Page 28 - Southen Exposure - August '22

Page 28, Southern Exposure

FiNaNcial Focus NoNProFiT News

When Can Impact The Palm Beaches

You Choose Announces Start Of $100,000

Retirement? Grant Process For Local Nonprofits

By Sally Sima Stahl Impact the Palm Beaches is seeking
applications from local nonprofits
If you’re like most interested in receiving a $100,000 grant
people, your work has to create transformational change in
been a central part of Palm Beach County. The 2022/23 grant
your life. So, wouldn’t process opens Aug. 5.
it be nice to have the Eligible nonprofits in Central and
flexibility to decide when Northern Palm Beach County may
you no longer want to apply for grant funding that supports
work? their mission, programs, or services.
Many people of “A grant from Impact the Palm
retirement age have Beaches gives local nonprofits the
achieved this type of opportunity to make immediate and
control. In fact, two- lasting impact,” said Lauren Sterlacci,
thirds of workers ages 65 and older say they work president of Impact the Palm Beaches.
primarily because they want to, not because they have “We invest in programs and projects that These are the most recent grant recipients. Feed the Hungry Pantry of Palm Beach
to, according to a 2021 study by Edward Jones and provide sustainable, innovative solutions County and Vita Nova each received $100,000 grants. Literacy Coalition of Palm
Age Wave. But that means that one-third of workers in to overcome the challenges that hinder Beach County and Project LIFT each received $16,500 merit grants.
this age group feel financially compelled to work. This the growth of our community.”
doesn’t necessarily mean they dislike the work they do Before applying for an Impact grant, agency representatives Impact grants will be awarded at an annual award celebration
— but it’s probably fair to say they would have liked are encouraged to learn about the process at a grant in April 2023. Last year, Feed the Hungry Pantry of Palm Beach
the option of not working. How can you give yourself application training session. Sessions will be held in person County and Vita Nova each received $100,000 grants. Literacy
this choice? July 28 and Aug. 1 to 3, at the Town of Palm Beach United Coalition of Palm Beach County and Project LIFT each received
You can start by asking yourself these questions: Way office, 44 Cocoanut Row, Suite M201 in Palm Beach. $16,500 merit grants. Since 2015, Impact has awarded over $1.1
• When do I want to retire? You’ll want to identify For eligibility requirements and more information please visit million to area nonprofits.
the age at which you wish to retire. You may change www.impactpalmbeaches.org. To reserve a spot please call Impact 100 is a worldwide organization with more than 60
your mind later and move this date up or back, but it’s (561) 655-1919. chapters and steadily growing. Their motto is “One Woman, One
a good idea to have a target in mind. Impact the Palm Beaches seeks to fund programs and projects Meeting, One Vote.” It is designed for women who wish to find
• What sort of retirement lifestyle do I want? When that are truly transformational, address unmet needs through an an efficient and collaborative means of creating transformational
you retire, do you anticipate staying close to home and innovative approach, greatly impact the beneficiaries, and are change in their community. Women can become as involved as
pursuing your hobbies or do you hope to travel the sustainable for years to come. The organization seeks projects that they wish in the process.
world? Would you like to spend your time volunteering? foster change and have long-term positive impact, are well-defined Impact members each contribute $1,000 annually and
Open your own business or do some consulting? Clearly, and deliberate, and demonstrate specific, measurable goals. award at least one $100,000 Impact grant to a local nonprofit
some of these choices will require more resources than Nonprofits can submit applications that align with any of the organization allowing for a significant grant to one organization
others, so you’ll want to follow a financial strategy that five Impact focus areas: arts and culture, education, environment rather than several smaller gifts. Impact grants fund the following
aligns with the retirement lifestyle you intend to pursue. and animal welfare, family, and health and wellness. service areas: arts and culture, education, environment and
• Am I saving and investing enough? As you chart “Impact has awarded grants that address a variety of needs animal welfare, health and wellness, and family.
your course toward your retirement journey, you’ll want in our community, including mental health, affordable housing, Impact the Palm Beaches is a charitable fund of the Town of
to assess the sources of income you’ll have available. homelessness, food insecurity, job training, arts funding, Palm Beach United Way.
If you think you may be falling short of achieving your hygiene, high school graduation, marine preservation, foster To learn more about Impact the Palm Beaches visit www.
retirement goals, you may need to consider saving more. care, and so much more,” said Aleese Kopf, grant committee impactpalmbeaches.org or email info@impactpalmbeaches.org.
• When should I start taking Social Security? You chair. “We look forward to working with our area nonprofits to
can begin collecting Social Security benefits as early ignite change in our community.” Photo by Capehart
as 62, but your monthly payments will be much bigger
if you wait until your “full” retirement age, which will
likely be between 66 and 67. Your decision about when
to take Social Security will depend on several factors,
including your other sources of income and your family
history of longevity. Of course, as you’re probably
aware, the Social Security system is facing significant
financial stress, so it’s possible that we may see changes
to Social Security, based on actions Congress could take.
In any case, you might want to be fairly conservative Upscale Resale
in estimating how much Social Security can contribute
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By addressing the above questions, you can get a
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factors, too, such as how much you enjoy working or
when your spouse or partner is planning to retire. In any
case, the sooner you start planning for this next phase of
your life, the better position you’ll be in when it’s time
to make the transition.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC.
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