Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver. – 2 Corinthians 9:7
How old were you when the seeds of giving were sowed in your life? The first memory I have of giving was around age 4 when my grandmother would give me a dollar to put in the offering plate on Sunday morning. I remember feeling so proud that I was able to give, even though the money wasn’t mine. It was only given to me to give away.
What if we continued to apply the same principle throughout our life, even into retirement?
Retirement is the time when you leave the workforce to begin a different chapter of life. Some may travel, spend more time at home or buy a condo. While many families enjoy the transition into retirement and the fruits of their savings, there can be a sense of fear or anxiety associated with a loss of regular income. This can lead to decreased giving, which can have a negative effect on your general life output. If you were charitable during your working years, you should be able to continue that generosity until the end of your days!
At the Christian Community Foundation, we recommend several strategies to help people continue giving into retirement. First, we recommend that all of our givers reserve approximately 10% of the donor-advised funds annually. These funds can then be utilized when you reach retirement age and have fewer assets to contribute to your fund. The earlier you start this process, the more you’ll have to dive into during your years outside of the workforce.
Another popular strategy for retired givers is transferring non-cash assets to your donor-advised fund. Through this process, CCF has your non-cash assets appraised and then sold, and the profits from the sale are added to your DAF. If you have property, intellectual property, antiques or other items you don’t need to hold on to, this is a great option to pursue.
Why should you continue to give when you’re in retirement? Did you know that there are health benefits from giving? For example, charitable giving has been linked to boosting self-esteem and life satisfaction, lowering the risk of depression, bettering physical health and prolonging life expectancy. At CCF, we believe that all of the assets we have on this earth are simply borrowed from God. While we want to pass on items to our family and loved ones, we ultimately can’t take anything with us.
If you are a retiree, soon to be, or even in the early years of your professional life, we’d love to help you develop your financial giving strategy. At CCF, we serve as a conduit for giving as well as an active partner throughout your giving journey. Creating a donor-advised fund allows money that is designated for giving to grow tax-free.
If you have any questions about setting up a donor-advised fund or would like to learn more about Christian Community Foundation, please give us a call at (901) 682-6201.