As you plan to live your ideal retirement, you may want to share your good fortune with others who are less privileged.
Giving is incentivized through the tax code, so being charitably inclined can also help to reduce your tax liability.
In retirement, there are many ways to map out your charitable giving to take full advantage of the tax benefits. This is why, on this episode, Grace Kvantas and I discuss ways to capitalize on those opportunities while meeting your charitable goals.
Listen in to learn how to enhance your today and enrich your tomorrow while giving intentionally.
Retirement may change the way you give to charity
People have many ways that they plan their charitable giving. Some people donate occasionally, others have monthly giving goals. Some people like to give when they get bonuses and others consider leaving a future endowment.
As you shift from your working years into retirement, your giving strategy may change. In retirement, your income may fluctuate from year to year based on your withdrawal needs and market performance. This may cause you to consider a sustainable giving strategy based on targets other than income.
A gifting strategy can help you fulfill your long-term goals
While there are many tax advantages to giving to charitable organizations, you don’t want the tax tail to wag the dog. Make sure that your charitable contributions are in line with your family’s values and your long-term goals for helping others and improving society as a whole. Everyone’s philanthropic contributions are different, so consider your giving within the overall context of your financial plan rather than giving a bit here and there.
Press play to hear why organized gifting can be beneficial for you and your taxes while helping to improve society as a whole.
A mission statement can help you keep your giving in line with your values
Creating a family-giving mission statement could help you decide which charities to support. As you become more involved in different charities, the word gets out and you may receive an influx of donation requests from various sources that may not directly align with your beliefs.
A mission statement will cause you to pause and reflect on the changes that you want to make in the world. Listen in to hear two real-world examples of how to maximize tax efficiency while achieving your charitable giving goals.
Outline of This Episode
[0:49] Common charitable goals
[2:37] Time talent and treasure
[5:27] Mikey and Minnie’s case study
[11:36] Donald and Daisy’s case study
[19:13] Be intentional about your giving
[21:10] Today’s progress principle
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Allison Berger
As an experienced Financial Advisor and partner, Allison builds custom financial solutions to enhance today and enrich tomorrow for our Wealth Management clients. Allison has a particular interest in working with clients in or on the cusp of retirement who want to delegate their portfolio management so they can enjoy life.
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Grace Kvantas
Grace Kvantas is a Certified Financial Planner™. She is a member of NAPFA, NAPFA Genesis, the Financial Planning Association, and FPA NexGen, and she has been quoted in InvestmentNews.