As your retirement nears, you may be ready to also retire your CPA status. But keeping your credentials after retirement may open doors you haven’t thought of. Maintaining your CPA status after retirement allows for a host of opportunities.
If you ever want to offer services such as tax preparation, accounting, or consulting—even only occasionally—keeping your credentials open keeps those doors open also.
Even if you do not plan to offer services, maintaining the status for a little while after you retire may benefit you should you change your mind. You won’t have to reinstate it later! If you must reinstate, you will have to catch up on CPE credits or even retake the CPA exam.
Moreover, keeping your status active may present itself beneficial in your retirement if a friend or family member decides to run a business. You would benefit greatly, too, if you started your own business!
Now, why is being a tax preparer a great option after retirement?
- You have the credentials as a CPA and the work history for it. This makes you highly qualified and already sought after.
- Work seasonally and flexibly. You are already likely already familiar with these types of things. Working with taxes permits only working a few months a year while enjoying the rest of the year for your retirement activities.
- You are your own boss. Thus, you can take on as much work as you wish, work when you wish.
- Since you possess the education and credentials as a CPA, you will have a leg up on new tax preparers. In this day, you can easily take advantage of the virtual and digital means of running your tax-preparation work. Should you want to start up your own tax prep business, the cost is essentially minimal for you: professional tax software!
- Extra income! Supplementing your retirement helps financially and may be a great opportunity to invest a little more.
Even if you are unsure of keeping your CPA status in retirement, maintain your credentials for a little while after retirement. You never know what may arise!