Living with purpose through a philanthropic retirement
If you’ve recently retired, you may still be figuring out the ideal balance of activities. Research shows that finding purpose is an essential component of a happy and satisfying retirement. A large-scale study published in Preventive Medicine found that those with a higher sense of purpose at baseline were significantly less likely to develop unhealthy behaviors. Retirement offers a unique opportunity for individuals to rediscover their sense of purpose beyond the confines of a traditional career. The Arizona Community Foundation’s relationship managers can help guide retirees on their journey.
Check in on tax planning
ACF can work alongside you and your tax advisors to ensure your charitable giving is reflected in your estate and financial plan to achieve the impact you’re seeking. We’ll help you and your advisors explore whether itemizing your tax deductions in certain years might save you money. You can “bunch” charitable donations into your donor-advised fund in higher-income years to exceed the itemization threshold, then support your favorite causes steadily over time from that fund. If you’re 70 ½ or older, we’ll also help evaluate whether tax-free transfers directly from your IRA—up to $108,000 (in 2025)—to a designated, unrestricted, or field-of-interest fund at the community foundation would be an effective planning technique for your situation.
Involve the next generation
Many retirees have more time to include family members in their personal charitable giving activities. ACF can work with you to name children or grandchildren as advisors or successor advisors to your donor-advised fund (DAF) and invite them to participate in site visits and educational events. This is a great way to strengthen family bonds while building a legacy of generosity across generations.
Build a legacy
Many people update their estate plans just after they retire. Consider incorporating a gift in your estate plan that will allow your charitable legacy to live on for generations. For example, many people name a fund at ACF as the beneficiary of their IRAs because of the significant tax advantages when compared with leaving the IRAs to heirs. Our relationship managers are happy to partner with you and your advisors to establish a special fund to receive assets from your estate, whether from an IRA or other type of estate gift. The fund can be structured as a permanent endowment to address the community’s greatest needs far into the future. You can also name your DAF as an estate beneficiary, and your children and grandchildren can serve as advisors to the fund so that they can carry on the spirit of charitable giving in the family’s name.
Contact us at 602.381.1400 to connect with your relationship manager.