Have you put any thought into your retirement? Do you have an age in mind? Is there a plan in place for when you finish that last day “in office?” What does “being retired” look like to you? Travel? Charity? Downsizing? New hobbies?

This is why retirement planning conversations must take place. There are so many unknowns and questions that need answered.

Retirement planning is the thought process of strategizing what an individual wants to do with their life after their paid working days have come to an end. It includes financial aspects, such as income goals (and how to reach them), and non-financial aspects, such as how and where an individual wants to spend their time and energy in retirement.

What Do You Want to Do in Retirement?

There are many financial aspects of retirement planning – but what about non-fiscal concerns? Potentially one-third of your life may be spent in retirement – what do you want to do with your time and energy?

Although the options are numerous, many look at how to support the organizations and causes that are important to them. Many donors in retirement view their giving as an opportunity to pass down their values and beliefs to their grandchildren and other family members.

Donating to Charity: Considerations & Concerns

Deciding how to make a charitable impact toward a good cause, be it with labor, time, monetary assets, or a combination of them is an ongoing concern for many donors.

Questions include:

  • Which charities need the most help?
  • If I make a large gift, will it be spent effectively?
  • Will the charity spend my gift toward the specific purpose/project that I intended?
  • Will I receive the appropriate recognition for my gift from the charity?
  • Will the charity continuously pursue me to make more donations?
  • Will other charities pursue me to donate to their causes?

Additionally, anticipating how to make these financial donations within the bounds of retirement can pose a challenge. This is where the concept of charitable planning can help.

Charitable Planning

As the name implies, charitable planning is the strategic process of determining the charitable impact a donor wants to make and looking at the specific means by which to do so.

By asking these questions of their own giving, a donor can provide the necessary structure to a charitable plan.

We look forward to helping donors and their trusted advisors build a plan that helps make the charitable impact that donors want to make. Contact us or call 1-888-966-8170 with any further questions.