Professional Issues


Americans are concerned about retirement savings, health care and educational costs, according to an AICPA survey. Thirty-two percent of respondents from the AICPA Financial Planning Membership Section said their clients are postponing retirement for financial reasons. “Many baby boomers are discovering their retirement kitty is not as big as it needs to be to fund a comfortable retirement and that they are going to have to work longer than they had intended,” Jim Metzler, AICPA vice president–Small Firm Interests, said in a news release.

One-third of survey respondents said clients between the ages of 25 and 34 are foregoing buying a home, having children and even saving for retirement. Higher credit card debt due to unnecessary spending is increasing the need for education and guidance to help improve the financial well-being of Americans of all ages, according to Carl George, chairman of the AICPA’s National CPA Financial Literacy Commission.

The survey results can be viewed at www.aicpa.org/download/news/2008/Tabulation_of_AICPA_PFP_Survey_ Results.pdf.

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.