Charitable Giving
Surprisingly or not, data shows Americans aged 65 and over, even with lower incomes, contribute nearly 11% more to different types of organizations than people aged 55 to 64. Retirees aged 75 and over usually donate even more.
Dedicating both your time and your money to charitable organizations feels nice and it seems that older people are more likely to make charitable donations than younger people. But here’s one risk you should know about: older retirees may have less control over their finances than they think (it’s not a rule though).
In such cases, there’s a web application called Ever Safe which can be very useful. It allows certain family members to monitor retirees’ finances and receive alerts identifying any unusual activity compared to the normal spending patterns.
