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.
