Thanksgiving is a good time to think about how you express gratitude. Some people donate their time or money to a charitable organization, or just enjoy the simple pleasures of retirement. The great thing about giving is that you often get something back. Volunteering is a great way to make new social connections, you might save on your taxes with a charitable donation, and thinking about all the ways you can enjoy retirement can make it that much better. So, consider these 3 ways to give thanks in retirement.
Donating your time
When you stop working, it doesn’t mean you have nothing to offer in the way of your time and talents. Whether it’s being involved in a charity, mentoring younger workers, or volunteering at a local gardening club, you have the opportunity to help others and create new social connections in retirement. There are many good reasons to consider volunteering in retirement, including that it may decrease your chances of developing heart disease and keep you from getting lonely.
Donating your wealth
This is the time of year when many charitable organizations ask for money. Keep in mind that the Tax Cuts and Jobs Act changed many rules which affect charitable donation strategies. You can still donate to a qualified charitable organization and claim a tax deduction if you itemize your taxes. Remember to make donations by December 31st to have them count for the 2019 tax year. It’s helpful to have organized records of your charitable donations come tax time, so keep receipts from charitable organizations.
Another option for giving is taking advantage of the annual gift tax exclusion limit of $15,000. You don’t have to itemize your taxes to do this. This means you can gift up to $15,000 a year tax-free to anyone you want, including your loved ones. This can be one way to reduce your taxable estate and give during your lifetime.
Enjoying Your Time
Giving thanks starts with having something to be thankful for. Whether it’s unplugging your alarm clock, spending more time with family and friends, or taking your dream vacation, retirement gives us so much to be thankful for. This Thanksgiving, take a step back from financial worries and focus on the important things – family, friends, and food.
If you’re looking for a retirement plan that makes you feel thankful, the professionals at O’Donnell Financial Group can help. Whether you want to give to a charity, retire earlier, or maintain your current lifestyle, we can help. We offer complimentary financial reviews so we can learn about your retirement goals as the first step towards a plan. Click here to schedule your no cost, no obligation financial review.