As you approach or settle into retirement, you may find yourself reflecting on how charitable giving can play a more prominent role in this next chapter of your life. With more time, resources, or both now available, it’s a great opportunity to explore the charitable giving strategies that resonate most with retirees. The Community Foundation is here to guide you every step of the way.
Four Signs It’s Time to Refresh Your Philanthropy Plan
- You Want to Involve Your Family in Philanthropy Retirement can also bring a desire to include your children and grandchildren in your giving journey. The Community Foundation can help you engage your family in a meaningful way, by formalizing roles as advisors or successor advisors to your donor-advised fund. We also offer opportunities for family members to participate in site visits, educational programs, and intergenerational philanthropy planning, helping you create a legacy of generosity and shared purpose.
- You’re Ready to Start Making Qualified Charitable Distributions (QCDs) If you’re 70 ½ or older, you can direct up to $105,000 (per spouse in 2024, increasing to $108,000 in 2025) in tax-free distributions from your IRA to a qualified fund at the Community Foundation. This strategy is particularly beneficial if you’re subject to Required Minimum Distributions (RMDs), as a QCD satisfies your RMD obligations while keeping the distribution out of your taxable income.
- You May Benefit from Bunching Your Deductions Many retirees take the standard deduction because they no longer have significant itemizable expenses like mortgage interest or business costs. However, strategic planning with your tax advisor could uncover opportunities to itemize in certain years. A donor-advised fund at the Community Foundation makes it easy to “bunch” charitable contributions in specific tax years to qualify for itemized deductions, while still ensuring steady support for your favorite causes in subsequent years.
- You’re Feeling More Connected to Local Issues Retirement often deepens connections to community and causes close to your heart. With more predictable income and increased time, engaging with local charities can help you stay active, build relationships, and feel connected to your community. The Community Foundation team maintains close ties with nonprofits all across Arkansas and is ready to serve as your partner, helping you navigate ways to make a meaningful impact.
If these ideas capture your attention, please reach out! The Community Foundation is here to help you make the most of your giving, no matter what causes you choose to support. We look forward to collaborating to make your retirement years fulfilling and rewarding for you and the people–and community–you love.