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However, strategic planning can make charitable contributions more impactful for both the donor and the recipient.
By understanding smart giving strategies, retirees canmaximize the joy of giving while ensuring their resources are used effectively.
For example, if youre passionate about literacy, you might support organizations that provide books to underprivileged children.
If youre passionate about animals, you might consider donating to your local animal shelter.
Focusing on what matters most to you makes giving more personal and rewarding.
Volunteer Your Time
Donating doesnt always have to mean giving money.
Your time and skills can make a positive impact, as well.
Many retirees find purpose and connection by volunteering for causes they care about.
Volunteering offersmental and physical health benefits, as well as opportunities to stay socially engaged.
Volunteering your time in person allows you to see the impact youre making on your chosen cause first hand.
In addition to benefiting the cause you care about, this option also comes withvaluable tax advantages.
Its a win-win that increases the impact of your donation while potentially lowering your tax bill.
This strategy is particularly beneficial for retirees who dont itemize deductions but still want to give back.
Note that annual QCD contributions are capped at $105,000 in 2024, so plan accordingly.
Turning generosity into a family tradition can strengthen relationships while teaching younger generations the importance of giving back.
You might volunteer as a group or work together to choose a charity to support.
Sharing these experiences creates meaningful connections and adds a deeper sense of purpose to the holiday season.
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