Robert Brokamp

All it requires is maybe updating the plan documents, and then the feature is there.

It doesn't cost the company anything other than maybe the fee to update the document.

All right, Buck, give us your final closing thoughts on recommendations when it comes to evaluating and improving your 401k.

It's time to get it done, fools.

And with Thanksgiving a few days away, we're officially in the holiday season and the giving season, including donating to worthy charities.

Besides making the world a better place, donating to qualified charitable organizations can make your tax bill a little lighter.

In a previous episode, I mentioned the value of donating appreciated shares of stock from your taxable brokerage account.

It could be stock, it could be bonds, it could be ETFs.

You avoid paying taxes on the capital gains, and you can use the cash that you would have donated to just buy new shares at today's prices, resulting in higher cost basis.

Another strategy, if you're over the age of 70 and a half, contribute up to $108,000 directly from your traditional IRA to a charity through something called a Qualified Charitable Distribution.

The transfer will not be taxable to you, and if you're 73 or older, the amount will reduce your required minimum distribution.

Here are a couple other considerations that stem from the one big beautiful bill that was passed in July.

Starting in 2026, only charitable contributions in excess of 0.5% of adjusted gross income will be deductible for those who itemize their deductions.

So for example, if your AGI is $150,000, you will only be able to deduct contributions in excess of $750.

So this could be an argument for doing more charitable giving this year.

On the other hand, there will be a new above-the-line deduction for cash contributions to qualified charities starting in 2026.

It's $1,000 for single filers and $2,000 for married couples filing jointly.

Above-the-line means that you don't have to itemize to take the deduction, so it may make sense to delay some of your charitable giving until 2026 if you plan on taking the standard deduction.

That said, keep in mind that most charities could really use the money as soon as possible.

Now, there are a lot of rule requirements related to using charitable contributions to reduce your tax bill, so please do your own research before making any decisions or taking any actions, and perhaps consult a tax advisor.