Personal Financial Planning


PERSONAL FINANCIAL PLANNING

The CFP Board of Standards—which regulates certified financial planners—establishes a task force to propose changes to its organizational structure so the board can more effectively oversee the development of a global certification program ( www.cfpboard.org/press_archvdpr.html#5-21-01 ).

The GAO says the ongoing decline in Americans’ personal savings shrinks the supply of domestic investment capital, increases U.S. dependence on foreign lenders and slows the economy’s growth. Long-term projections indicate that, even if the personal savings rate stabilizes, future generations’ income will rise more slowly than that of their predecessors, which doubled every 35 years ( www.gao.gov/cgi-bin/getrpt?rptno=GAO-01-591SP ).

An AARP report says the financial status of most Americans over age 50 has improved. Nevertheless, the study adds, older individuals need more investment income and better health insurance to cope because poverty afflicts four in ten over age 60, health-care coverage has decreased among those ages 50 to 64 since 1988 and pension coverage for preretirees has not increased in 20 years ( www.aarp.org/press/2001/nr052301.html ).

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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.