Making IRAs Work for Good: Giving Back Through IRA Donations
Michael and Francie Royce have discovered a meaningful way to give back. By donating directly from their IRAs, they’re able to maximize the impact of their charitable contributions. Learn how their generosity is making a lasting difference at Serendipity Center and beyond.
Michael & Francie (middle) gathered with their adult children
“Francie and I love the work of Serendipity so it was a no brainer to donate,” shared Michael. “We are fortunate to have IRAs from which we have to withdraw a fixed amount each year.” Michael is referring to the US tax law which requires all retirement account holders to withdraw funds when they turn 73. The income is then taxed at regular rates. But, what if you don’t need the income?
Michael and Francie kayaking the Columbia
“We are doubly fortunate in that we don’t have to totally rely on this income stream in our retirement. So we do most of our charitable donating from these funds,” he added. By making a Qualified Charitable Donation, or QCD, directly from their IRAs, the Royces avoid receiving income they don’t need while making a difference in their community. “Because we’re not taxed on the extra income, giving through our IRAs make our charitable dollars go about 25% further.” Investing in Serendipity Center is an investment in our region’s children and families.
We extend our gratitude to the Royces and to all our donors for ensuring that more of our community’s children have a chance to thrive.
