Washington County Weekend Post

METRO — Opportunities for charitable giving abound. The most convenient way to give back may entail some- thing people already do nearly every day: shop. Supporting worthy causes and making a difference doesn't have to consume a lot of time or effort. Various nonprofit organiza- tions have streamlined the process by working in conjunction with interna- tional, national and even local merchants. At point of service registers or when checking out online, consumers can allocate funds to worthy causes. Amazon Smile Amazon enables shoppers to follow a distinct link (https://smile.amazon.com) in order to directly donate to hundreds of charities. Simply designate a charity from the drop down menu and Amazon will donate 0.5 percent of the price of eligible purchases to your charity of choice. Collection Jars Visit any number of stores and you'll probably come across collection jars or bins for various charities. Some merchants may have collections for coats or gently used items that can be delivered to the needy. Others will ask if you want to purchase a new item from their stock to donate to worthy causes. Checkout Charities Checkout charities are another way that cam- paigns raise money. They come in various forms. Some require customers to purchase a paper card that is displayed at the store and then a donation is made to a particular charity, such as Children's Miracle Network or the ALS Foundation. Many stores, both national retailers and mom-and-pops, have round up charities that enable customers to round up their change to the nearest whole dollar on credit card transactions and donate the difference to the charity the store is assisting. Through the RoundUpApp, debit and credit card transactions provide a stream of recur- ring donations. METRO — Professionals on the cusp of retirement are often excited about what lies ahead. Some prospec- tive retirees may look for- ward to traveling once they no longer have to go to work each day, while others may plan to return to school. Regardless of how adults envision spending their retirement, they're going to need money when they're no longer being paid by their employers. As retirement nears, some professionals may be concerned that they haven't saved enough. There's no one-size-fits-all answer in regard to how much money people will need in retire- ment. People who are worried they haven't saved enough can try various strategies to build up their account balances before they officially call it a career. ■ Take advantage of catch-up contributions. Adults who are 50 or older are eligible to take advan- tage of catch-up contribu- tions. These are designed to help people over 50 contribute more to certain retirement accounts, such as a 401(k) or IRA, than statutory limits would otherwise allow. There are limits that govern the amount of money people can designate as catch-up contributions, but taking advantage of this perk can help people save more as retirement draws closer. ■ Consider relocating. A recent study from the Employee Benefit Research Institute found that housing costs accounted for 49 percent of seniors' spending. Professionals nearing retirement who live in areas traditionally associated with a high cost of living can begin to rethink their long-term housing strategy. Relocating to an area with a lower cost of living is one option, while those who prefer to remain in their current town or city can consider downsizing to a smaller home to reduce their property taxes and monthly utility bills. ■ Continue investing. Conventional wisdom sug- gests moving away from investing in stocks the closer you get to retirement. Though that's a sound strategy, professionals who are trying to build their retirement savings in the final years before retiring could be missing out on significant growth by abandoning stocks entirely. Speak with a financial advisor about stock-based investments and your risk tolerance. Maintaining a diversified portfolio with a little risk can be a great way to grow your savings as retirement draws near. Professionals approach- ing retirement may be dealing with a mix of excitement and anxiety, par- ticularly if they're concerned about their retirement savings. Various strategies can help quell such anxiety and make it easier for professionals over 50 to build their savings as retirement nears. GMTODAY.COM SUNDAY, DECEMBER 5, 2021 • WASHINGTON COUNTY POST • 3A Saving strategies as retirement draws near Give back while shopping

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