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The Top Financial Concern of Clients Planning for Retirement

The American Institute of CPAs (AICPA) Personal Financial Planning Trends Survey in 2016 reported that 41 percent of clients listed running out cash as a top concern for retirement. The survey included responses from approximately 631 CPA financial planners. A close second financial concern was spending level in retirement and maintaining an existing lifestyle. Stress from rising health care costs (18 percent) came third. When asked about the top three sources of stress concerning outliving their money, clients listed healthcare costs (77 percent), market fluctuations (53 percent) and unexpected costs (50 percent) as the top issues. Andrea Millar, CPA/PFS, Association of International Certified Professional Accountants Director of Financial Planning says, "To mitigate the fear of the unknown, CPA financial planners map out a wide range of future scenarios, establish long term goals and work with their clients to ensure they have adequate coverage to cover the healthcare costs that may crop up in their retirement ahead.”