We have all heard, “Should an emergency situation occur, you need to put on your own oxygen mask first before attempting to help those around you.” This principle also applies when I assess an investor’s financial plan before supporting their philanthropic goals. Many retirees see their savings grow beyond expectations and feel eager to contribute to meaningful causes. However, ensuring the investor’s future stability is my priority before contributing to charities.

I analyze projected cash flow, market growth, inflation, health care costs, taxes, and more to confirm that spending remains well within sustainable limits. Once I establish that their spending is far below their feasible maximum spending, we can then explore how best to channel toward charitable goals.

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William G. Lako, Jr., CFP®, is a principal at Henssler Financial and a co-host on “Money Talks” — your trusted resource for your money, your future, your life — airing Saturdays at 10 a.m. on AM 920 The Answer. Mr. Lako is a CERTIFIED FINANCIAL PLANNER™ professional.

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