Retirees Find Meaning While Volunteering

Retirees Find Meaning While Volunteering

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Volunteering in Retirement Helps You Live Longer

Volunteerism among retirees is popular these days and the activity seems to help them live longer. Studies from the Corporation for National and Community Service show people who volunteer “report lower mortality rates, lower rates of depression, fewer physical limitations and lower levels of stress than those who don’t volunteer.” Data from the 2014 study shows 20 million older adults 55 and up average more than 3 billion hours of service in their communities annually. The value is estimated at $75 billion.

Tax Deductible

Volunteering has some tax saving benefits too. Though you can’t deduct anything for the time you spend volunteering, you can deduct the cost of gas and oil for your automobile while driving to the activity or simply deduct 14 cents per mile. Other deductions can include uniforms and conventions.

Finding the Right Activity

Like a job, volunteering requires the right fit. It may seem logical to offer the experience and skills you developed while working but doing something completely different can be more rewarding. Make sure the activity works with your schedule and it’s something you feel passionate about. There are plenty of resources to find the right activity. The federal government has Serve.gov. Another great place to look is AARP’s Create the Good program.

 

Sources:

http://www.usatoday.com/story/money/personalfinance/2014/12/23/retirement-volunteer-benefits/19739527/

https://www.irs.gov/pub/irs-pdf/p526.pdf

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