CPAs: Want to Stay Connected to the Profession in Retirement?
There’s a fork in the road when it comes to retirement. You leave behind your career to begin a new fulfilling chapter in life, but how do you fill your time? Some travel, others spend those years making hobbies a lifestyle or help raise their grandchildren. However, what if you aren’t quite ready to step away from the financial field but want the flexibility retirement offers?
You could consider remote work or meeting new people and learning new things! Or maybe the goal is just to supplement your retirement income streams. Now, consider when you are working in retirement there may be additional tax or Social Security risks involved.
The following are great ways to stay connected to the CPA community:
Nearing retirement means that you are typically looking for a part-time gig with likely not as much demand as a full-time job. Fortunately, a lot of businesses, even CPA firms, are always looking for financial professionals with experience. Having the skills from your working years means that you are fit for the job. Plus, consulting gigs are not demanding, offer great flexibility, and create a stable stream of income.
Want something like a consulting gig, but only seasonally? Contract assignments are an option! These could include only working during the tax season or doing seasonal bookkeeping. Contract jobs are much more common for experienced workers than entry-level positions.
If you wish to do something related to the field, but not quite the same, consider teaching. Many four-year universities and community colleges are looking to hire professors. You may even be able to offer training services through businesses. Another great teaching opportunity is tutoring, and this can be done at a college or even high school level. Luckily, moreover, this can be done in-person or even online. Some virtual services offer great passive income opportunities!
Since you spent most of your life practicing patience and have a sharp eye for detail, those skills would make you a great researcher. Be it with finance or another field, gathering and organizing data is something you could still do, even part-time. Research into your local universities, get in contact with your network, and see if anyone is looking for research help. You might like it!
Grant writing and administration
Putting together grant applications utilizes the skills you have mastered as a CPA. You help write the grant and then if the money is funded you can help manage and track the funds or project. Stepping into grant writing and administrative work uses your knowledge of bookkeeping, tax legislation, and project management. You easily become and asset to their team (and sometimes these are offered as contract gigs)!
Your retirement years do not have to be spent completely giving up what you love, what you have done for so long. There are new ways to keep yourself in the field especially as the digital and virtual world expands! You may even find a new passion.