Being Magnanimous in Retirement
The new budget deal in the last month of 2015 had many facets to it. One of those facets dealt on how charitable donations were handled from IRAs. Under these new rules it is now possible for retirees at least the age of 70.5 to donate up to $100,000 directly from their IRA annually. This can be used as a tool to reduce the amount of taxable income you receive in retirement as these donations happen pre-tax and serve to lower your total income for the year. These donations also count towards required distributions that are required starting at the same age. For more information on this topic, visit this article by Mark Miller with The Fiscal Times.