See how charitable giving affects each of the six main areas of a comprehensive financial plan, and determine how to plan your charitable strategy with all aspects of your financial plan in mind.

Retirement planning

Budgeting for charitable funds: The size of your retirement funds, as well as how near you are to retirement, will likely play a role in the amount and the ways you are able to give. That’s to say
that if you’re nearing retirement and find yourself with insufficient retirement savings, you will likely want to donate to your own retirement fund before donating a large amount to charity.

Gifting retirement accounts: Rather than naming a relative or friend as the beneficiary of your retirement account, another option is to name a charity. Before choosing this option, you
should check to see if your plan has any restrictions on designating charities as beneficiaries. Since charities can avoid income taxes on retirement accounts while your family cannot,it often makes sense to leave your IRA or 401(k) to charity and your non-retirement assets to your family.

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