Retirees say that donating time and money to charitable organizations, or to people in need, rewards them with a greater purpose in life. In this article from U.S. News, author and blogger Tom Sightings highlights some of the reasons why retirement is a great time to give back.
America is one of the most generous nations in the world. According to figures from the Organization of Economic Cooperation and Development, some 60 percent of Americans regularly engage in some kind of charitable activity, compared to an average of about 40 percent for other developed countries.
A study from Merrill Lynch and Age Wave found that Americans donated $358 billion last year, and most of it came not from corporations but from families and individuals. In addition, Americans offered almost 8 billion hours volunteering for charitable causes, from church activities to political organizations to helping out neighbors and strangers. While Americans of all races and ages contribute their money and time, retirees are the ones who reach out the most. Here’s why.
Retirees have the best opportunity. Retirees have the most discretionary time. Their time isn’t consumed by working or taking care of children. They have almost twice as much free time as working parents in their late 30s and early 40s, according to the Bureau of Labor Statistics, and they are looking for something to do with all that extra time. So while retirees comprise a little less than a third of the population, they account for 45 percent of all volunteering hours, Merrill Lynch found.
They have the most money. Retirees have the lowest poverty rate among all age groups, and they also have the most savings. They are sitting on more than four times the net worth of their children who are working and raising families. This explains why retirees account for 42 percent of the money donated to charity, according to Merrill Lynch.
They find it fulfilling. Retirees feel that giving back to society means they make a difference in the lives of others. Some 70 percent of retirees also say being generous provides a significant source of happiness. Most volunteers report that helping others brings them more happiness than spending money on themselves. Retirees who are active in charities also have a stronger sense of purpose and higher self-esteem. They have lower rates of depression as well as lower blood pressure and lower mortality rates.
It’s a way to make social connections. Another reason retirees volunteer is for the social interaction. After people stop working and their kids are gone, they lose many of the usual social connections. Volunteering helps retirees meet people with similar interests and values. Some 85 percent of retiree volunteers say they have developed new friendships through their volunteer activities, the survey found.
