Constancy Charitable, an unbiased public charity and grantmaker, launched findings from its “Charitable dwelling and the brand new retirement” examine, highlighting how donors age 50+ plan for and have interaction in charitable giving throughout retirement. With an estimated 4 million Child Boomers turning 65 this yr, the examine exhibits that greater than half of pre-retirees and retirees ages 50-80 are dedicated to giving, with 78% saying that charitable giving performs a major function of their lives.
“Retirement is an thrilling new chapter in life that creates alternatives for retirees to spend extra time and assets in help of the significant causes they care about, nevertheless it additionally has implications for charities and monetary advisors. Whereas the intent and want to make a distinction are robust with retiring donors, there’s a information hole round tax-smart methods,” mentioned Amy Pirozzolo, head of donor engagement at Constancy Charitable. “That’s the place we may also help them make charitable {dollars} go additional and guarantee they obtain their objective of doing effectively whereas doing good all through this subsequent stage of their lives.”
A demonstrated dedication to giving
Past offering monetary help for charities, pre-retirees and retirees are additionally actively giving again by volunteerism. Prior to now yr, over two-thirds of pre-retirees (71%) and over half of retirees (55%) volunteered. This might point out that the development towards volunteerism could proceed to develop as the present group of pre-retirees transitions into retirement.
- Of these retirees who volunteer, greater than 1 in 4 (27%) report doing so for over 13 hours a month, indicating dedication to their causes.
- Practically 9 in 10 retired respondents who presently volunteer agree that volunteering is a strategy to stay energetic (88%) and linked (91%).
A possibility for advisors
Moreover, the analysis reveals that many retirees depend on advisors for monetary planning, however solely half (51%) have mentioned charitable giving with an advisor. With their information of tax-smart charitable planning strategies low, this viewers is ripe for extra steerage.
- Tax-smart giving consciousness: Whereas most pre-retirees and retirees are acquainted with a minimum of one automobile or methodology used to help charities financially, 21% are unaware of any.
- Giving methodology consciousness: Consciousness of what could be donated can also be low. For instance, simply 1 in 3 pre-retirees and retirees (32%) are conscious that they will donate appreciated belongings, like shares.
- Skilled charitable recommendation: Whereas about two-thirds of pre-retirees (69%) and retirees (65%) work with an advisor (monetary advisor, licensed public accountant, or legal professional), 61% of pre-retirees and 51% of retirees report ever having had a dialog with an expert advisor about charitable planning or giving.
The previous press launch was supplied by an organization unaffiliated with NonProfit PRO. The views expressed inside don’t straight mirror the ideas or opinions of the workers of NonProfit PRO.
