Pre-Retirement Planning Guide – Finding Purpose In Life

Pre-Retirement Planning Guide - Finding Purpose In LifeStep 7: Find Your Raison d’Etre

What do you consider to be your purpose in this world? Few people think about their life that way. In Japan, they call it your ikigai. In France, they refer to your raison d’etre. For Americans, that roughly translates to your purpose in life or your reason for being.

It’s easy to consider your family or even your career as your reason to live. But true embracement of the ikigai concept is more of a lifestyle, not a specific person, place or thing.

Your purpose may not even be something you’ve pursued in your adult life. Many of us follow the socially expected path: higher education, a good job, a rewarding career, marriage, home, and family. But those things are not everyone’s raison d’etre. They might wake up one morning thinking that once they’ve achieved all those goals, they will finally get the chance to do the one they’ve always wanted. What is that?

The older we get, the more we lose a spouse or life partner, siblings, or children – and those who retire no longer have work to feel fulfilled. As part of your retirement planning effort, consider life without any of those things. How would you bear it? If you outlive your career and loved ones, what would you do?

Note that your ikigai does not insulate you from bad things happening. Instead, it’s the thing you look forward to when the smoke clears: the light at the end of the tunnel. On balance, it’s the thing that helps get you through the pain and restores happiness. In fact, discovering your raison d’etre can help you better cope with stress and loss. People who pursue their ikigai tend to have better mental health, experience fewer chronic diseases, and are more likely to live longer.

Oftentimes ikigai is felt as part of a process. For example, the joy of mixing ingredients to prepare baked goods or a meal. Planting a garden. Rebuilding an engine. It can be the process of writing or painting or playing an instrument, but not necessarily finishing a novel or singing in public. It can be as simple as finding joy in daily activities, nurturing relationships or doing community service.

Another advantage to ikigai is that it can connect you with other people who share your passion, which can be very important as you grow older and more isolated. By leaning into your ikigai, you could expand your social network with connections that are meaningful and fulfilling.

For some people, their raison d’etre is spiritual. A belief and perhaps a greater connection to a higher being. They may wish to spend more time becoming involved in church activities, reading scripture that supports their religion, or even exploring other religions.

The Japanese culture believes that each individual has an inherent ikigai based on their personal values and beliefs. One way to think about it is as your philosophy on life. Since this step is a part of retirement planning, it is fortunate that you have lived long enough to have developed some philosophies on life.

For example, some people discover that family does not just consist of blood relatives. Instead, their concept of family is people who are there through good and bad times, who always show love and respect, who you can rely on. Those things might not always be true among family members who meet the traditional definition. This type of ikigai may help you recognize that the death of loved ones does not necessarily mean you lose your family. You can always build and add to your family (e.g., neighbors and friends, fostering children or pets, big brother/big sister programs).

How Do You Find Your Ikigai??

Many times, the hustle and bustle of life keeps us from finding our true purpose. We proceed as loyal soldiers down a path prescribed by society instead of pursuing things that may bring us greater happiness. There’s nothing wrong with a career and family, but there is likely something more that each of us can pursue that is personal and soul-enriching. Sometimes, you can discover your raison d’etre by exploring your passions, values, strengths, and skills. For example, ask yourself the following questions:

  • When I was a child, I loved doing…
  • If money didn’t matter, I would be…
  • If I believed I could not fail, I would…
  • I completely lose track of time when I am…
  • I am most happy with who I am when I…
  • I am really good at…
  • If I didn’t care what others thought, I would…
  • In my free time, I love to…
  • If I had only six months to live, I would spend my time…
  • If I were to die tomorrow, I would regret that I did not…

Consider hobbies or classes that you’ve always wanted to try or past experiences or achievements that gave you a sense of satisfaction and fulfillment. Recall where you have found inspiration in the past, and pinpoint what lies at the cross-section of doing what you love and doing what you’re good at.

Remember that your reason for living is more of a journey, not a destination. Finding your ikigai may take a lifetime to discover, so don’t be afraid to try out different pursuits. In fact, your reason for being may simply be to try new things.

