Year-End Planning: Charitable and Family Giving

Welcome to another episode dedicated to enhancing your retirement journey! Today, we wrap up our series on year-end action items with a focus on charitable and family giving. Discover how strategic charitable contributions can optimize your tax plan and learn about family giving opportunities that can make a difference. We also address your questions and share essential updates, including a correction on HSA contribution limits and an exciting upcoming live case study. Plus, get ready for a December packed with insightful guests like Christine Benz and Michael Easter. Dive in and explore ways to rock your retirement with confidence!

PRACTICAL PLANNING SEGMENT

(00:30) Today we are going to talk about charitable and family giving.

(00:53) I misquoted the HSA contribution limits in episode 565

(02:40) In January we are doing another Retirement Plan Live series.

03:50 In December we will have several great guests on the podcast including Christine Benz, Daniel Crosby, Michael Easter, and Tanya Nichols.

(04:21) Today we're going to talk about charitable and family giving

(05:30) There's no real impact from a tax perspective on charitable giving unless you itemize your tax return.

(07:41)What are ways of giving to a charitable organization?

(12:00) You can batch your charitable contributions into one year in order to have a significant impact on the tax you pay in reduction.

(14:42)  Let’s talk about family giving. You can give up to $18,000 a year in family giving.

(16:44) You can pay family educational expenses and medical expenses without limit as long as you are paying directly to the institution.

LISTENER QUESTIONS 

(18:00) I had a discussion with a member of the Rock Retirement Club yesterday about moving to a warmer state in retirement and helped analyze the feasibility of their plan in the different states.

(25:14) One question related to the upside portfolio, do I have to build a whole asset allocation?

(28:45) Our next question is an audio question related to rebalancing. “Hi, Roger. I have a question about the process of rebalancing your pie cake… what process should I use to refill layer two of my pie cake to continually fund the next five years of my life?”

SMART SPRINT

(37:55) In the next seven days review your charitable and family giving.

BONUS

(38:15) Roger shares another excerpt from his grandfather's WWII journal.

REFERENCES

Simon Sinek- Originator of Humble Pie Quote
https://simonsinek.com/

Red Cross
https://www.redcross.org/

Schwab Donor-Advised Fund
https://www.schwabcharitable.org/

Fidelity Donor-Advised Fund
https://www.fidelitycharitable.org/

Upcoming Podcast Guests:

Christine Benz
https://www.morningstar.com/people/christine-benz

Michael Easter
https://eastermichael.com/

Daniel Crosby
https://orion.com/thought-leader/daniel-crosby

Tanya Nichols
https://www.align.financial/tanya-nichols/

Retirement Podcast Network
https://retirementpodcastnetwork.com/

Six Shot Saturday
https://rogerwhitney.com/six-shot-saturday

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