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Financial Planning > Charitable Giving

Pre-Retirees and Retirees Prioritize Charitable Giving: Survey

By Michael S. Fischer

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Nearly 60% of pre-retirees and retirees say they are committed to charitable giving, according to a recent survey from Fidelity Charitable. Seventy-eight percent say that giving plays an important role in their lives.

Thirty-six percent of both retired and pre-retired respondents reported that they donated $2,000 or more to IRS-qualified charities in 2023. More than half gave $1,000 or more.

“Retirement is an exciting new chapter in life that creates opportunities for retirees to spend more time and resources in support of the meaningful causes they care about, but it also has implications for charities and financial advisors,” Amy Pirozzolo, head of donor engagement at Fidelity Charitable, said in a statement. 

Pirozzolo noted that retiring donors, eager to make a difference, often lack knowledge around tax-smart strategies, a gap that advisors can help fill.

Artemis Strategy Group conducted the survey in March and April among 2,512 donors between the ages of 50 and 80, including 844 donors with investable assets of at least $1 million. To qualify, respondents had to have contributed at least $500 per year to charitable organizations and make household decisions. 

Giving Back Through Volunteerism

The survey found that participants are actively supporting causes they care about through volunteerism. In the past year, 71% of pre-retirees and 55% of retirees said they had volunteered their services.

One thing stands out about volunteers: They are committed to their causes. Twenty-seven percent reported that they do so for 13 or more hours per month.

The survey results showed that retirees tend to donate first, then volunteer, while pre-retirees do both in equal measure.

Although volunteering declines with age — from 73% for those in their 50s to 54% for those 70 to 80 years old, according to the survey — those who do so said it helps their mind and body. Nine in 10 current volunteers said it is a way to stay active and connected.

Advice on Tax Deductions

The research found that two-thirds of retired and pre-retired donors rely on a professional for financial planning advice, but only 51% of the former and 61% of the latter said they had discussed charitable giving with an advisor. 

Sixty-four percent of pre-retiree donors consider tax deductions important for charitable giving, compared with 46% of their retired counterparts.

Even with donors recognizing the importance of tax benefits, Fidelity Charitable said, both pre-retirees and retirees can benefit from conversation with an advisor about giving vehicles and methods. Most respondents were familiar with at least one vehicle or method to support charities financially, but 21% said they were not aware of any.

Awareness of what can be donated is also low among respondents. For example, just 32% of both pre-retirees and retirees knew that they can donate appreciated assets, such as stocks.

Michael S. Fischer

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