Find Ways to Give Back

Have you ever asked yourself, wouldn't it be nice if others could benefit from what I've learned and earned? How can I create a special legacy? One that's uniquely mine?

To help direct your thinking, ask yourself these questions:

Seek out things you find personally satisfying. If something's important to you, and can create significant change in others' lives, it's a sure way to create a meaningful legacy.

Consider how you can spread your values in a positive way. For instance, if you value education and knowledge, consider teaching a child or an adult to read.

Think of how you can make your unique imprint. You could share your gift for party planning, computer work or construction. If you're handy, consider helping Habitat for Humanity, which builds houses for needy families nationwide.

Look to your community, volunteer organizations or family to find a match for your skills. If you're an athlete, you might set up a free athletic program for underprivileged kids or coach Little League. If you're a finance whiz, you might join the board of a community foundation or nonprofit organization.

Before you make a final decision about where to commit your time and energy, give it a test run to make sure it's the right fit for the new you.

If making a financial contribution is how you want to help, you'll have plenty of takers. Just be careful to have a good understanding of how your money will be used. 

The Pension Protection Act of 2006 includes provisions designed to make it easier for retirees to give back to their communities by contributing to a charitable organization. For example, if you're over 70 1/2 you can donate up to $100,000 directly from your IRA (traditional or Roth), tax free, to a qualified charity.

Ask your Ameriprise financial advisor how your charitable contributions can be as tax-efficient as possible.

Before you offer financial aid to others, thoroughly assess how much money you need to support yourself in retirement. It's wise to discuss this with a financial advisor to be sure you have sufficient resources.

Once you've settled on a figure, ask yourself: Is there a specific project I want to see accomplished? Where do I want to make my mark?

Contemplate the positive consequences of sharing your talent, skills or money. Think about how you can change the quality of life for those in need. Even a small-scale project you dabble in could later grow into something larger and long lasting. You just might build a more fulfilling legacy than you had ever imagined.