U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-20-2015, 07:32 AM
 
4,539 posts, read 4,873,801 times
Reputation: 3481

Advertisements

Makes more sense to give nothing away. You could live to 110 or end up with costly medical bills and may need that money.

Also lets say you give $5,000 a year to charity today. It would be better to set up a separate good investment account in a good mix of stocks and bonds etc. Put the $5,000 there every year, if you need the money later for yourself in an emergency you can use it. BUT if you never need it put that account in your will to a charity. It will be a huge amount and really help out. Rather than dribs and drabs that just get lost in the mix year over year.
Reply With Quote Quick reply to this message

 
Old 03-20-2015, 07:41 AM
 
29,960 posts, read 35,029,039 times
Reputation: 11855
Quote:
Originally Posted by SandyJet View Post
Makes more sense to give nothing away. You could live to 110 or end up with costly medical bills and may need that money.

Also lets say you give $5,000 a year to charity today. It would be better to set up a separate good investment account in a good mix of stocks and bonds etc. Put the $5,000 there every year, if you need the money later for yourself in an emergency you can use it. BUT if you never need it put that account in your will to a charity. It will be a huge amount and really help out. Rather than dribs and drabs that just get lost in the mix year over year.
We give to a rescue mission knowing we are helping to feed and clothe those in need now. We are where we are because of a variety of reasons most positive and things having worked out. People who have the choice of the street, a tent, there car or a rescue mission need support" For there but for the grace of ........."
Reply With Quote Quick reply to this message
 
Old 03-20-2015, 08:26 AM
 
Location: SW MO
23,605 posts, read 31,611,534 times
Reputation: 29084
Medical expenses have caused us to cut back on charity giving somewhat but we still provide support to local programs that provide food and other needed items (backpack programs) to school children in this rather depressed area. We also patronize organizations, some religious, that provide benefits to less fortunate, international populations on the basis of teaching them how to fish rather than just giving them one.
Reply With Quote Quick reply to this message
 
Old 03-20-2015, 09:04 AM
 
13,373 posts, read 25,681,977 times
Reputation: 20693
I long ago set up my will to give all assets to different charities (and any leftovers to the local library). Maybe I should remember that and will consider keeping a prudent eye to my own future. Of course, I could always cancel my regular (monthly donations) if need be. Since I am still working, I appreciate the tax deduction.

Thanks again for everyone's input.
Reply With Quote Quick reply to this message
 
Old 03-20-2015, 04:05 PM
 
10,832 posts, read 8,121,794 times
Reputation: 17093
Quote:
Originally Posted by StealthRabbit View Post
clarification of "gifting".... above is "FUNDING" / setting up your initial fund and later adding to it. Once you have your fund you can "gift" (outflow) from that fund at will (within IRS / Vanguard rules)
Yes. Vanguard calls the "outflow" a grant rather than a gift. In simple terms, the donor advisory fund is itself a nonprofit charitable organization entitled the Vanguard Charitable Endowment Program. When you "invest" the initial $25K, you essentially donate that money to the nonprofit and take the tax deduction at that time.
Then when you want all or a portion of your funds to go to a qualified recipient, you instruct the VCED make a grant to that recipient. As you said, the minimum grant that can be made is $500.

The $25K initial investment/donation prevents many from being able to participate so I thought it was worth mentioning. As soon as we retired we opened our account to use as a tax vehicle.
Turns out that choosing grant recipients is one of the great joys of our retirement. We've given grants to organizations such as a prison ministry that provides clothing to released inmates, numerous theater groups and libraries, a group that provides free legal assistance to hospice patients, our local non-kill animal shelter, and the Ghost Ranch NM education and retreat center.

A plus we didn't anticipate is that although we've designated approximately $11K in grants, we still have $16K of the original $25K in our account, because of the return earned! It's a great vehicle for those who can afford the initial buy-in.
Reply With Quote Quick reply to this message
 
Old 03-20-2015, 07:02 PM
 
Location: Los Angeles area
14,018 posts, read 17,824,964 times
Reputation: 32310
What we donate to depends on what we are interested in and what we care about. Although I do give to the Salvation Army and to the Union Rescue Mission in downtown Los Angeles, I give larger amounts to the USS Iowa Battleship/museum (I am a World War II history buff) and to the Los Angeles Master Chorale, which has an outreach program to public schools in poor areas.

People interested in classical music and the arts have a large array of choices if they live in a place like Los Angeles. There are several world class art museums, lots of live theatres, plus Los Angeles Opera and the Los Angeles Philharmonic. Many smaller cities have their own symphony orchestras, such as Pasadena.

The L.A. Phil has a lot of multi-million dollar donors, so the small amount I would be able to give would not be terribly meaningful. But the L.A. Master Chorale's largest donor (one couple) gave one million last year, and then it steps way down to something like $50,000. Even at my more modest level they seem to appreciate me so much, and there are nice perks like attendance at one rehearsal per year and invitations to meet-the-composer receptions.
Reply With Quote Quick reply to this message
 
Old 03-20-2015, 08:23 PM
 
Location: Cape Elizabeth
425 posts, read 390,781 times
Reputation: 745
I've actually increased my charitable giving in retirement and get much pleasure in doing so. We moved to Maine to retire and Maine is a state where many people are struggling and we have excellent charitable groups that help the homeless, feed the hungry, care for animals. I take my charitable giving seriously and research the groups, mainly on Charity Navigator, before I give. On Charity Navigator, you can read the entire IRS form 990, which deliniates salaries of board members and senior staff, if first class travel is allowed, relationships of board members to staff- lots of areas that have raised red flags for me. I also wrote to that address on the back of the envelopes about getting the report that tells you how much an organization has had to pay to the fundraisers. What an eyeopener! Maine wrote back and listed the percents for the 5 groups I asked. These were groups who were calling on the phone- some health related, some for kids, some for the environment etc. Well, never again! Basically, 60 to 72% were going to the tele-fundraisers. The next time I picked up the phone, I told the person I wrote and what I found. That ended the conversation immediately.
Reply With Quote Quick reply to this message
 
Old 03-21-2015, 12:16 AM
 
Location: Cochise county, AZ
5,010 posts, read 3,507,666 times
Reputation: 10600
Having worked nonprofit for most of my years, I donate to those organizations that I know give their all to helping people. I try for 10%. Sometimes I fall short & sometimes I can give more.
Reply With Quote Quick reply to this message
 
Old 03-23-2015, 04:24 PM
 
12,921 posts, read 14,199,028 times
Reputation: 35448
My ability to physically volunteer is zero, though I did it extensively when younger. So, now I give money exclusively. It averages about 10%, but I don't have a target. I give regularly to one religious organization, a home hospice group and the largest amount to a local center for severely physically and mentally disabled children and adults. The latter was started from scratch by a local woman and has done magnificent work where formerly there was none.

I give much more now than when I worked. I lived in Manhattan and paid so much for everything, even 2nd and 3rd rate housing, that I am now rich by comparison. I live where most of my expenses are far lower; and while I am physically comfortable, my lifestyle is a very plain, subdued one so money comes far faster than it goes out. Right now I have begun giving a one-time donation to about half a dozen groups in the U.S. from whom I received benefit in the past. And I am sending a letter to each which re-introduces myself so they will know why they are receiving a donation from abroad. I feel the letters are just as important as the money, because they demonstrate that what was given to me decades ago has lived on and grown and their work is worthwhile in ways they may never see.

Given serious medical problems, I don't neglect to put aside a major portion for myself; but when I die half of what may be left will go the center for the severely disabled that I mentioned.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top