When it comes to charitable donations, boomers aren’t hesitating to open their wallets.
According to a recent study from Blackbaud that analyzed the donation habits among the generations, baby boomers made up 34% of the donor base in the U.S. What’s more, the company, which provides software to nonprofits, revealed that the bulk of charitable money will come from baby boomers for at least the next decade.
Charitable giving can make you feel good, but financial experts stress that having a plan can help make the most of your contributions. According to Blackbaud, homeless shelters, places of worship and health service organizations are the biggest beneficiaries of charitable givers across all ages.
Dave Richmond, president of retirement consulting firm Richmond Brothers in Jackson, Mich., discussed the following charitable contribution tips for boomers:
Boomer: What is the best way baby boomers can create a charitable plan and establish a charitable solution?
