Finding Balance in Giving
“You don’t have to be rich to live richly. The key is to make sure you’re rich in the experiences that matter most to you.”
I met a lovely couple recently at our local sailing club.
As we watched the sunset out over the water, they began reflecting on the life they’d built together. Now in their early 60s, they had reached the moment they’d dreamed of for decades: Retirement.
Because of their hard work and dedication to saving and smart planning, they were finally finding some freedom to slow down, travel, and make memories with their children and grandchildren.
Still, as they shared some of the exciting plans they were making for the upcoming year, I caught a hint of concern:
How do we make the most of what we’ve saved—without jeopardizing our future?
One loved the idea of gifting money now, imagining their grandchildren’s faces lighting up as they used the funds for school, their first car, or a family vacation. The other shared that sentiment but also felt the weight of uncertainty.
What if we give too much and end up struggling later?
They wanted to have it all—joyful experiences with their loved ones now and the peace of mind that their wealth would last.
But finding that balance felt like walking a tightrope.
Step One: Clarify Your Goals
The first step toward finding balance (before making decisions!) is getting clear on what matters most.
Define Your Retirement Vision.
Do you want to travel often? Host family gatherings? Prioritize hobbies or leisure activities?
Identifying your lifestyle goals helps set the foundation for your financial plan.
📖 Read more about how to retire.Understand Your Family’s Needs.
Are your children saving for major milestones, like their own children’s education or retirement?
If they’re financially stable, you might focus on creating a legacy for later.
Identify Your Priorities.
How much do you want to allocate for your enjoyment versus leaving for future generations?
Step Two: Design a Giving Strategy That Works
You can absolutely enjoy your retirement and give generously with the right strategy:
Set Up Gifting Budgets.
Instead of lump-sum gifts, plan smaller, regular gifts. For example, use the annual gift tax exclusion (currently $19,000 per recipient per year, beginning in 2025) to give without tax consequences.
📖 Learn more about the annual gift tax exclusion.Decide Between Giving Now or Later.
Now: See loved ones enjoy the gift while you’re still here.
Later: Focus on living richly now and leave an inheritance through your estate.
Consider Charitable Giving.
Creating a Donor-Advised Fund (DAF) allows you to give to causes you care about while enjoying tax benefits.
📖 Explore the benefits of a Donor-Advised Fund.Build a Flexibility Fund.
Set aside a portion of wealth for future needs or desires. This ensures you’re prepared for unexpected expenses.
Step Three: Adjust as You Go
Retirement is a dynamic phase of life. Your needs and priorities may change over time, so flexibility is key.
Review Financials Annually.
Regularly revisit your financial plan to ensure your goals are still aligned. Adjust based on unexpected expenses or changes in your family’s situation.
Stay Confident in Your Plan.
A well-thought-out strategy lets you enjoy retirement without constant worry.
Step Forward with Confidence
You aren’t alone in navigating these concerns.
Many retirees face the same balancing act: enjoying life now while securing their future.
By clarifying goals, designing a giving strategy, and remaining adaptable, you can create a retirement that’s both meaningful and secure.
Your First Step Forward
🌱 Feeling overwhelmed? You don’t have to navigate this alone.
📞 Schedule a free consultation today.
Let’s create a financial plan that allows you to enjoy retirement and secure the legacy you want for your loved ones.
Enjoy Your Retirement—Your Way
Your wealth is a tool to create the life you’ve envisioned. Let’s make sure it’s put to use in ways that bring you joy, peace of mind, and lasting memories.
With Courage and Strength,
Jess
(P.S. Know someone who’s trying to balance giving and enjoying their retirement? Share this newsletter with them. It might be just the encouragement they need to feel confident about their future.)
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