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Joe Lucey

The Hidden Financial Benefits of Giving Back

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Giving back not only benefits your community—it can also benefit your budget when planning for retirement. Charitable contributions can have significant tax benefits for pre-retirees and retirees alike. As with any financial decisions, check with your advisor before making changes. But consider these tax benefits for charitable giving.

Tax Benefit: Standard vs. Itemized Deductions

For 2025, the standard deduction thresholds are:

  • Single; Married Filing Separately: $15,750
  • Married Filing Jointly; Surviving Spouses: $31,500
  • Heads of Households: $23,625

In 2025, families that elect a standard deduction will also be enabled to deduct an additional $1,000 per taxpayer on the return ($2,000 for a married filing joint couple).

Most, itemized deductions are only beneficial if they push you over the threshold for standard deductions. More families who have been taking a standard deduction may find that they are once again allowed to itemize on this year’s return due to the potential increase of SALT (State and Local Tax) write-offs which have increased for families with $500,000 AGI and under. 

If you will potentially itemize your tax return in 2025, or if you’re close to the standard deduction threshold, you may want to consider making a few extra donations this holiday season to reap the maximum tax benefits.  Consulting with a qualified tax preparation expert may be a good idea prior to year-end to see how additional charitable gifts may allow you greater deductions against your income this year. 

Alternatively, you could plan ahead for 2026 by using the “bunching” strategy. By contributing two years’ worth of your annual charitable contributions to a Donor Advised Fund (DAF), you could itemize your deductions for 2025 and still claim the standard deduction for 2026, potentially increasing your overall deduction across the two years.

Another potential benefit? Directly donating appreciated non-cash assets (such as stocks, mutual funds, or even personal property) to a DAF. You can avoid capital gains taxes on these assets and still support your favorite charities.

Remember: Documentation is Required to Maximize Deductions

The IRS is strict on documentation when it comes to charitable tax benefits. You’ll need written proof of all your donations. Additionally, only recognized charitable organizations count as qualified donations.

If you’re donating non-cash assets, you’ll want to be aware of the fair market value (FMV) to avoid paying capital gains taxes. You’ll also need to use a special form to deduct these contributions (Form 8283).

Note: If you donated funds and received a benefit in return (such as a ticket to an event), that counts as a quid pro quo donation. You’ll only be able to deduct the difference in value between your donation and the benefit received.

Retirement Strategy: Building Charitable Giving into Your RMD Plan

If you’re already retired, there are strategies for reducing your overall taxable income by contributing more to charities. A qualified charitable distribution (QCD) is a tax-free transfer directly from an IRA to a qualified charity, which can satisfy your required minimum distribution without increasing your taxable income. You pay less in taxes, and charities receive the funds they need to survive. It’s a win-win!

Make Your Charitable Giving Work Harder for You

Feeling inspired to give more? We can help you get the most out of your charitable donations so you see the tax benefits you deserve. Let’s discuss your current contributions and set a plan to maximize during the season of giving.

Give us a call at 952-460-3260.

Focusing on What Matters Most

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Can you believe it’s already November? Every year I find myself asking that question, yet it never ceases to surprise me when I realize the year is almost over.

November brings thoughts of the holiday season and all the festivities ahead, filled with family and feasting. We always have a large spread of food filled with all our favorites. Sometimes, I can’t believe how much food is laid out on our table.

But the holidays aren’t about how many dishes you make or how large your turkey is (or in our case, two turkeys). Thanksgiving is about spending time with my family, cooking together, and of course watching football together. It’s a time to treasure the simple things and focus on what matters most.

Planning for retirement, it turns out, isn’t all that different.

These days, everyone has an opinion. You might hear 20 different pieces of advice in just one day. But a financial strategy is not about having the largest portfolio or investing in a hundred different ways. When it comes to retirement, what matters most is a clear vision of who and what you’re planning for. Once you have that in place, all you have to do is stay consistent.

