What to Do Each Decade of Your Life

John Lennon sang, “Life is what happens to you while you’re busy making other plans.” As you move from one stage of life to the next, your priorities shift. These tips can help you meet your personal and charitable goals — at any age.

In Your 40s and 50s

Create a will and powers of attorney. If you already have a will, update it to reflect any life changes, such as a new relationship or children becoming legal adults. Meet with a financial advisor to review your investments and savings — you still have time to make catch-up contributions for retirement.

Best Ways to Make a Difference

  • A gift in your will or trust: This costs you nothing today and can be made by adding one sentence to the document directing a portion of your assets to the Mount Olive Lutheran Church Mission Endowment Fund.

  • Retirement plan assets: Name the Mount Olive Lutheran Church Mission Endowment Fund as a beneficiary of part or all of an IRA or other retirement plan. It takes minutes to contact your plan administrator or complete the change- of-beneficiary form online.

In Your 60s

Check with your financial advisor to make sure you are on track with retirement savings. If you have already retired, revisit your expenses, priorities, and health care needs. Update your will, beneficiary designations, powers of attorney, and property titles to reflect your current wishes.

Best Ways to Make a Difference

  • Life insurance policies: If your children are grown and financially stable, consider donating a portion of these to the Mount Olive Lutheran Church Mission Endowment Fund for the long-term benefit of the church and ministries you love.

  • Appreciated securities: Donate stocks you have owned for longer than one year to the Mount Olive Lutheran Church Mission Endowment Fund and receive an income tax charitable deduction when you itemize. You can also eliminate capital gains taxes.

  • Wills and beneficiary designations: As you revisit these important plans, you can partner with the Mount Olive Lutheran Church Mission Endowment Fund to make an impact after your lifetime. It costs you nothing today.

In Your 70s

Discuss your giving goals with your family and meet with your financial advisor to align your financial and philanthropic plans.

Best Ways to Make a Difference

  • Volunteering: See firsthand how your kindness can do great things by helping at your favorite charitable organizations.

  • Life income gifts: Consider establishing a charitable gift annuity or a charitable remainder trust. You receive income for life, with the rest supporting the Mount Olive Lutheran Church Mission Endowment Fund after your lifetime.

  • Gift from your IRA: If you are 70½ or older, you can give from your IRA directly to a qualified charity such as the Mount Olive Lutheran Church Mission Endowment Fund without having to pay income taxes on the money. If you are required to take minimum distributions, this can also satisfy all or part of that obligation.

In Your 80s and Beyond

Inform close family members and loved ones of your wishes and location of vital papers. Update your health care power of attorney and living will.

Best Ways to Make a Difference

  • Legacy letter: This companion piece to your estate plan is a chance to share your story and your values with your loved ones.

  • Beneficiary designations: Retirement plan assets are subject to income tax when distributed to loved ones, but they pass tax-free to non-profit organizations such as Mount Olive Lutheran Church and our Mission Endowment Fund.

We Help All Ages and Stages

If supporting Mount Olive Lutheran Church and our missions and ministries into the future, our partner, Lisa Maria Higginbotham at the ELCA Foundation can help you find a gift option that makes sense for your stage in life. Contact Lisa by email at lisa.higginbotham@elca.org or by phone at (773) 380-2477 for no-obligation help.

Jenifer Clark