Retirement First person
Leveraging IRA assets to Create a Jewish Legacy
Retirement dreams come true at
T H E TA L B O T ON GRANBY
by Amy Weinstein
C
hances are you already donate generously to charitable organizations, likely to Jewish organizations in Tidewater and abroad. Those gifts Amy Weinstein enable valuable agencies to provide crucial services in our community every day. It is essential that these agencies, and our Jewish community members, plan ahead, beyond annual giving, to ensure our Jewish community is strong for future generations. Like retirement planning, our Jewish agencies and synagogues must plan for the future. Many people save for decades for retirement, and accumulate a substantial amount of assets in their retirement funds. When children or other inheritors are designated as beneficiaries of these pre-tax retirement accounts, they may risk receiving only a fraction of the plan’s value, since these inherited assets are subject to tax. These taxes can be avoided by simply changing the beneficiary designation to a charity through your retirement plan manager.
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That may include cosmetics at Macy’s or a job at the local hardware store. Retirees should think about where they like to shop. • Sporting venue or theater: For those who love sports or any kind of performance, consider being an usher at a venue. Ushers assist fans to their seats and help answer questions. Consider that the job might entail walking up and down steps. If that’s difficult, find out beforehand. The job may have perks, such as free tickets. • Tour guide: A tour guide’s job is to introduce people to places that they are unfamiliar with, which may include wineries, museums and a host of area historical locations.
Designating the Tidewater Jewish Foundation (TJF) as a beneficiary (or partial beneficiary) of your retirement plan is among the easiest ways to Create a Jewish Legacy. A program of TJF, Create a Jewish Legacy is designed to help individuals and families support the Jewish causes they care about. Naming TJF and/ or other Jewish agencies as beneficiaries of your IRA, pension fund or 401K can save a substantial amount in taxes, while also supporting the Tidewater Jewish community in perpetuity. Consider including your Jewish community as a partial beneficiary (5% or 10%) of your IRA. For more information on Create a Jewish Legacy and how you may use retirement assets in your planning, contact Scott Kaplan, TJF president and CEO, at skaplan@ujft.org or (757) 965-6111 or Amy Weinstein, director of development, at aweinstein@ujft.org or (757) 965-6105. This article is for informational use only and may not be considered as tax, legal or accounting advice. Consult with a professional advisor as it relates to what is best for each personal situation.
• Theme park/zoo: Perfect for bragging about a job to grandkids, look into the local zoo or theme park. Some of the most popular jobs for retirees at these parks include ticket takers, working at a merchandise stand or helping assist guests at an information booth. • Current or former job: This one may sound odd, but it could be perfect, possibly maintaining the same salary for the rest of one’s earning years; it’s something already known; and, many people derived much satisfaction from their profession. Also, there may be new freedom in knowing that this job is more optional than before, which may engender a sense of freedom and, perhaps, an outside-the-box mentality.
The Talbot on Granby offers superior independent senior living and was voted “Best Retirement Community in Norfolk” again for 2015. While The Talbot handles the meals, housework, transportation and shopping, residents are free to enjoy their retirement dreams to their fullest. Experience the best life has to offer and enjoy carefree living. Come visit and see why The Talbot on Granby was voted
“Best Retirement Community in Norfolk!”
O P E N HO U SE LU N C H E O N
February 25 th • 12:30–2:30pm
RSVP TODAY • 757-451-5100 6311 Granby Street, Norfolk, Virginia 23505 www.TheTalbotOnGranby.com
Thank You for Voting US Best Retirement Community in Norfolk
jewishnewsva.org | February 22, 2016 | Retirement | Jewish News | 19