 

Electronic Tax Administration Advisory Committee 2024 Annual Report includes recommendations to Congress and IRS

IR-2024-175, June 26, 2024

WASHINGTON — The Internal Revenue Service Electronic Tax Administration Advisory Committee (ETAAC) released its 2024 annual report PDF today with a total of 12 recommendations – three to Congress and nine to the IRS.

Among the recommendations to the IRS, the committee recommended enabling application programming interface access to taxpayer information, removing barriers to electronic filing by developing an alternative to the current self-select PIN as well as promoting greater information sharing between the IRS, states and industry partners.

“ETAAC members serve as trusted advisors to the IRS on key issues of interest to tax administration and taxpayers,” said IRS Commissioner Danny Werfel. “The committee has helped on a variety of fronts to help improve tax administration. The IRS leadership team will carefully review the recommendations in this report.”

The recommendations to Congress included a request for authority for IRS to regulate non-credentialed tax return preparers, support for effective tax administration through consistent, reliable funding of the IRS and greater funding for the National Taxpayer Advocate.

The report PDF was released today at a public meeting in Washington, D.C.

At the session today releasing the report, IRS Deputy Commissioner Douglas O’Donnell thanked 11 members of the committee whose terms ended today:

  • Jared Ballew, vice president of government relations, Taxwell.
  • Peter Barca, former secretary, Wisconsin Department of Revenue.
  • Mark Godfrey, manager, digital tax administration and government services, Ernst & Young.
  • Robert Grennes, commissioner, Indiana Department of Revenue.
  • Jihan Jude, attorney, Trivergent Trust Company.
  • Jonathan Lunardini, section manager, California Franchise Tax Board.
  • James Paille, chief compliance officer, myPay Solutions, IRIS Worldwide.
  • Hallie Parchman, senior manager of product management, Amazon.
  • Andrew Phillips, director, H&R Block Tax Institute.
  • Terri Steenblock, compliance director, Federation of Tax Administrators.
  • Timur Taluy, ETAAC Chair and founder, FileYourTaxes.com.

About ETAAC

ETAAC members represent various segments of the tax community, including individual and business taxpayers, tax professionals and preparers, tax software developers, payroll service providers, the financial industry and state and local governments.

The ETAAC operates under the rules of the Federal Advisory Committee Act. It works closely with the Security Summit, a joint effort of the IRS, state tax administrators and the nation’s tax industry, established in 2015 to fight tax-related identity theft and cybercrime.

For more information, visit IRS.gov/etaac.

How do I market myself as a CPA?

How do I market myself as a CPA

As a certified public accountant (CPA), you have a crucial role as a financial advisor and help businesses and individuals with several accounting tasks. However, unless through referrals, it is not easy to sit in your office and get clients coming to look for your services.

Considering that there are many professionals in the accounting field, it is important to distinguish oneself to stand out from the rest. One way to do this is to specialize in a niche to appeal to a target audience or emphasize on acquired qualifications, skills, and experience.

Unlike traditional forms of marketing that use printed media, radio, and T.V., the rapid growth of technology allows you to market your services through a website, social media platforms, podcasts, video marketing, etc. These channels offer the advantage of reaching out to more potential clients. For instance, you can create a website or blog and use it as a portfolio site to showcase your expertise.

You will be more visible and connect with more people using the right marketing strategies. One such strategy is search engine optimization (SEO), whereby you have a website with content potential clients are likely to search for. Besides the content you need, keyword research, and brand monitoring, among other tasks that contribute to putting a website on the first page of a search engine like Google or Bing. You may not have a dedicated workforce to handle all the technicalities, but you can save time by working with companies that offer these services, such as SEO by Service2Client.

How do I market myself as a CPA?

Another way to market CPA services is through e-mail marketing. This allows a CPA to keep clients engaged with the latest information on issues such as tax and finances. Luckily, there are services that you can take advantage of to help in e-mail marketing. Service2Client offers Mail Sprinkler, a service that allows you to send out newsletters automatically and also to send out custom mass campaigns to clients. Such services offered by professionals with a good track record save you time and help increase your revenue.

How do I market myself as a CPA?

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