In his opening monologue, a popular late night TV host recently quipped, “They’re considering a new ten cent fee on grocery bags here in New York. My mom was like ‘who’s laughing at the eight-thousand bags under the sink now?’” While humorous, this anecdote pokes fun at the all-too-common trend of excess in the United States — specifically around things we don’t actually need.
From data compiled at becomingminimalist.com, research reveals:
- There are 300,000 items in the average American home.
- One out of every 10 Americans rent offsite storage — the fastest growing segment of the commercial real estate industry over the past four decades.
- The average American throws away 65 pounds of clothing per year.
- 25 percent of people with two-car garages don’t have room to actually park cars inside them.
Do any of these stats hit a little too close to home? What do you have that could be given away? A little creative “housekeeping” could go a long way toward a more peaceful life. Are you called to “give away” some excess in order to simplify your life and be a blessing to others?
Since being permanently signed into law, the charitable IRA rollover has been a great tax planning strategy for donors “giving away” between $100 and $100,000. When you make a direct transfer from your IRA to a charity, the gift:
- Remains outside of your adjusted gross income
- Counts toward your required minimum distribution for the year
- Serves as an intuitive option for those taking the increased standard deduction
- Is tax-free
- Will impact lives for generations to come.
Would you consider ‘giving away’ a portion of the retirement assets you no longer need if they could be transformed into changed lives? Give a gift to a ministry you love and that’s exactly what they’ll do!