include a brief description about their practice and how they benefit from the AICPA’s PFP Specialty Area. When you decide to participate in the Member Spotlight section, you will gain recognition from the PFP community, the greater CPA profession, consumers as well as other professional service providers. Both experienced and inexperienced PFP practitioners with small and large practices will be featured and represent the diversity of our community. If you are interested in this marketing opportunity, please send an email to Andrea Millar at amillar@aicpa.org.
Update Your Member Profile Online
AICPA Members who update their profile online before May 1, 2007 are eligible to win a 7-night stay at Starwood Hotels & Resorts! Click here to update your profile now. Note that you will need your AICPA.org user name and password to access this area. Not registered for the Web site, click here. Registered but forgot your user name, click here. Registered but forgot your password, click here. If you have difficulty registering for the site or updating your user name and/or password, please call the AICPA service center by dialing 888.777.7077 (option #3 and then option #1).
PFP Alerts
PFP Section members can now review the latest legislative, regulatory and PFP practice alerts on the PFP Center Web site. Visit the site’s PFP Alerts section to access timely information that is critical for keeping well informed of updates that affect your PFP services.
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