Securing a Comfortable Retirement - Iowa Society of CPAs

Overview

This course gives CPAs the knowledge to help their clients plan for retirement by evaluating how much retirement income will be required and strategizing about how to reach retirement goals.

Highlights

Retirement planning using variables such as desired lifestyle, travel plans, housing plans, medical needs, and family needs to customize a retirement plan unique to the client
Using the residence and other real estate as retirement assets through equity and rent
Using the small business as a retirement resource through creative retirement plans, non-qualified deferred compensation, and converting the value of the business through sales within the family or to an outside party
An overview of portfolio management for retirees, including sustainable portfolio withdrawal rates; balancing investments between income and equity, and taxable and nontaxable; and asset liquidation and distribution timing to minimize the tax impact of retirement distributions and maximize cash flow from retirement vehicles and Social Security
The three-legged retirement stool: employer retirement, savings, and Social Security
Updates introduced by the One Big Beautiful Bill Act
Analysis of the most current/important research on retirement planning and sustaining retirement income levels
Planning with the new retirement provisions of SECURE Act 2.0

Prerequisites

Basic knowledge of retirement planning

Designed For

CPAs looking to advise clients on retirement planning, and CPAs looking for effective strategies for their own retirement

Objectives

Help clients determine how much retirement income is necessary for the desired retirement lifestyle
Identify resources available for retirement
Understand how to build the three-legged retirement stool: employer retirement, savings, and Social Security
Develop Plan B when the ideal retirement goal is not achievable
Explain ways that clients can convert the equity in a home to retirement income
Explain how the value of a small business can be converted to retirement income
Explain survival possibilities and how first-to-die and last-to-die survival probabilities are used in retirement planning for married couples
Understand timing regarding the use of taxable retirement funds and nontaxable funds, and strategies to minimize income tax on Social Security
Recognize the role of various investment types, such as mutual funds, equity holdings, and bonds in retirement planning
Summarize key points of recent research on the sustainability of retirement income and maintenance of desired retirement lifestyles

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

William Taylor

Leader Bios

William Taylor

William (Bill) F. Taylor is president of Benefit Solutions, Ltd., a benefit consulting firm, and a CPA in private practice. Since retiring as Community Bank President of Renasant Bank in Water Valley, MS, he has served as an adjunct assistant professor in the MBA program at the University of Mississippi. Bill has worked in the employee benefit and investment fields for over 30 years, beginning his career as the Employee Benefits Coordinator in the Jackson, MS, office of KPMG Peat Marwick and managing his own firm since 1999. A nationally known consultant and speaker, Bill has conducted seminars for the American Society of Pension Professionals and Actuaries, more than 40 state CPA and Bar associations, and other organizations. He was the recipient of the James L. McCoy Excellence in Education award for 2015 and awarded the Outstanding Discussion Leader award for 2014 and 2016. Bill is the author of Taxation of Employee Benefits Volume I and Volume II, and his articles have appeared in numerous publications.

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