[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/retirees-can-continue-support-for-charities-white-plains-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/retirees-can-continue-support-for-charities-white-plains-ny-greenwich-ct\/","headline":"Retirees Can Continue Support for Charities","name":"Retirees Can Continue Support for Charities","description":"Heading into retirement does not mean you have to cease support of nonprofits. A recent study, which took a close look at American households and support for nonprofits, found differences in giving among genders as well as marital status, according to CBS News\u2019 Moneywatch in “How to fund your charitable giving in retirement“. The study […]","datePublished":"2018-09-19","dateModified":"2023-07-30","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad3920e8e.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad3920e8e.jpg","height":853,"width":1280},"url":"https:\/\/www.amorusolaw.com\/blog\/retirees-can-continue-support-for-charities-white-plains-ny-greenwich-ct\/","about":["Charitable Giving","Elder Law","Qualified Charitable Distribution","Required Minimum Distributions \/ RMDs","Retirement"],"wordCount":544,"keywords":["Charitable Giving","Elder Law","Qualified Charitable Distribution","Required Minimum Distribution (RMD)","Retirement","Volunteering"],"articleBody":"Heading into retirement does not mean you have to cease support of nonprofits.A recent study, which took a close look at American households and support for nonprofits, found differences in giving among genders as well as marital status, according to CBS News\u2019 Moneywatch in “How to fund your charitable giving in retirement“.The study from the Women\u2019s Philanthropy Institute (WPI) determined that married couples and single women tend to maintain the same level of charitable giving after retirement. Single men reduce their giving as they leave the workplace.The report also found that single and married women are not confident about their financial health during retirement and both groups are concerned about not outliving their savings. Since women tend to live longer than men, it is not an unfounded fear.Can retirees continue to be generous to nonprofits they care about, without putting their retirement funds at risk? The answer is yes, but it must be done mindfully.First, don\u2019t think of your retirement savings as a giant pot of potential donations.Consider, instead, that your retirement savings are a portfolio that must generate regular income. An important part of your retirement portfolio should be the monthly \u201cretirement paychecks\u201d that need to last a lifetime. Your portfolio should be structured in such a way that the funds will generate income, regardless of the stock market\u2019s performance. You can then supplement these paychecks with monthly or annual \u201cretirement bonuses\u201d that will also last for life but may fluctuate depending on market performance.Once your portfolio and your deaccumulation plan is in place, then you can pay for charitable giving with money from either the paychecks or \u201cbonuses,\u201d depending on your situation. Plan for charitable giving so that you are not digging a financial hole.Another planning method: if you are 70\u00bd or older, you can make a \u201cqualified charitable distribution\u201d directly from your traditional IRA. The distribution won\u2019t be included in your taxable income and in effect is deducted from your taxable income. The distribution can also be used as your Required Minimum Distribution (RMD).Qualified charitable distributions have some limitations. They are limited to $100,000 per year and they cannot come from Roth IRA or 401(k) plans. If you have large 401(k) plan and want to use some of that money for charitable giving, you\u2019ll have to roll those over to an IRA platform that does allow funds to be donated to charity.The WPI report also mentioned that single women and married couples are more likely than single men to volunteer their time in retirement. There is significant proof that volunteering at any age creates emotional and social benefits, while helping the community.Planning for retirement should include an estate plan and a giving plan that includes giving your time as well as money. If you don\u2019t already volunteer, now would be a good time to identify charitable groups that have meaning for you.An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and can include continuation of charitable contributions.Reference: CBS News Moneywatch (Aug. 22, 2018) “How to fund your charitable giving in retirement”For more information on elder law, charitable giving and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Retirees Can Continue Support for Charities","item":"https:\/\/www.amorusolaw.com\/blog\/retirees-can-continue-support-for-charities-white-plains-ny-greenwich-ct\/#breadcrumbitem"}]}]