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Retirement Planning: Retire With Confidence

According to a 2019 report by the American Institute of CPAs, running out of money is the number one concern among people planning for retirement. And the second highest concern, was similar: Not being able to maintain their current lifestyle or spending levels.

As a charitable-minded person, there are steps you can take now to help you continue to support the causes you care about and retire with confidence.

Bunch Your Giving with a Donor Advised Fund
A Donor Advised Fund is an ideal way to receive an immediate income tax deduction, manage gifts to multiple nonprofits and strategically plan for gifts during retirement years.

Additionally, with the higher standard deduction, many people are using a Donor Advised Fund and charitable bunching to make the most of their giving. With charitable bunching, you put two- or three-years’ worth of charitable contributions into your Donor Advised Fund. This allows you to exceed the standard deduction and provides additional tax savings for 2020. Then in the following years following your retirement, you take the standard deduction and continue to support your favorite charities by making grants from your Donor Advised Fund.

Create a Stream of Income with a Charitable Gift Annuity
A Charitable Gift Annuity (CGA) is a powerful tool for retirement. A CGA can create a stream of income during retirement and leave a significant legacy of support for the organizations you care about.

For example, Lewis is planning for retirement and trying to offset capital gains tax on the sale of appreciated stock. By gifting the appreciated stock to Truman Heartland in 2020, Lewis receives an immediate charitable tax deduction, avoids a portion of the capital gains tax and the assets are invested to generate a fixed stream of income he can use during retirement and that after he dies, will help further the mission of his favorite nonprofit organization.
 

Interested in Planning for Retirement with Truman Heartland?

Discuss these strategies with your professional advisor or make an appointment to meet one-on-one with Shannon Sundberg, our Director of Advancement, to learn more about the benefits of partnering with Truman Heartland for your charitable giving.



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