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Planning for your financial future is important to both young and old alike. There are many steps you can take before you reach retirement age or even if you have already retired to ensure that you have adequate income for the future. In fact, it’s quite possible that you can give a gift to St. Rita’s Medical Center and actually increase your retirement income.
For example, Mrs. Jones* is 70 years old and receives retirement income from various sources, including certificates of deposit. One of her CD’s is maturing and she’s hesitant to take out another one because of current low interest rates. Then Mrs. Jones learns about St. Rita’s Medical Center charitable gift annuity program. At her age, she can gift her CD to St. Rita’s through a one-life charitable gift annuity that would pay her an annual rate of 6.5 percent.
What’s more, because a gift annuity is irrevocable, she would receive an income tax charitable deduction for a portion of her contribution. And, since St. Rita’s Medical Center will eventually benefit from the gift, Mrs. Jones would have the satisfaction of helping an organization she believes in and wants to support.
*Not a real person
| Age |
Rate** |
| 50 |
5.3% |
| 60 |
5.7% |
| 70 |
6.5% |
| 80 |
8.0% |
| 90 and Over |
11.3% |
*Based on One Life
**Rates Shown are Samples and Subject to Change |
After talking to her financial advisor, Mrs. Jones decides to obtain a St. Rita’s Medical Center charitable gift annuity for $25,000. Because the rate is so much better than what she was receiving from her CD, her retirement income will actually increase. Every quarter—for the rest of her life—she will receive a check from St. Rita’s Medical Center for $406.25.
| Donor Age 70 Makes a Gift to St. Rita's of: |
$25,000 |
| Possible Immediate Income Tax Deduction of: |
$8,502 |
| Donor Receives a Fixed Annual Payment for Life of: |
$1,625 |
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*Based on One Life
**6.5% Used in This Example |
Charitable gift annuities are popular with many of our older donors. In fact, some donors like this arrangement so much they obtain additional annuities in future years. The older a person is, the higher the rates. The highest rate, for persons 90 years and older, is currently 11.3 percent.
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For More Information
419-226-9111 |
| Giving: |
| For more information, please contact Development at 419 226-9111. |
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