Giving: Among our 10 Elements of Retirement Success

It’s been said that the happiest people are not those who are getting more but those who are giving more. In our experience, giving to causes you care about is one of our 10 elements of retirement success. This article seeks to help you assess your approach to giving in retirement and set some meaningful goals.

While charity starts at home, true generosity rarely ends there. Sharing our resources with the wider world can bring meaningful connections and deeper satisfaction. Those resources can take several forms, including time, talent and treasure. As we dig into these areas of giving, take time to reflect on where you are today and where you might want to take your generosity in your retirement years.

Giving your time in retirement

One of the aspects of retirement that many pre-retirees think about is time. Time not working equals more time for family, relaxing, hobbies, friends and all the other things you didn’t have as much time for before!

While you will undoubtedly have some extra time, it will get filled with something. It amazes many retirees how “busy” they feel. That is why the giving of your time for the good of others is truly a gift.

This is where we think philanthropy and generosity can become somewhat of a replacement for your career. Volunteering, serving and mentoring often can enhance the social, growth and aging elements of retirement as well.

Here are some questions to get you thinking: Is your use of time enhancing or taking away from your life satisfaction? How are you using your time as a gift? What organizations do you currently support financially? Could they use your time?

Giving your talent in retirement

Every year, a tremendous amount of wisdom, ability, knowledge and grit walks out of the working world and into retirement. Many retirees realize they have decades of wisdom and experience that can be put to good use in the service of others.

If you have business or management experience, we believe charitable board work is a wonderful way to support a cause that is close to your heart. Others might build houses, serve the poor or help seniors with tax preparation. It’s all a matter of figuring out where your unique skills can fit.

Charitable organizations certainly realize the amazing strategic and tactical resources available to them in the form of their retired donors.

Here are some questions to get you thinking: What unique talent or skill set do you have that could be useful? How long will that skill set remain relevant? What organizations do you currently support financially? Could they use your talent?

Giving your treasure in retirement

Giving financially in retirement can be quite different than giving during your career. Many givers do so based on their income. When they retire, and their income goes down, their giving tends to go down too.

However, for many, the benefits of financial giving are too great to see this area of their life fall back in retirement, especially as their need and desire for a new purpose is heightened. In addition, retirees may discover that new philanthropic opportunities are becoming available as they consider creating a legacy through more sophisticated tax and estate planning.

Here are some questions to get you thinking: What is your budget for giving in retirement? How did you come up with that number? What organizations did you give to before retirement? Are they the same now? Why? What other organizations might you consider? How can you engage your family in your giving? Do you know what organizations or causes your family supports?

Here’s a quick exercise that you may find helpful:

1. Write down your current satisfaction with your charitable giving on a scale of 1 to 10
2. Now write down what you would like that score to be one year from now
3. Finally, write down the top three things you can do to raise your score

The magic of giving is how assisting others to overcome their challenges can help you feel better, too.

Continue to explore each element of retirement success:

1. Work
2. Family
3. Home
4. Growth
5. Leisure
6. Social
7. Giving
8. Money
9. Aging
10. Health

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