Giving Wisely in Changing Times: Year-End Strategies for Seniors
Residents and guests gathered during Active Aging Week at VMRC for an informative session with Everence Financial representatives Randy Nyce, Steve Burkholder and Glenn Kaufman. The third installment of a three-part financial education series, this event focused on how the new federal tax bill affects retirees and charitable givers. The presenters offered knowledgeable insights about how to plan today for meaningful benefits tomorrow.
Randy opened the session with a warm welcome, introducing Glenn and Steve as trusted financial professionals who help people align their faith and finances.
Glenn and Steve then outlined how new tax provisions—such as the higher standard deduction for those 65 and older and the return of a charitable credit for non-itemizers—may affect seniors.
Beginning in 2025, adults aged 65 and older will qualify for an additional $6,000 deduction per person ($12,000 for couples). In 2026, those who take the standard deduction will once again be able to claim up to $1,000 for individuals or $2,000 for couples in charitable gifts — reinstating a popular provision that encourages community generosity. The state and local tax (SALT) deduction cap will also rise from $10,000 to $40,000, easing the burden for taxpayers in higher-tax areas.
From there, the conversation turned to giving strategies. Since fewer people itemize deductions, the presenters suggested “bunching” several years of charitable gifts into a single year to exceed the standard deduction and maximize tax benefits. Another practical approach is using a donor-advised fund (DAF), which allows donors to take an immediate deduction while spreading gifts to charities over time.
Retirees were encouraged to explore Qualified Charitable Distributions, a tax-smart way to give directly from an IRA to a charity while satisfying required minimum distributions and reducing taxable income. The presenters also noted that donating appreciated assets, such as stock, can provide a “double advantage” by avoiding capital gains tax and still receiving a charitable deduction.
Throughout the presentation, the speakers emphasized that generosity is deeply personal—and with thoughtful planning, giving can strengthen both financial well-being and community impact.
The presenters closed by reminding attendees that generosity isn’t just about numbers; it’s about purpose and legacy. Everence’s role, they said, is to help people give in ways that reflect their values and make an impact that lasts.
For more information or personalized guidance, contact Everence Financial at 540.437.7422 to speak with a representative about your charitable and financial planning options. You can also see an Everence staff member at VMRC on Wednesdays from their office on Park Gable’s Main Street.
