You’ve spent your lifetime working, and now you want to give back to something you are passionate about, such as animal rescues, under-resourced children, or adoption agencies. Known as charitable planning in the financial services industry, charitable planning can play an important role in your retirement savings plan.
EMS Financial in Fairfax helps people with their retirement plans. We offer comprehensive retirement plans that cover everything, from IRAs to college planning. Our plans focus on asset protection as you plan for your retirement years. Our certified financial advisors are the best in the business when it comes to customizing your retirement plan to what you are seeking. Below, we’ll go over some of the reasons you should donate to charity. Contact us today for a free consultation!
WHY GIVE TO CHARITIES
- Financial benefits. Donating to charities are tax deductible as long as they are approved charities by the IRS. There are certain restrictions, mainly with regards to how much you can deduct and with regards to your income level.
- Support your passion. Many of us work in jobs that are not our passions. By giving to charity, you can help support organizations and causes that you yourself can’t do, but you can help others do it for you. Let’s face it, you can’t be everywhere at once. By giving to many causes, you are helping more this way than you would be otherwise.
- Help others. We all need help in our lives when times get hard. By supporting charities, you are supporting others you need help. Plus, studies have shown that by giving, you get immense satisfaction as well.
- Teach your children how to give. Humans are by nature inherently selfish, meaning they resist giving. Children need to be taught the value of helping others as part of being a member of society. When you give, odds are your children will as well.
Many people think charities are just for high net-worth individuals. Nothing could be further from the truth. Most charities receive the majority of their donations from average people who just want to help.
WHY CHOOSE EMS FINANCIAL ENTERPRISES IN FAIRFAX
Charitable planning is often a part of people’s legacy. A legacy is what you leave behind when you are gone from this earth. If you have kids, they are your legacy, and they will be your best legacy. However, some people want to do more, or if they don’t have kids, they want to leave something behind when they pass.
By donating to charities, you can reduce your taxable income, which is very important in your retirement years. You’ll need to keep track of all of your receipts so you can itemize your tax deductions. You can also give some money every year to your children as well that will qualify for a tax deduction.
EMS Financial in Fairfax wants to help you with all your retirement planning needs. Through risk protection and estate planning, using the tax deductions you receive efficiently, you can help to maximize your retirement income. What to know more? Schedule a free consultation today!