If you’ve recently retired or retired for several years, you may still be figuring out the ideal balance of activities. Research shows us that finding purpose is an essential component of a happy and satisfying retirement. Consider the following:
- A large-scale, longitudinal study used data from 13,770 older adults, finding that those with a higher sense of purpose at baseline were significantly less likely to develop unhealthy behaviors.
- Other research used a nationally representative panel of over 8,000 American adults and determined that, contrary to some beliefs, retirement can actually increase a person’s sense of purpose.
- A cross-sectional study analyzed data from nearly 2,000 adults and found that sense of purpose was significantly associated with lower depression and anxiety in both retirees and non-retirees.
Indeed, retirement offers a unique opportunity for individuals to rediscover their sense of purpose beyond the confines of a traditional career. The Wayne County Foundation can play a pivotal role in this journey. Here’s how:
- Check in on tax planning: For starters, the Foundation team can work with you and your tax advisors to be sure your charitable giving is reflected in your estate and financial plan to achieve the impact you’re seeking. Among other issues, 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 a 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 Wayne County 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. The Foundation team can work alongside you and your estate planning advisors to name children or grandchildren as advisors or successor advisors to your donor-advised fund. 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. As you work with your tax and estate planning advisors, consider incorporating a gift in your estate plan that will allow your charitable legacy to live for generations. For example, creating a fund at the Wayne County Foundation to serve as the beneficiary of an IRA may create a significant tax advantage when compared with leaving the IRAs to heirs. The Wayne County Foundation is happy to work 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 or even support the Wayne County Foundation’s operations to ensure that philanthropy and stewardship continue to thrive for generations to come. You can also name your donor-advised fund as an estate beneficiary, and your children and grandchildren can serve as advisors to the fund so that they, in turn, can carry on the spirit of charitable giving in the family’s name.
We look forward to working with you throughout your retirement years to ensure that your community dreams are fulfilled through the power of charitable giving. Please reach out anytime.