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What’s the best way to make charitable contributions after you retire?
What’s the best way to make charitable contributions after you retire? Take advantage of QCDs (qualified charitable distributions). Here’s how it works. A Qualified Charitable Distribution (QCD) lets you send money directly from your IRA to your charity of choice. That amount never hits your taxable income. No deduction needed. And you don't have to wait until RMDs start at 73 to take advantage of this. You can use this strategy starting at 70½, giving you a window to reduce your IRA balance before those mandatory withdrawals even begin. Smaller future RMDs. Lower Medicare premiums. Less taxable income overall. So if you're pulling money out of your IRA and then writing a check, there's a better approach. Same generosity. Just a better tax outcome. QCDs are one of the most underused strategies I see with clients in this stage of life. If you're not sure whether you're set up to use this in the right way, talk with your advisor or CPA; or click link in bio to schedule a call. #QCD #TaxPlanning #RetirementIncome #CharitableGiving #FinancialPlanning #IRA #RMD #WealthManagement #StrategicFinancial
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