By CPA Trendlines Research
You don’t have to lose clients just because they’re retiring.
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Retirement opens up new opportunities for new services. Here are 10.
1. Retirement Planning
Determine retirement income needs and develop a financial plan to achieve them.
2. Tax Planning
Develop strategies to minimize taxes on retirement income, such as Social Security, pensions and withdrawals from retirement accounts. Monitor annually.
3. Social Security Optimization
Advise on the optimal time to begin claiming Social Security benefits to maximize lifetime payouts.
4. Pension Analysis
Provide insights on pension payout options (e.g., lump sum vs. annuity).
5. Investment Review
Review and advise on the client’s investment portfolio to ensure alignment with retirement goals and risk tolerance. Monitor investments.
6. Estate Planning Coordination
Work with attorneys to ensure estate plans align with tax efficiency and the client’s wishes. Be available for changes in life situations of all family members.
7. Health Care and Long-Term Care Planning
Help budget for health care expenses, including Medicare, Medigap and long-term care insurance. Some clients may want you to handle payments, appeals and other insurance-related issues.
8. Withdrawal Strategies
Develop tax-efficient strategies for withdrawing funds from IRAs, 401(k)s and other retirement accounts.
9. Budgeting Assistance
Create a post-retirement budget to manage income and expenses effectively. Monitor and adapt as situations evolve.
10. Required Minimum Distributions (RMDs)
Calculate and ensure compliance with RMD requirements to avoid penalties.
Retirement planning can evolve into eldercare and other services. Families trust their CPA, so relationships can continue after retirement and through the rest of life. Services for family members are a natural extension.