Terry Fleming | Making Retirement Funds Work for a Region
Terry Fleming is a true child of Appalachia and it will always be the place he calls home. Through the Foundation for Appalachian Ohio and the IRA Charitable Rollover, Terry discovered a quick and easy way to give back to the region while supporting future generations of Appalachian Ohio kids just like him.
Growing up in Marietta, where the Muskingum and Ohio Rivers meet, he knows firsthand the challenges Appalachian Ohioans, especially children, face in the region.
Though he lives in Columbus now, Terry makes it a point to never “forget where you’re from” by returning to Marietta and the region often. His commitment to Appalachian Ohio, especially its children, connected him to the Foundation for Appalachian Ohio (FAO).
As Terry learned more about FAO and its mission to create opportunities for Appalachian Ohio’s kids through philanthropy, he knew he had to a be a part of it.
“Growing up in Appalachian Ohio, I know exactly what kids in the region face, what they think, and how they feel,” shared Terry. “When I listened to the staff talk about FAO and its work to build resources for the region, I knew I had to a be a part of it. I know what it’s like to be a kid from the region and the impact those resources will make.”
Terry joined FAO as a Board member to support its mission and to give back to the region that’s closest to his heart. After he retired, he was looking for a simple way to give back to Appalachian Ohio to ensure that kids like him not only have access to more opportunities, but know that they are just as capable as a kid anywhere else. That’s when his financial advisor told him about the IRA Charitable Rollover and how it could help him make a difference in Appalachian Ohio.
Starting at age 70 ½, individuals with IRAs are required to make a minimum distribution annually. Made permanent in 2015, the IRA Charitable Rollover allows individuals age 70 ½ and older to make a qualified charitable distribution of up to $100,000, tax-free, from a traditional IRA to a charity like the Foundation for Appalachian Ohio. This qualified charitable distribution counts against the minimum IRA distribution individuals are required to take each year.
“I had no clue. I didn’t know that at 70 ½ you had to take out money. I was shocked when I heard that. I’ve been very lucky that I haven’t yet had to touch my IRA because I’ve had a few clients since I retired – why not give a portion of that to FAO to give back to the place where I grew up?” noted Terry.
By working with his investment advisor, the IRA Charitable Rollover was easy. Terry had shared what he wanted to have happen with a portion of his distribution and when the time came, his advisor had a check ready for the Foundation.
“For those who are able, it’s a way to give to what’s most important to you while also getting a tax benefit. For me, that means giving back to Appalachian Ohio. I would encourage others to consider a charitable rollover if they too have the ability to do it.”
To learn more about the IRA Charitable Rollover and how you can use your IRA to support FAO and its mission to create opportunities for Appalachian Ohio’s citizens, please contact the Foundation at 740.753.1111.