Most retirees eventually discover that aging is no longer an abstract concept. A parent begins to struggle with memory. A spouse experiences a health setback. A friend moves into assisted living. Or perhaps we begin noticing changes in ourselves. These experiences remind us that while we cannot predict the future, we can prepare for it. That reality formed the basis of a recent discussion in our Retired Guys Group, where we explored how thoughtful preparation can help us navigate the cognitive, physical, financial, and spiritual challenges that often accompany aging. The conversation was not driven by fear or pessimism. Rather, it was rooted in wisdom. Proverbs 22:3 reminds us, “The prudent see danger and take refuge, but the simple keep going and pay the penalty.” (NIV) Preparing for the future is not a lack of faith; it is an act of stewardship. Although none of us knows what lies ahead, thoughtful planning can help preserve dignity, ease burdens on loved ones, and provide peace ...
A Look at Qualified Charitable Distributions and Donor-Advised Funds At a recent meeting, our group had a thoughtful discussion about generosity and charitable giving in retirement. The scripture we reviewed comes from 1 Timothy 6:17-19 ESV, which in part notes, we “are to be rich in good works, to be generous and ready to share.” We then explored practical methods to practice generosity through two tools: Qualified Charitable Distributions (QCDs) and Donor-Advised Funds (DAFs). Both offer ways to give more intentionally and, in many cases, more effectively. However, they function differently, and understanding how each fits into your situation can greatly influence not only your taxes but also your approach to generosity at this stage of life. What follows is a straightforward overview of both options, along with some practical insights from our group’s experience. Giving Directly from Your IRA: Qualified Charitable Distributions For those of us in our early 70s, Qualified...