Show notes
Are you planning on setting up an effective giving strategy in your retirement plan? Whether you’re already a charitably inclined person or are considering setting up a giving strategy for your children or society at large, it’s essential to be aware of the process, timing, and tax benefits of venturing into it.
In this episode of the Secure Your Retirement podcast, we talk about what you need to consider while setting up a successful charitable giving strategy and whether or not you should consider an annuity in your financial plan. We cover QCDs (Qualified Charitable Distributions), the tax advantages of charitable giving, donating a portion of your stocks to charity, and tips for effective retirement planning.
In this episode, find out:
● What is meant by QCDs (Qualified Charitable Distributions) and how they help you make the most efficient use of money by providing a brilliant tax strategy.
● The advantages to charitable donations for 72+ -year-olds
● The lesser-known tax benefits of donating a portion of the stocks you hold to charity
● Why not to withhold taxes on the portion of the money you take from your IRA for QCDs
● Why you need to plan your charitable strategy well in advance to incorporate the processing time of the different parties involved (and how to do that effectively)
Tweetable Quotes:
● “Don't wait till the last minute [to set up your charitable giving strategy],
because there is some organizing that needs to happen. The earlier you think
about it, the more you can think about how much you can do, or work with
someone to figure out how much you can do if you're trying to do it on a
regular basis.”- Radon Stancil
● “If you have a highly appreciated stock, which means if you sell it, you're
going to pay capital gains tax on that. You may consider donating a portion of
that stock or that stock to the charity, which would obviously not cause a
taxable scenario for you as well.”- Radon Stancil
● “If you're already charitably inclined, big key things to remember is that you
have to have it taken care of by the end of the year.”- Murs Tariq
Resources:
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.
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