So while you’re enjoying some well-deserved time off and reconnecting with family, I urge you to think long and hard about what you want your retirement to look like.

Then, leave the rest to us. We’ll build a plan that aligns with your vision so you can live the retirement of your dreams.

Give me a call at 952-460-3290.

Cup of Joe

CUP OF JOE

From Joe Lucey, Founder of Secured Retirement

There’s something about sitting down with a steaming cup of coffee that always kicks my day into high gear. And it’s not just because of the caffeine it sends coursing through my veins.

Throughout my career, some of my biggest revelations have come to me in conversation with my mentor over a cup of joe. Good conversation and personal connection can pick you up in a special way. It’s that feeling that I’m hoping to bring to you with my series, your Cup of Joe.

Advisor Spotlight: Dylan Malberg

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Meet Dylan Malberg: A fiduciary advisor who will be celebrating his 10 year anniversary at Secured Retirement in January. 

Dylan’s informative consultation process focusing on education provides his clients security as they transition into and through retirement. He prides himself on building client relationships and providing best-in-class customer service to all the clients he works with. His role as a Financial Advisor is driven by results and he works hard to get the job done.

Ever since high school, I’ve been interested in investments. I didn’t really know what that meant at first, but I took as many business classes as I could. When I went to Minnesota State Mankato to major in finance, I joined the finance club, and that’s where speakers came in describing what financial planners actually do. That really interested me more than other directions I could have taken. After majoring in financial planning insurance, I’ve now been in the industry for 13 years, and it’s worked out well.

I’ve learned a lot in my time at Secured Retirement. Working with clients has taught me to really understand why people feel the way they do and to have meaningful conversations that generate the best possible outcomes. Whether it’s personal relationships or client relationships, being able to listen and connect with people on that level makes all the difference.

Working with diverse clients, you see that some people are better off than others. We have clients with different circumstances, and there are people out there with different kinds of needs. Good and bad things happen to different people for different reasons. Seeing the impact of charitable giving first-hand is something that has shaped my approach to client services and building retirement plans. There are strategic ways to save on taxes through philanthropy, ensuring your generosity makes the greatest possible impact for years to come. Financial planning isn’t just about building wealth. At Secured Retirement, we want to help you create a legacy and support the causes that matter most to you.

My family is associated with a couple different causes, but this year, we are focused on supporting AngelHair Inc.  for Give to the Max on November 20. Give to the Max Day is not only important for AngelHair but all nonprofits in Minnesota.It provides a platform for organizations to get out their missions and raise money to keep doors open and continue to do their important work. 

AngelHair was started by my mother-in-law, Carolyn Anderson. My wife Taylor is currently the board president, so we’re very involved in the organization. AngelHair provides wigs to women going through cancer treatments, so they can maintain a sense of themselves during a very difficult time, both physically and emotionally. It’s something you don’t really think about until you witness what the cause does for women and how it impacts their families. As Carolyn Anderson says, “Our nonprofit is not life-saving, but it’s life-changing.”

Being able to help out outside of Secured Retirement is something that is very important to myself and my family. I love helping others build comprehensive financial plans that incorporate philanthropy. During this season of giving, it feels good to help people save for retirement and give to charities all at once.

If you’d like to support AngelHair for Give to the Max, you can donate here: https://www.givemn.org/organization/Angelhair

Ready to build a retirement plan that reflects your values?

Contact us today to schedule a complimentary consultation and discover how strategic planning can help you achieve financial security while supporting the causes closest to your heart. 

Give us a call at 952-460-3290.

Learning to Embrace Change

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Today, I watched my son grab his football gear and head out the door for practice, just like he has hundreds of times before. But this time feels different. This is his senior year of high school, and suddenly every “routine” moment carries more weight. After football wraps up, he’ll transition into hockey season, then lacrosse in the spring. Each sport marks another milestone in our last year of this familiar rhythm.

