Charitable living and the new retirement:

Fidelity Charitable’s new study, "Charitable living and the new retirement," explores how pre-retirees and retirees ages 50-80 are planning for and engaging in philanthropy. With more than 4 million Baby Boomers reaching retirement age in 2024, the findings reveal a strong commitment to giving and a significant opportunity for financial advisors to offer more strategic charitable planning guidance. While many retirees work with an advisor, only half have discussed charitable giving strategies, indicating an untapped area for impact.

More highlights from the study:

• Charitable focus: While 78% of pre-retirees and retirees prioritize charitable giving, few are aware of the tax-smart strategies that can maximize their impact.
• Knowledge of tax-smart strategies: Only 32% of pre-retirees and retirees are aware of strategies like donating appreciated assets, and 21% are unfamiliar with any giving methods beyond cash donations.
• Advisor engagement: While 65% of retirees work with a financial advisor, only 51% have discussed charitable giving with their advisor—highlighting a key opportunity for advisors to suggest strategies that align their clients’ financial goals with their philanthropic interests.
• Volunteerism: 71% of pre-retirees and 55% of retirees volunteer regularly, with many dedicating 13 or more hours a month to causes they care about.

Download the full study to learn how pre-retirees and retirees and their advisors can optimize charitable giving in retirement.