Partnerships aren't doing for their own businesses what they tell their clients to do. Not having a retirement plan may be downright foolish, nonetheless it is the plan at many accounting firms. Some simply expect partners to generate their own retirement income. Others procrastinate, only to find that putting off retirement planning has been like putting off getting your teeth cleaned. You avoid an unpleasant experience at the moment, but it may cost you dearly down the road.
Partners get anxious when they discuss retirement, and the potential for acrimony is substantial.
Of course, sooner or later, the issue must surface. These kinds of questions are at the center of the table as partners hash out retirement issues. As plans are developed, senior partners may have doubts about whether their successors can honor future obligations or intend to stay with the firm for the rest of their careers. Some retirees ask themselves if the new generation of CPAs has what it takes to keep their firms going. Given all this, it's no wonder many partners have found it easier to ignore the retirement issue altogether.