When it comes to engaging in charitable activities, America is one of the most generous nations in the world. According to figures from the Organization of Economic Cooperation and Development, 60% of American regularly engage in some kind of charity, compared to an average of about 40% of other developed countries.
According to a study conducted by Merrill Lynch and Age Wave, Americans donated $358 billion in 2014, coming mostly from families and individuals, not corporations. When it came to volunteering hours, Americans offered almost 8 billion hours for charitable causes, including helping out neighbors and strangers, church activities and political organizations. Americans of all races and ages contribute their money and time, but it is actually retirees who reach out the most! Here are some reasons why retirement is a great time to give back.
1. Retirees have the best opportunity. They have the most time on their hands. Gone are the days where their time is being consumed by working or taking care of children.
2. Retirees find it fulfilling. They feel that giving back to society means they made a difference in the lives of others. Volunteering gives them a stronger sense of purpose and higher self-esteem with lower rates of depression.
3. A way to make social connections. Retirees lose their usual social connections after they stop working and their kids are all grown up. Volunteering helps to meet new people with similar values and interests. It is also a way to make new friends.
Make sure you will have the means to do all the volunteering you want in retirement. Give us a call at 508-998-8858. We want to help make all of this possible.
Raymond C. Lantz, Jr. is the president and founder of USA Wealth Group, Inc. Ray has many years of experience advising clients in retirement and sophisticated tax planning strategies, multi-family and commercial real estate projects, and legacy planning. Ray is a graduate of Clark University, holds a law degree from Boston College, and a master of laws in taxation from Boston University. You can hear him every Sunday on Money Wise with Ray Lantz on WBSM 1420AM or on the Radio Pup app.