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Family Philanthropy Series: New IRA Rules Expand Ways to Give and Enhance Your Retirement Income

In late 2022, Congress passed a sweeping piece of legislation that changes many rules related to retirement income. The legislation even expanded options for giving to your favorite nonprofit from retirement accounts. On February 28, Greater Twin Cities United Way hosted a virtual learning event to talk about these changes. Mala Thao moderated a discussion with experts Mariah Brook and Dana Holt on new ways to create retirement income for yourself and give to others.

If you missed this event, I encourage you to watch the recorded session.

Session highlights:

We learned that QCDs (Qualified Charitable Distributions) are growing rapidly in popularity and are not only an easier way to give non-taxable money to your favorite causes but can actually save you money as they do not raise your tax on social security or Medicare premiums.

We also learned that QCD rules have expanded to now allow QCDs to fund CGAs (Charitable Gift Annuities) or CTRs (Charitable Remainder Trust). A CGA provides you with a fixed income stream for life and can benefit nonprofit organizations like Greater Twin Cities United Way after your lifetime.

Additionally, we were encouraged to think strategically about our giving and which retirement assets should be used for family and which ones would be best to pass on to an organization you wish to support. One participant said of the session: “I was generally aware of the changes, but the discussion was most helpful. Kudos to you and team on a valuable education for Greater Twin Cities United Way friends.

Find more information and key takeaways in our session slides.

Together, as changemakers, we’re creating a community where all people thrive regardless of income, race or place. When you include a donation as part of your overall estate and financial planning, you ensure we make meaningful strides toward achieving our vision.

Visit gtcuwlegacy.org or contact Linne Lemke to learn more about how to impact the community through your charitable support and achieve your philanthropic goals.

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