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Planning for retirement, childrens' education and disability

Assume that you are a CPA working for an accounting firm. Please respond to the following:

Discuss the advice you give to your clients regarding:

o Planning for Retirement
o Planning for Children's Education
o Disability Planning

Solution Preview

In reviewing this solution, I realized that much of the planning is personal planning and not specifically tax planning. In talking with clients, I came to understand that they had to have an idea of what, where, when, and how before effective tax planning could be done. I can revise it with some pointers from you.

In discussions with clients over the years, discussions centered on the following topics:


1. Don't count on being able to live in your current life style on only social security income.
2. Realize that people tend to continue to live and spend in retirement much as they did in their work lives. There can be some major changes, such as paying off a house, but basic living styles usually remain the same and ...

Solution Summary

In a 489 word solution, the concepts are carefully discussed including personal planning and tax planning.