People in Argyle Are Giving Back Without Sacrificing Their Retirement Savings

January 22, 2025

Many people find a deep satisfaction by giving back to their community through charitable contributions and acts of kindness. However, it is important to note that generosity should not come at the expense of jeopardizing one’s financial stability. These are a few ideas for how you can help without going broke.

Volunteer Your Time:

Money is not the only way to give back charities and many non-profit organizations would be delighted to have more volunteers help out. Your knowledge, experience, or skills can provide valuable assistance. For example, a retired accountant could help a charity manage its finances more efficiently. That is just one example, but there are many, and your skills may likely translate to a task or job that is much needed.

Donate Unwanted Items:

Another way to give back is to donate unwanted items. Over time, many households accumulate a surplus of clothing, furniture, books and “stuff” that is no longer needed. If it’s in good condition, rather than throwing it out, consider donating it to a charitable organization. Not only does this help those in need, but you may also get a tax deduction based on the fair market value of the items being donated.

Legacy Giving:

Legacy giving is a strategic way to support causes you care about without impacting your current financial situation. This approach involves including a non-profit in your estate plan, ensuring they receive support after your passing. Options for planned giving include bequests through life insurance policies, retirement accounts, or trusts. This type of giving offers potential tax benefits while ensuring you can maintain financial confidence during your lifetime. At Brightside Financial, we’d love to help you set up legacy giving so you are remembered long after you are gone.

Leverage Employer-Giving Programs:

Many companies offer matching donation programs, where they match an employee’s donation up to a certain amount. Taking advantage of these programs is an excellent way to amplify your impact without additional costs. Check with your employer to see if they provide such opportunities to maximize your giving potential.

Conclusion:

While it is notable to give generously, it is essential to ensure that charitable contributions do not jeopardize your financial future. These are just a few ideas to get you started, but there are many more ideas that don’t involve dipping into your retirement accounts. Every contribution counts, and even small acts of kindness can make a significant impact.

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