Giving from Your 401k or IRA Retirement Plan
You've worked hard and planned for retirement. Now, with a little creativity, you can leverage your retirement assets to benefit you and your family, reduce federal taxes, and support the RI Community Food Bank far into the future.
How It Works
- Name or designate the Rhode Island Community Food Bank as a beneficiary of your IRA, 401(k), or other qualified retirement plan.
- Pass the balance of your retirement assets to the RI Community Food Bank by contacting your plan administrator.
- Important! Tell the RI Community Food Bank about your gift. Your plan administrator is not obligated to notify us. So if you don't tell us, we may not know.
70 ½ or older? Make a “Tax-Free” Gift Through Your IRA
Benefits
- Continue to take regular lifetime withdrawals.
- Maintain flexibility to change beneficiaries if your family's needs change during your lifetime.
- Your heirs avoid the potential double taxation on the assets left in your retirement account.
