Countdown to your client's retirement.Retirement-age millionaires in America have a common concern--running out of money. Clients who are getting ready to retire need to follow a timetable and begin preparations up to two years in advance. Here's a list for CPAs and their clients of what to do--and when to do it. 24 months prior to retirement [] Build a sustainable budget. [] Review the plan to pay off debts. [] Interview investment advisers. 12-18 months prior to retirement [] Work together to hire an investment adviser for at least 25% of the investment portfolio. [] Develop an investment policy statement. [] Acquire a written copy of company benefits policies. [] Begin tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. . 6-9 months prior to retirement [] Reevaluate investment advisers with respect to the goals. [] Complete the advisory team. [] Accumulate company retirement forms. [] Go through underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. for any additional life or health insurance. 3 months prior to retirement [] Have the investment adviser review the rules for the client's company stock options. [] Open a rollover IRA Rollover IRA A traditional individual retirement account holding money from a qualified plan or 403(b) plan. These assets, as long as they are not mixed with other contributions, can later be rolled over to another qualified plan or 403(b) plan. Also known as a conduit IRA. . [] Evaluate purchasing new life/health or disability policies. [] File retirement forms with the benefits department. [] Set up direct deposit and tax withholding for retirement payments. Source: Adapted from How Millionaires Stay Rich Forever by J.M. Trippon, CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , Bretton Woods Bretton Woods can refer to:
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion