Core Insights - Many individuals aim to retire with more than just the minimum required income, seeking to enjoy their retirement years with financial comfort [1] - An additional $1,400 per month translates to $16,800 annually, which is approximately one-third of the median household income of $54,710 for those aged 65 and over [2] Group 1: Charitable Giving - Charitable giving is a priority for many seniors, with 78% of pre-retirees and retirees aged 50 to 80 indicating a commitment to donating [3] - Financial advisors can assist in exploring tax-efficient strategies for charitable donations, as 21% of retirees are unaware of tax-advantaged methods [4] Group 2: Investment for Future Generations - Investing extra retirement funds for children or grandchildren can help secure their financial future [5] - The cost of a four-year college degree is projected to reach $230,176 by the 2035-2036 academic year, making 529 plans a viable option for funding education [6] - Supporting children during their expensive child-rearing years can alleviate financial burdens, with average daycare costs reported at $827 per week for a nanny and $343 per week for a center [7]

Changes to US tax laws could lead to a surge in charitable giving this year. Robert Frank joins us with the latest installment of Inside Wealth. And Robert, this is the time of year when people start thinking about this.It's >> all about giving. And for many people, it's all about giving and taxes. Uh so last year, Americans Exactly. Americans gave $390 billion to charity that last year.That was a record. This year will likely be even higher thanks in part to a tax change. The big beautiful bill included tw ...

Ready to talk about taxes? On this episode of Market Sense, we dive into the new tax law, and how it could impact your 2025 taxes. A Fidelity branch leader and former tax preparer will highlight some of the changes and strategies for itemizing, charitable giving and Roth conversions. Plus, all the latest market headlines in 20 minutes. Topics covered: • 2025 tax changes • SALT • Roth Conversion • Charitable Contributions 00:00 Market Sense Introduction 01:39 Latest market headlines 04:22 Latest market headl ...

Core Insights - Lennox Residential HVAC has donated 402 HVAC units to homeowners and nonprofits through its Feel The Love program, which has been running for 16 years [2][3] - The program has provided over 3,100 HVAC systems since its inception in 2009, benefiting families in financial hardship, illness, and nonprofit organizations [3][4] - The LII Lennox Foundation, established in 2023, sponsors the Feel The Love program and other charitable initiatives [5] Program Details - Installation Week took place from October 3 to 12, with Lennox dealers volunteering across 46 U.S. states and several Canadian provinces [2] - The program aims to provide essential HVAC solutions to community heroes and organizations, enhancing comfort in homes and spaces [4][5] - Participating dealers express that the program allows them to give back to their communities in meaningful ways [4][5] Company Overview - Lennox (NYSE: LII) is recognized as a leader in energy-efficient climate-control solutions, committed to sustainability and creating healthier environments [7] - The company offers a comprehensive range of HVAC products and services, supporting the full lifecycle of customer needs [7]

Core Insights - Fall is an optimal time for baby boomers to refine their financial strategies before year-end deadlines, focusing on RMDs and charitable giving to lower taxes and enhance retirement savings [1][2] Group 1: Required Minimum Distributions (RMDs) - Boomers aged 73 or older must adhere to strict RMD deadlines, with penalties for non-compliance; reviewing distribution amounts now allows for corrections and exploration of charitable giving options [3] - Financial advisors recommend aligning withdrawals with tax strategies before year-end, as RMDs can significantly affect annual financial plans [4] Group 2: Retirement Contributions - Working boomers can utilize catch-up contributions to reduce taxable income and enhance retirement savings, with additional contributions of $7,500 for 401(k) and $1,000 for IRA available for those aged 50 and older in 2025 [5] Group 3: Charitable Giving - Charitable contributions made before December 31 can lower taxable income while supporting preferred causes; reviewing taxable accounts in the fall is advisable for strategic gifting [5][6] - Tax-loss harvesting and donating appreciated stock or making QCDs from IRAs are effective strategies to reduce taxable income while contributing to charitable causes [6] Group 4: Medicare Coverage - The Medicare open enrollment period from October 15 to December 7 provides boomers an essential opportunity to review plan changes and avoid unexpected costs in 2026 [6]

Tax Planning Strategies - Financial advisors suggest a multi-year approach to charitable contributions due to upcoming changes in 2026 [1] - In 2025, a deduction on charitable contributions is only available if you itemize [2] - Consider giving more in January to qualify for the deduction if not itemizing [3] Charitable Giving Incentives - Starting next year, single filers can deduct up to $1,000 on charitable contributions, whether itemizing or not [2] - Married couples filing jointly can deduct up to $2,000 on charitable contributions, whether itemizing or not, starting next year [2] Nonprofit Considerations - Nonprofits need donations now, so give what you can this giving season [3]

Core Insights - Lyft's Round Up & Donate program has successfully raised over $42 million for various nonprofits since its launch in 2017, allowing riders to round their fares to the nearest dollar and donate the difference [2][3][4] Group 1: Program Overview - The Round Up & Donate program is part of Lyft's broader LyftUp initiative, which aims to support communities and promote charitable giving [2][6] - The program has partnered with Change, a donation technology platform, to enhance its operations, including automating nonprofit eligibility checks and managing payment timelines [3][5] Group 2: Impact and Partnerships - Lyft has welcomed five new nonprofits into the Round Up & Donate program, expanding the opportunities for riders to support various causes [4] - The collaboration with Change is expected to allow Lyft to confidently scale the program and increase its impact on charitable giving [4][5] Group 3: Company Background - Lyft, founded in 2012, has evolved into a global mobility platform, offering a range of transportation options across nearly 1,000 cities [6] - The company emphasizes its commitment to social impact through initiatives like LyftUp, which aims to provide affordable transportation and encourage community support [6]

Bring in show music, please. >> Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, another day no government open. >> This is different than than other government shutdowns. I know they all rhyme, but they're not all the same. >> Our Emily Wilkins with the latest out of Washington's blame game. >> I think a lot of it is going to come down to trust. It's going to come down to discussions. It's going to come down to how comfortable senators feel. and the Treasury Secretary Scott Bessent weighs in. >> Yo ...

Many nonprofits are facing financial challenges because of federal funding cuts and termination of contracts. Now, the government shutdown is adding to disruptions just as the most popular season for charitable giving gets underway. Sharon Eper joins us right now with more on your money and upcoming tax changes for donations.Good morning, Sharon. Good morning, Becky. You know, whether it's providing disaster relief, child care, support for seniors, or other needs in local communities, many nonprofits are co ...

Tax Policy Impact - Tax changes under President Trump's megabill create winners [1] - Older Americans donating from traditional IRAs benefit from the tax changes [1]