Retirement is the No. 1 personal financial planning concern, regardless of age, according to an informal survey at the American Institute of CPAs’ 2007 Personal Financial Planning Conference.The AICPA said that it was a surprised to see that retirement planning is a major concern for career builders -- classified as those between the ages of 25 and 34 -- who also have the seemingly more immediate pressures of education, home buying and debt management following close behind.
“Today’s career builders seem to understand that their comfort in retirement is dependent on them and that means beginning to prepare for it now,” said director of the institute’s Specialized Communities & Practice Management, Stephen Winters, in a statement.
More than 10 percent of the approximately 500 CPAs attending the conference answered open-ended questions regarding what they believed to be their clients’ top three personal financial planning concerns for 2007. The responses covered a wide range, including outliving investments, the effects of the global economy, elder care and long-term care insurance. However, saving for retirement topped all other concerns, being mentioned by four out of five CPAs.
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