Calming nervous clients nearing retirement

Simplicity is key to retirement finances, but figuring out how to best deal with assets, debts, investments, and taxes can be challenging. Add to that the economic uncertainty and stock market swings taking place this year, and many Americans contemplating retirement find themselves drowning in doubt and anxiety.

CPA financial planners can help put their clients at ease by walking them through their individual realities. Reminding clients of the plans, projections, and outputs of long-term strategies can right-size concerns stemming from scary headlines and show how a solid retirement strategy is designed to weather rocky years, said Pam Ladd, CPA/PFS, senior manager—Public Accounting (Personal Financial Planning) at the AICPA.

“There’s always going to be some type of uncertainty, whether it’s in the market or something else,” she said.

Three personal financial services experts offered five tips about how clients can set up their finances in a way that minimizes money worries as they transition into retirement.

PUTTING TODAY’S WORRIES INTO PERSPECTIVE

Worries about retirement preparation are especially high, given how tariff proposals and changes in federal economic approaches have sent the stock market on a roller coaster. A recent survey found two-thirds of people are more worried about having enough to retire than they are about death, according to a study released in April from Allianz Life Insurance Co. More than 1,000 Americans over the age of 25 participated in the study.

Those who are in their retirement years aren’t the most anxious. The highest levels of worry sit with Gen X, the survey suggested. More than 70% of respondents in their 40s and 50s said they are concerned they won’t have enough to live out their years, followed at 66% by Millennials and at 61% for the Baby Boomer generation, many of whom are already retired.

Different clients will have different levels of risk tolerance, and it’s important to meet your clients where they are, Ladd said. If a client says they’re staying up at night thinking about how today’s market fluctuations may impact their future, you can work with them to revise plans so they can enter retirement slower than anticipated with part-time work or perhaps stay in the workforce for a few years.

The important piece is to reassure clients that the years of planning and preparation will get them through whatever is ahead, she said.

“It’s really focusing on education and simplicity,” said Mary Dovel, CPA/PFS, managing partner at Telos Family Office in Charlotte, N.C., and a member of the AICPA Personal Financial Planning (PFP) Executive Committee. “Clients are much happier when they have clarity and fewer decisions.”

START WITH AN OVERVIEW

Clients need clarity about their finances, so that they can make their own decision about when it’s time to step away from the work world.

Robert Westley, CPA/PFS, regional wealth adviser and senior vice president at Northern Trust in the New York City area, starts that process by creating a trimmed-down financial statement, often around tax season.

CPAs “have the advantage of preparing a tax return, which can be a really good starting point,” said Westley, who also is a member of the AICPA’s PFP Executive Committee.

Before client meetings, he regularly prepares a one-page statement listing out assets, including investments, retirement accounts, annuities, and properties owned. Westley then compares it with liabilities, so that clients with complex finances can see more clearly where they are. He uses it as a springboard to talk about what needs to happen before retirement in terms of investments and more.

The document’s simplicity gives clients clarity when they need it and prompts them to recall other assets or liabilities they may have neglected to mention.

CONSOLIDATE AND AUTOMATE

One of the most important, but also hardest, steps to take is to consolidate clients’ financial footprints.

“Over the course of a lifetime of working, clients may have many different accounts,” Westley said. “It is a good time to get organized and decrease complexity.”

In the years and months leading up to a client’s retirement, help the client consider whether rolling over retirement accounts into one place and reducing the number of bank accounts would work best for their financial goals. For clients who might be overwhelmed, you can create a checklist to guide them through the process, stepping in to help as warranted.

An extension of this is encouraging your clients to automate as much as possible. They should have mortgages, utilities, and insurance payments on autopay, so things don’t fall by the wayside, Westley said.

This financial spring cleaning also offers a chance to confirm that estate plans, wills, and trusts are all up to date and that the beneficiaries of all accounts are updated.

Telos Family Office clients can access wealth management, tax planning and filings, and insurance planning all under one roof, Dovel said.

That simplifies things significantly and removes the necessity of having a client vet multiple professionals, which can become more tiresome in retirement, Dovel said. Her firm charges tiered flat fees for tax, accounting, and financial planning and an assets-under-management (AUM) fee for wealth management services.

Dovel meets with clients quarterly to go over their needs and plans in the two or three years before retirement. The frequency drops to once or twice a year after people enter retirement. The firm also maintains lists of vetted professionals, such as estate attorneys, to whom clients can be referred.

Ensure that those you’re providing references for have levels of customer care and service similar to yours, Dovel said.

Another place where clients desire simplicity is in real estate holdings such as rental properties. Many people like the guaranteed income from rental properties but not the work needed to manage them. Dovel shows clients what selling off properties in retirement, working closer with property managers, or transitioning to Delaware Statutory Trusts (DSTs) would mean for their finances and peace of mind.

TALK ABOUT WORST-CASE SCENARIOS

While everyone hopes to spend their retirement years pursuing hobbies, spending quality time with friends and family, or traveling, the reality is that the coming years will bring tough times and hard decisions. CPA financial planners are well positioned to urge clients to have plans for navigating medical crises or other challenges.

In addition to asking about updated wills and trusts, Westley goes through long-term-care insurance options. He asks clients if they want to age at home or in a facility and helps them understand the financial implications of both. When working with couples, Westley asks that the spouse with less exposure to finances participate in meetings, so that everyone understands how to access resources should something happen.

CONSIDER TEST RUNS

Many people nearing retirement must deal with anxiety about what daily life will look like and whether they can live off what they’ve projected they’ll need for the rest of their life.

To help anxious clients, Ladd suggests CPA financial planners talk to their clients about testing out retirement for a few months before making the final decision (see, “Preparing Clients for Lifestyle Changes in Retirement,” JofA, Feb. 1, 2024).

Ladd would ask clients to spend six months or a year living off their projected budget, e.g., $5,000 or $10,000 a month, to see if their plans are realistic. Having a person test their retirement life while still working makes it easier to adjust retirement plans if needed, or it can give a client confidence that they are ready to stop full-time work.

Similarly, Ladd would talk to clients about using that same approach in mapping out their post-retirement activities and schedule by taking on volunteer opportunities, traveling more, or spending more time with families or hobbies. That gentle nudge from a trusted professional can help people focus on what’s ahead for them, as opposed to just seeing it as a break from working.

CPA financial planners become hugely important in clients’ lives as they approach retirement, and having a focus on making things simpler can help clients ease into their retirements without unnecessary worry.

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About the author

Sarah Ovaska is a freelance writer in North Carolina. To comment on this article or to suggest an idea for another article, contact Jeff Drew at Jeff.Drew@aicpa-cima.com.

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