What the Happiest Retirees Know by Wes Moss

Author:Wes Moss
Language: eng
Format: epub
Publisher: McGraw-Hill Education
Published: 2022-11-15T00:00:00+00:00

INVESTING IN THE CAUSES YOU HOLD DEAR

I want to touch on one of the most common ways of giving, which is to invest monetarily in the causes you hold dear. It can be easy to get caught up in our busy lives and neglect to donate to worthy causes. This is one thing I like about going to church: the weekly reminders to tithe. But you certainly don’t need to be passed the collection basket to give.

I’ve found it even easier to put my giving through some sort of charitable donor-advised fund (DAF). A donor-advised fund is a way to put money away today in the current tax year, obtain a current-year tax deduction, and then allow the money to grow on a tax-deferred or tax-free basis over time. The technology of the donor-advised fund has gotten so good that you can utilize it as a platform to direct that money to one or more charitable institutions, including your place of worship. A DAF is a good way to put your giving on autopilot, which is powerful whether you want to funnel your money to a church or any other charitable organization. In my opinion, Fidelity4 and Schwab5 both have great DAF options.

We all clearly get some sort of physiological benefit from giving, and this is a great way to do it. When we give, we feel we are actively participating in society. Even more than that: we are leaving it better than we found it.

That’s a significant part of the HROB story. Retirement is not meant to be you living in your castle high on a hill, hoarding the fruits of your labor. Ebenezer Scrooge was most definitely not an HROB. A happy retirement provides multiple opportunities to give back, whether from the riches in your savings or the newfound riches of your time. The ultimate irony is that giving away some of those riches enriches you as well.

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