2023’s new laws include retirement changes that may affect your saving and your giving.

  1. Increase in required minimum distribution (RMD) age

    Retirees must now begin taking taxable withdrawals at age 73 in 2023, up from the previous 72. (That goes up to 75 by 2033.)

    This change gives you more time to save (or, in a wobbly economy, for your stocks to recover). You will enjoy additional tax-free growth.
  2. Adjustment of the annual limit on direct gifts to qualified charities from your IRA

    Currently, those 70½ or older can give up to $100,000 directly from their IRA to a qualified charity without paying income taxes on the distribution. Beginning in 2024, this number will be adjusted annually for inflation.

  3. New way to fund a life income gift: a distribution from your IRA

    If you are 70½ or older, you can fund a charitable gift annuity by making a one-time election of up to $50,000 (without being taxed on the distribution) from your IRA. Note: This opportunity comes with special rules, so contact us to see if this option is right for you.

Let’s Talk!

We can help answer any additional questions you might have about how the new retirement laws affect your charitable giving. Contact Marie Hawthorne, Senior Development Officer, at 804.340.1335 or marie.hawthorne@vmfa.museum to have a conversation about your legacy.