Volunteerism among retirees is popular these days and the activity seems to help them live longer. Studies from the Corporation for National and Community Service show people who volunteer “report lower mortality rates, lower rates of depression, fewer physical limitations and lower levels of stress than those who don’t volunteer.” Data from their 2014 study shows that more than 20 million older adults (55 and up, representing around a quarter of the 55+ population) average more than 3 billion hours of service in their communities annually. The value of this time is estimated at $75 billion.
Volunteering has some tax saving benefits, too. Though you can’t deduct anything for the time you spend volunteering, you can deduct the cost of gas and oil for your automobile while driving to the activity, or simply deduct mileage*. Other deductions can include uniforms and attending conventions.
(*NOTE: The mileage deduction allowable in 2016 was 14 cents per mile, check with your tax advisor or IRS for allowable deductions in 2017.)
Finding the Right Activity
Like a job, volunteering requires the right fit. It may seem logical to offer the experience and skills you developed while working, but doing something completely different may be more rewarding. Make sure the activity offers the flexibility to fit your schedule and that it’s something you feel passionate about.
There are plenty of resources available to help you find the right activity. The federal government offers Serve.gov. Another great place to look is AARP’s Create the Good program. Your community needs your talents and your commitment. And with the positive benefits of volunteering, this is truly a win-win situation.
To discuss this or to review your financial plan for retirement, contact DuPont Wealth Solutions in Dublin, OH at (614) 408-0004.