Intentional Giving: Framing Your Charitable Goals, Ep #188

As you plan to live your ideal retirement, you may want to share your good fortune with others who are less fortunate.

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, we 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, so a strategy based on a percentage of your income may no longer be appropriate.  Considering your giving goals in the context of your overall financial plan can help design a strategy that works for you.

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.

Consider a Philanthropic Mission Statement

Creating a family-giving mission statement can bring clarity to what you are hoping to achieve and the types of organizations you want to support.  This can also help with saying no to donation requests that may fall outside of the parameters you have set. 

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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