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For singles with charitable intentions, different strategies may come into play. If planned correctly, individuals can utilize mechanisms like Qualified Charitable Distributions (QCDs) to avoid taxable burdens and maximize their contributions to charities, thereby fulfilling personal philanthropic goals without incurring a tax penalty.
Legacy Planning
Deciding how to handle wealth in retirement boils down to three actions: spend, give, or gift. Singles need to strategize around not only how they spend their money during their lifetime but also what legacy they wish to leave behind. Planning is necessary to ensure that wealth is preserved and distributed in alignment with one's values and intentions, whether to loved ones or charitable organizations.