How your retirement can support The Center

By Steph Bruno, Board President

Did you know there are two easy ways to use your retirement funds to help The Center while potentially saving on taxes?

First, if you are currently 73 years or older and subject to required minimum distributions from your retirement account, you can donate directly from your IRA to The Center (up to $108,000 annually.) The amount you direct to The Center will be excluded from your taxable income as a qualified charitable distribution.

Unlike a charitable deduction which is subject to certain rules, qualified charitable distributions directly offset the otherwise taxable income of the required distribution. For example, if your required distribution is $25,000, but you do a $10,000 qualified charitable distribution to The Center, only $15,000 will be included in your taxable income.

A second option is to name The Center as a beneficiary of your retirement account. This is a good option if you are concerned you may need your retirement dollars in your lifetime but would like to create a legacy and contribute to The Center at your passing. These funds will pass tax-free to The Center when you pass away. You can still name your kids as beneficiaries and leave just a portion of your IRA to The Center.

Contact Laurie Porter, lauriep@wscenter.org or 206-932-4044 / ext. 111, if you would like to explore how you can support The Center.

Steph Bruno, AIF ®, CFP ®, CPWA ®, RMA ®, is a Partner and Senior Wealth Advisor for Mission Wealth. Mission Wealth recommends you consult with your financial advisor or investment provider to ensure what is best for your individual financial situation. Learn more.