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BlogBaby Boomer Philanthropy & Charitable Giving in 2023

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Baby Boomer Philanthropy & Charitable Giving in 2023

Charitable giving is often tied to the condition of the economy. When the economy is uncertain, donors may be more reluctant to fulfill their philanthropic intentions not knowing what assets they need to preserve for the future. This sentiment is confirmed in a recent article by the Association of Fundraising Professionals (AFP). AFP reported that in the third quarter of 2022, although charitable gifts rose 4.7%, the number of donors was down just over 7%. However, charitable giving in 2023 among baby boomers is holding firm.

Baby Boomer couple planning their charitable giving in 2023.Baby Boomers Charitable Giving in 2023

Baby Boomers are less likely to be swayed by the uncertain economy. As a whole, baby boomers tend to be philanthropic. Individuals in this generation are between the ages of 59 and 77 and are either retired or close to ending full-time work. In a recent Church Mutual Insurance survey, 65% of baby boomers do not anticipate making changes to their charitable giving in 2023. This may be because baby boomers have other sources outside of cash needed to fulfill their monthly financial obligations to donate to a charity such as through a donor-advised fund (DAF) or individual retirement account (IRA).

Your IRA & Charitable Giving

Owners of an IRA must start taking a required minimum distribution at a certain age or face a penalty. Prior to this year, the age for a required minimum distribution from an IRA was 72. At the end of 2022, Congress passed the Secure 2.0 Act that increased the required minimum distribution age to 73. Prior to 2023, individuals faced a steep penalty of 50% if failing to withdraw their required minimum distribution. This made IRA distributions an attractive gifting option to qualified charities as long as the total did not top $100,000. In 2023, the penalty for failing to take a required minimum distribution is reduced to 25%. In 2033, the required minimum distribution from IRA accounts will change to age 75. Although the penalty is less if the required minimum distribution is not achieved, many philanthropic baby boomers will continue to fulfill their giving through an IRA.

Questions on how you may be able to promote giving opportunities to baby boomers and other generations? Reach out to one of our AMPERAGE Marketing & Fundraising consultants at 319.268.9151 or email Jennifer at

Written by:

Melissa provides fundraising counsel for AMPERAGE’s nonprofit clients, leading feasibility studies and providing solutions that drive successful fundraising campaign results. A Certified Fund Raising Executive (CFRE), she uses her experience and extensive skill set to continually advance her fundraising practices and develop campaign-specific strategies, materials and training to help clients reach their campaign goals and advance their mission. Melissa has vast experience working in the nonprofit sector, having served in development and leadership roles with Sisters of Mercy and the Alzheimer’s Association. In addition, she has served as a volunteer and board member with local nonprofits, such as the Catherine McAuley Center. Faith-based organizations and causes are of particular interest to Melissa. Melissa moves the needle by always looking for new opportunities and ways to improve professionally. She is currently president of the Eastern Iowa Planned Giving Council and a past president of the Association of Fundraising Professionals-Eastern Iowa Chapter. Melissa holds a Master of Strategic Leadership degree from Mount Mercy University. This busy professional, wife and mother enjoys sports and live music in her free time. A fan of Cubs baseball and Iowa Hawkeye football, Melissa and family enjoy football tailgating, where she’s known for her breakfast burritos. She enjoys the local band scene but says a Foo Fighters concert is her all-time favorite.