Since we have added identifying a retiring CPA practice to purchase to our goal list for 2014; we have started looking at active CPA’s and trying t0 identify a retirement age.
A recent Gallup poll has the average retirement age rising to 62. It also seems that younger Americans are more likely to expect to retire before age 55.
The CPA’s that we are trying to identify as possibilities have an incredible range. I have been asking those I know that are in their late 50’s to mid 60’s to help me find those in their 70’s and 80’s to talk to about their timelines.
In a discussion with a CPA that I have known for years, who is roughly 67, has no plans to retire in the near future and misunderstood my request. He is one I expect to die at his desk in his late 70’s or 80’s.
But with our clients, we have some who retired in their late 50’s. But these seem to be the exception and not the rule. I had a discussion recently, that while they wanted to leave their job they did not want to retire. They expect to start a small business once they leave if nothing else to keep their mind active.
Working with financial advisors, I have seen a number of plans that caused the client to rethink a number of their retirement assumption: spending lees money, saving more, or possibly working longer.
I truly enjoy what I do for a living. I enjoy my clients and love helping them. I have said that if we won the lottery there would be no change to my daily routine. I truly believe that, now I cannot speak for my wife. But that would be her decision.