It’s hard to believe that in just a few months, we’ll be packing him up and moving him into a dorm. My wife and I have started talking about what life will look like when he’s off at school next fall. Oh my gosh, we’re going to be empty nesters. For the first time in eighteen years, our schedules won’t revolve around someone else’s practices, games, and school events.

The empty nest phase feels like a preview of retirement. Both represent major life transitions where the structure that once defined your days suddenly shifts, leaving you with the incredible opportunity to choose how you want to spend your time.

While we feel a bit sad that this chapter is coming to a close, simultaneously our home is filled with new life. We recently brought home a puppy, and as I watch her discover the world with such enthusiasm, I’m reminded that curiosity and exploration don’t have an expiration date.

Transitions don’t have to be just about what you’re losing. They can also be about what you’re gaining. Retirement is a chance to rediscover parts of yourself that got tucked away during the beautiful chaos of parenting.

With thoughtful planning, the end of an era can also bring new beginnings. There’s no question that your life will change in retirement. But with that change comes new opportunities. How do you want to spend your time? 

Now is the time to plan for the life you want tomorrow. Let’s make the most of your empty nester years by creating a strategic financial plan so you can live the retirement of your dreams.

Ready to get started? Give me a call at 952-460-3290.

Cup of Joe

CUP OF JOE

From Joe Lucey, Founder of Secured Retirement

There’s something about sitting down with a steaming cup of coffee that always kicks my day into high gear. And it’s not just because of the caffeine it sends coursing through my veins.

Throughout my career, some of my biggest revelations have come to me in conversation with my mentor over a cup of joe. Good conversation and personal connection can pick you up in a special way. It’s that feeling that I’m hoping to bring to you with my series, your Cup of Joe.

Is Boutique Healthcare Worth the Premium?

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Healthcare costs should already be an important part of your retirement strategy. However, recent policy changes and rising expenses have led to frequent price fluctuations. Many seniors are beginning to explore alternative care models. 

Boutique Healthcare (sometimes called Concierge Healthcare) was once considered a luxury only for the elite. Today it has become a popular alternative for anyone seeking more personalized medical care. Could Boutique Healthcare be the right choice for your retirement? Let’s explore the details.

Cost-Benefit Analysis

One barrier for many people deciding between Boutique and Traditional Healthcare options is the difficulty of directly comparing costs. 

Boutique Healthcare is usually priced in a subscription model, where the individual would pay an annual membership fee. This fee can range anywhere from $1,500 to $5,000, or more at premium practices, however this fee covers enhanced medical access. Boutique Healthcare appointments are typically 30-60 minutes in length, which provides time to ask questions and conduct a comprehensive health assessment. Additionally, you may be able to schedule same- or next-day appointments with expanded scheduling availability. 

With traditional Medicare benefits, you may only have to cover a $20 to $40 co-pay per visit, but hidden costs can add up quickly. If you have to wait a long time for an appointment with your regular physician, you might find yourself visiting an emergency room for non-urgent issues. Those ER trips could cost upwards of $3,000 per visit. Additionally, traditional doctor visits can feel rushed and often lead to misdiagnosis or insufficient treatment plans. This might require you make more appointments or receive more advanced (and expensive) medical interventions down the line.

Significant upfront expenses dissuade many people from considering Boutique Healthcare. However, avoiding emergency room visits combined with the enhanced care of longer appointments, could make up for those costs in savings. 

Medicare and Supplement Insurance

Many people think that they need to give up Medicare completely to use Boutique Healthcare. The truth is that most Boutique practices work seamlessly with Medicare to create a hybrid-model for maximizing health benefits.  

Your Boutique membership fee would cover your enhanced healthcare access, while Medicare would still pay out for diagnostic tests, specialized treatments or any hospitalizations. You can also integrate Medigap (medicare supplement insurance) to continue covering the gaps in your Medicare coverage regardless of if you also use Boutique services. Just check with your specific Boutique provider to understand what they allow Medicare to cover. 

One important note if you’re considering Boutique Healthcare, is that you won’t be able to use your HSA funds to cover the annual fees. These fees are considered membership dues, not qualified medical expenses. HSA funds can still be used for any actual medical service costs if you’re HSA-eligible.

