JULY 2020 • LONGISLANDPRESS.COM 21
HOW TO KEEP ON GIVING DURING RETIREMENT
As you’re planning for retirement, there are all sorts
of things to take into account when developing your
plan for the lifestyle you want to live. Among the many
considerations, you may have a favorite charity – or
charities – you take pride in donating money to on a
regular basis. You enjoy helping causes that are near
and dear to your heart and may want to continue this
pattern of giving throughout your retirement.
When thinking about sustaining such philanthropic
endeavors, it’s important to thoughtfully consider your
options prior to committing to another, albeit altruistic,
expense. Before you make any financial commitments
to charity, you must first take a look at your financial
picture and determine how it fits within your overall
priorities and whether or not this is affordable within
your long-term plan.
On the other hand, if you are in a position to make a
financial contribution to charity, here are some things
to consider:
• If you can estimate the amount you’re comfortable
donating and determine the frequency of your giving,
you could work with your advisor to make this an
ongoing part of your spending plan.
• Decide who you want to donate your money to and
be sure to do your research. Whether it’s an organization
you have established ties with or a new cause, you’ll want
to make sure their vision aligns with your intentions.
Paul J. Celentano
Wealth Management Advisor/Portfolio Manager
CharityNavigator, an independent charity evaluator,
provides free financial evaluations of America’s charities
and useful details about their efficiencies and the
potential usage of your contribution.
• Talk with your advisor and/or tax professional
about the potential tax benefit of donating, whether
it’s time or money. If you’re looking to maximize the
benefit of charitable giving, it’s important to familiarize
yourself with the rules around deductibility and specific
paperwork you’ll need to document any claims.
Morningstar.com provides “10 Tips for Charitable
Giving During Retirement,” including two possible
ideas for you to consider if you are looking to make
significantly large charitable gifts:
1. Use required minimum distributions from your
IRA. If you don’t need these distributions when you’re
required to take them, you can contribute up to $100,000
directly into your charity of choice. You also have the
option to name a charity as an IRA beneficiary, just as
you would your spouse or child. In either situation, be
sure to consult a professional about the potential tax
implications.
2. Consider establishing a trust or participating in
donor-advised funds. Donor–advised funds allow you
to undertake a more formal giving program, whereas a
trust might work well for significantly larger charitable
gifts. In either case, it is even more critical to seek the
advice of an expert.
Make sure your advisor understands that charitable
giving is important to you and an important part of the
lifestyle you want in retirement. Since opportunities
to contribute to charity arise when you least expect it,
be sure to keep your financial advisor informed of the
unplanned, as well as your planned, giving.
Please don’t hesitate to contact Paul Celentano at
OWM Objective Wealth Management 516 634-1300
Paul.Celentano@owmanagement.com
The information contained herein is being provided to you for educational purposes only and is not intended to constitute investment, tax or legal advice nor a recommendation or solicitation to invest in any
investment product. The general information contained in this publication should not be acted upon without obtaining specific investment, legal and/or tax advice from a licensed professional.
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dynamic and objective strategies that help
them build, enhance and importantly protect
their wealth. We work to get our clients to think
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Advice
50 Merrick Rd. STE 202
Rockville Centre, NY 11570
516-634-1300
Paul.Celentano@owmanagement.com
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