{"id":828,"date":"2008-01-14t00:44:26","date_gmt":"2008-01-14t05:44:26","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/2008\/01\/14\/boomers-face-bleak-retirement\/"},"modified":"2024-10-01t09:17:59","modified_gmt":"2024-10-01t13:17:59","slug":"boomers-face-bleak-retirement","status":"publish","type":"post","link":"\/\/www.g005e.com\/2008\/01\/14\/boomers-face-bleak-retirement\/","title":{"rendered":"boomers face bleak retirement"},"content":{"rendered":"

cpas see a generation with underfunded plans.<\/em>
\n
\nby rick telberg<\/strong>
\nat large<\/em><\/p>\n

not since the advent of the pill have so many baby boomers been caught with their pants down. <\/p>\n

so say the vast majority of cpas (albeit in other words) who see their clients as woefully unprepared for the financial rigors of retirement. <\/p>\n

by \u00e2\u20ac\u0153vast,\u00e2\u20ac\u009d i mean 92 percent. by \u00e2\u20ac\u0153pants down,\u00e2\u20ac\u009d i mean caught by surprise and less than ideally positioned for a post-retirement trek that 80 percent of our survey respondents predicted will last at least 21 years. forty percent, in fact, said boomers had better be ready to fund themselves for at least 26 years after they retire. <\/p>\n

cpas can expect the so-called \u00e2\u20ac\u0153silver tsunami\u00e2\u20ac\u009d to start hitting their shores this year. it may have already begun when, a few weeks ago, kathleen casey-kirschling filed for social security benefits. the 62-year-old new jersey grandmother was born jan. 1, 1946, in philadelphia\u00e2\u20ac\u201dthe first of 80 million boomers to be born from 1946 to 1964. she\u00e2\u20ac\u2122s now the first of the generation to be eligible for benefits.
\n
\nour survey is uncovering some of the reasons the bulk of the boomers will likely face hardships just as they expect to kick back and relax. eighty-one percent of our respondents believe their clients have inadequately funded their iras, 401(k)s, and other retirement accounts. fifty-three percent say their clients don\u00e2\u20ac\u2122t follow through on their plans, and slightly more say client portfolios are unbalanced or improperly invested. a third say clients fail to follow professional advice. <\/p>\n

maybe the economic boom of the last 50 years has left the boomers a little too optimistic. fifty-six percent of our respondents said their clients have unreasonably high expectations for their investments\u00e2\u20ac\u2122 rate of return. just under half said they used six to seven percent as a rule-of-thumb rate for the upcoming 20 years. only 25 percent expected a rate of eight to ten percent. almost as many\u00e2\u20ac\u201d19 percent\u00e2\u20ac\u201dtell boomers they can count on only four to five percent.<\/p>\n

between sloppy portfolios, underfunded plans, and low rates of return, 47 percent say, boomers are going to have to work longer than they currently expect. <\/p>\n

gary davis, cpa, a partner with davis & brandel cpas, inc., in columbus, ohio, cut to the crux of the problem: \u00e2\u20ac\u0153we should also be known as the grasshopper generation,\u00e2\u20ac\u009d he quipped. \u00e2\u20ac\u0153play all summer and don\u00e2\u20ac\u2122t think too much about the winter.\u00e2\u20ac\u009d<\/p>\n

ron dickinson, president of dickinson & clark cpas in council bluffs, iowa, gives boomers a little more credit, saying, \u00e2\u20ac\u0153many have a general idea whether they have enough pensions, social security, and investments, but they don\u00e2\u20ac\u2122t understand the long-term implications of inflation and taxes.\u00e2\u20ac\u009d<\/p>\n

and that brings up a related issue: who\u00e2\u20ac\u2122s advising boomers as they slouch through the late autumn of their lives? <\/p>\n

we found that only 37 percent of our respondents provide savings and investment advice, and only 20 percent are working with funds, reits, etc. but 57 percent are involved in retirement planning, the spend-down side of the retirement process. <\/p>\n

the survey didn\u00e2\u20ac\u2122t reveal much enthusiasm for partnering with third-party financial services providers. sixty-five percent said those providers were too \u00e2\u20ac\u0153sales-oriented,\u00e2\u20ac\u009d 35 percent said they weren\u00e2\u20ac\u2122t as concerned as the cpa with what\u00e2\u20ac\u2122s best for the client, and 48 percent feared that a mistake on the provider\u00e2\u20ac\u2122s part could hurt the cpa\u00e2\u20ac\u2122s relationship with the client. <\/p>\n

the clear need for better financial counseling, the lack of confidence in the providers of financial services, and the perceived independence of the cpa add up to a final statistic that seems almost inevitable: 86 percent of respondents thought cpas will become at least somewhat more involved in personal financial planning over the next three to five years. <\/p>\n

that\u00e2\u20ac\u2122s a major shift in the function of the cpa. and it comes not a moment too soon. the boomers are lining up, and they sure aren\u00e2\u20ac\u2122t babies anymore.
\n
\ncopyright \u00c2\u00a9 2008 bay street group llc. all rights reserved. used by permission. first published by the aicpa.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

cpas see a generation with underfunded plans. by rick telberg at large not since the advent of the pill have so many baby boomers been caught with their pants down. so say the vast majority of cpas (albeit in other … continued<\/a><\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"129943,137207,133283,134813,130437,137220","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1905],"tags":[53],"class_list":["post-828","post","type-post","status-publish","format-standard","hentry","category-clients-and-service","tag-pfp"],"acf":[],"yoast_head":"\nboomers face bleak retirement - 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