Preventive Care Focus and Health Outcomes

It’s hard to ignore the primary benefit of Boutique Healthcare: a focus on preventative care.

Burdened by volume and time constraints, Traditional Healthcare often operates in a reactive capacity, addressing problems once they’ve already developed. Boutique physicians have the luxury of longer appointment times to thoroughly review your medical history, current medications and symptoms to develop a personalized care plan. 

With the added benefit of shorter appointment wait times, you’ll likely be able to see a doctor before your symptoms become severe, leading to overall improved wellness. This can be especially valuable for seniors managing critical conditions like diabetes, hypertension, and heart disease.

The Right Decision for You?

Whether you’re still planning for retirement, or already retired, choosing the right healthcare plan is an important decision with significant investment implications. For some people, the enhanced benefits and improved access of Boutique Healthcare outweigh the costs. In the end, only you can decide on your individual health needs. 

No matter what you choose, Secured Retirement can help you plan for the future. We’ll work with you to create a customized plan that fits your financial goals. 

Let’s talk about how you can secure your financial future today. Give us a call at 952-460-3290.

It’s Time for a Retirement Check-In

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This morning, I was listening to the radio when the disc jockey mentioned that the Minnesota State Fair is only a few weeks out. For me, the fair has always been the “final warning” that summer is coming to an end. Soon, the kids will be back at school, and it won’t be long before I trade in my shorts for a fall jacket. 

While we might still be some weeks off from true fall weather, August in Minnesota means we’re right on the edge of Autumn. This time of year always gets me thinking about change. It’s the perfect opportunity to pause and reflect. Especially when a new season of life might be just around the corner.

Last month I attended a birthday dinner for a good friend. The funny thing about birthdays is that as you get older they become less about celebrating and more about taking inventory. I have a birthday of my own in a few weeks and every year I ask myself the same questions. What went well this year? What didn’t? What do I want to change going forward? 

Evidently, this friend was thinking the same, because a week later he stopped by my office with an unexpected announcement. After years of planning to retire at 65, he’d realized he wanted to semi-retire at 60 instead. He decided he was going to write the book he had always talked about and wanted to get started while he had the time and energy to do so. The problem? His current savings rate was based on having five more years of full income. His new timeline meant he needed to drastically increase his contributions now.

I’ve been in this business long enough to see this happen again and again. Most people create a retirement plan in their 40s or early 50s and set up an investment strategy to go with it. But here’s the thing: you’re not the same person you were five years ago, let alone twenty years ago. Your priorities have shifted. Your health has changed. Your family situation has evolved. Maybe you’ve discovered new passions or realized some of your old dreams don’t excite you anymore.

It’s important to always be reflecting and thinking about the next season of your life. Do you envision your retirement the same this year as you did last year?

Something I want you to remember is that it’s never wrong to change your mind. That’s a part of growing and evolving as a person. But if your retirement planning isn’t evolving with you, you might end up with a plan that funds someone else’s dreams, i.e. the person you used to be.

Maybe you also have a birthday around the corner. Or maybe, like me, the end of summer makes you a bit nostalgic. Either way, now is the perfect time to ask yourself: does my retirement vision still fit who I am today?

Because the best retirement plan isn’t the one you created years ago and never touched. It’s the one that grows and changes with you, season after season and year after year.

Let’s make sure you’re on track for your current retirement vision. Call us today: 952-460-3290.

Cup of Joe

CUP OF JOE

From Joe Lucey, Founder of Secured Retirement

There’s something about sitting down with a steaming cup of coffee that always kicks my day into high gear. And it’s not just because of the caffeine it sends coursing through my veins.

Throughout my career, some of my biggest revelations have come to me in conversation with my mentor over a cup of joe. Good conversation and personal connection can pick you up in a special way. It’s that feeling that I’m hoping to bring to you with my series, your Cup of Joe.