Accounting Practices

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Good afternoon Practitioners,


In retirement one has plenty of time to think about life in general (particularly when I am not playing golf!!) and one of the constants that I ponder is why we, as a profession, seem so reluctant to let the reins go??


I have spoken to hundreds of practitioners, from one man bands to partners in multinational practices, and the constant that I came across was this reluctance to go!!


It puzzled me, because a simpler, less stressed lifestyle has much to be admired about it.


My reflections led me to two possible explanations, both based on my dealings with the aforementioned practitioners.

  1. You are scared of the unknown. What will I do? I will have 40 to 60 hours a week to fill in! Now of course that is a fallacy as in most cases of retirement there is a ‘consultancy’ period when the work load gradually reduces. (Be warned however that a large percentage of these do not work out as expected). This is where planning before you retire comes in – get a hobby, learn to play golf, tiddlywinks or whatever! Become an ideal grandfather, volunteer or start to read that pile of books beside your bed. The possibilities are endless.
  2. You do not have enough money to retire. This was a lot more common that you would believe when I got to the nitty-gritty. Yet again, fear plays a big factor in this. How much is enough? How long is a piece of string!? I am personally amazed at the number of retirees that I know whose experience of overseas travel has curtailed any future trips! And looking at things pragmatically what else is there to do with your money?


Both these concerns maybe a real fear but get through the fog and just do it! The benefits and enjoyment are immense!


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