- July 1, 2024
- Posted by: legaleseblogger
- Category: Related News
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Retirement Concerns: Balancing Comfort and Charitable Giving
Background
Pardon the title, but that’s where my head is at. My wife and I are approaching our financial goals, but I’m unsure about our retirement strategy. We have a relatively low retirement savings of less than $100,000. My wife is currently a student, but once she completes her education, she will likely earn a similar income to mine (~$120,000). Any excess income will be reinvested. However, we don’t plan on retiring at a specific age and are more focused on being debt-free in a year or so, except for our mortgage.
Philosophy on Retirement
We believe that life is too short to wait until retirement to enjoy ourselves. We intend to live below our means and spend our excess income on personal goals, rather than accumulating wealth. Once our mortgage is paid off, we expect to have a relatively low-expense lifestyle, free from costly hobbies. This mindset has led us to reevaluate our retirement strategy and consider charitable giving.
Current Financial Situation
By 70, we estimate that we will have a combined annuity of $62,000 and individual social security benefits of approximately $40,000 each. This amounts to a total annual income of $142,000 in 2024 dollars (if our calculations are accurate). We believe this amount will be sufficient to support our lifestyle, and we are considering redirecting excess funds towards charitable causes.
Retirement Account Contributions
In an effort to optimize our retirement strategy, I have been wondering whether we should max out our 401(k) and IRA contributions. However, this may require reducing our current spending and prioritizing retirement savings over other goals. Considering our financial situation and desire for charitable giving, I’m questioning whether this approach is necessary. Would modest (~10%) 401(k) contributions pose a risk to our financial security?
How AI Legalese Decoder Can Help
In this situation, AI Legalese Decoder can provide valuable assistance by:
- Analyzing retirement account contribution options: The AI can review federal and state regulations, tax laws, and other relevant guidelines to ensure that we are making the most optimal contributions to our retirement accounts.
- Assessing charitable giving strategies: The AI can help us understand the tax implications and legal requirements for charitable giving, including deductibility and gift limits.
- Creating a customized financial plan: The AI can analyze our financial situation and goals to develop a tailored plan that balances our desire for charitable giving with our retirement security.
By utilizing AI Legalese Decoder, we can ensure that our retirement strategy aligns with our values and goals, while minimizing the risk of financial insecurity.
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