INTHEBLACK April 2022 - Magazine - Page 64
F E ATF EUAT
R EU R E
// U//P SUKPI LS LKIINL GL I FNOGRF RO ERTRI RE ET M
I REENMTE N T
CLICK HERE
TO READ
an INTHEBLACK
article on
continuing
professional
development in
retirement
238 billion hours of volunteer time and a staggering
US$6.8 trillion of working hours.
“I did that same calculation for Australia, and it
ends up as 18.5 billion hours, adding up to
A$736 billion in contribution. That’s just volunteering
three hours per week, from the age of 65 to 85, with
all the other benefits it brings.
“For a professional person with years of experience
in accounting, their ability to impact others is huge.
It’s good for you, and it’s good for your community.”
PREPARING FOR AN ENGAGING RETIREMENT
How does a person approaching retirement prepare
for success?
Louise Kloot FCPA, retired professor of
accounting and chair of CPA Autralia’s Victorian
branch of the TAN, suggests it is best to begin with
the basics, and then build from there.
“The first thing is to get your finances in order,”
Kloot says. “If you’re confident in your finances,
you’ll have a lot more options. If you’ve still got five
or 10 years to go, start cutting back on your spending
now – it can be challenging to switch from a freespending lifestyle to one where you have to watch
your budget, so do it gradually instead.
“The second thing would be to analyse what it
is that you really like doing. Do you like going to
the gym or otherwise remaining physically active?
Whether you do or you don’t, you really should make
a plan to be physically active, as there’s very good
evidence that it helps your brain.
64 ITB April 2022
“PERHAPS PICK UP
SOME ENGAGEMENTS
BEFORE YOU SELL
YOUR PRACTICE
OR BEFORE YOU
MOVE OUT OF YOUR
CORPORATE JOB.
YOU’RE CREATING A
‘SIDE HUSTLE’ THAT
BECOMES YOUR
MAIN FOCUS IN
RETIREMENT. VERY
IMPORTANTLY, ALONG
THE WAY, YOU’RE
BEGINNING TO
REALISE YOUR VALUE
IN THE MARKET.”
HUNTER LEONARD,
SILVER & WISE
“Look around for other things that you like doing.
Do you like reading? Would you like to join book
groups? Do you want to join another type of club?
For men, do you want to join a Men’s Shed group?
There are plenty of options outside the professional
ones.”
Finally, Kloot asks, to continue to flex your
professional muscles, would you consider a parttime job? Or might you be interested in a role as a
volunteer, and the satisfaction of knowing you are
making a difference, but on your own terms?
“A woman from my gym was still working at 75,”
she says. “She had her own accounting practice and
was still giving tax advice, just slowly cutting back as
the years went on, working at her own pace. For her,
it was the perfect solution.”
Leonard recommends to begin by focusing on
your local area when considering your professional
options.
“If somebody was a CPA and lived in Canberra,
the local businesses in that area are likely to be the
ones that are going to want to use their services,” he
says. “It’s all about the human connection. People
want somebody local, somebody they can have a
coffee with.
UPSKILL NOW
Discover CPA Australia’s
Micro-credentials