If you listen very long to (or participate in) conversations that touch on the hopes and dreams for retirement years, one thing becomes evident: the conversation is often one of those “good news/bad news” discussions. The good news is that Americans are living longer. And the other side of the coin is that more years in retirement require more powerful plans for income.
While you won’t find many complaining about better health and longer life, it’s difficult to find very many adults over the age of 50 who feel completely comfortable with projected levels of income upon retirement. Concerns related to the myriad unknowns for those ten, fifteen, twenty-five or even more years after we’ve “retired” have given rise to new questions and given impetus to the creation of multiple plans designed to bolster retirement income.
Lawmakers continue to develop plans that encourage Americans to plan for future income. Almost all of these plans, the most common being the IRA and 401(K), provide present day tax benefits in exchange for putting current income aside in a way that builds resources for the future. In short, the contribution of current income in a qualified plan defers the income tax that would otherwise be due until retirement, when the income is put to use.
At the same time that more Americans are finding ways to take full advantage of these plans that qualify for prescribed tax deferral benefits, many are learning about unique charitable planning strategies that go beyond tax deferral. These plans can be tailored to provide additional tax benefits, increased retirement income, and a charitable contribution.
Improve Your Retirement Plan and Contribute To The Foundation for Community Care at The Same Time!
As is often the case for those whose priorities include philanthropic expressions through the support of organizations like The Foundation for Community Care, there are a number of charitable plans that can help see numerous objectives realized. With respect to significantly improving your retirement income picture, one such plan is known as the Deferred Gift Annuity. And by incorporating this instrument into your plans for retirement you can do much more than simply defer taxes. In fact, the Deferred Gift Annuity can provide you with:
a) an immediate income tax deduction
b) a way to bypass a portion of the capital gain tax on highly appreciated assets
c) a way to dramatically increase your return on those appreciated assets, specifically for retirement purposes
d) a way to realize philanthropic objectives
The Deferred Gift Annuity is built, in part, on the same decision as any retirement plan: that is, to defer the use of present day income to some point in the future. In addition to this future annuity, the plan incorporates a future gift to charity. It is this combination of part annuity and part gift that is the key to a unique portfolio of benefits, including those noted above. The Deferred Gift Annuity may be funded with cash; however, it is especially powerful when funded with a highly appreciated asset that is producing little or no return.
Plan Today. Benefit Today. And Benefit Even More Tomorrow.
The Deferred Gift Annuity follows in the tradition of plans instigated by our law makers that carry a tax incentive for planning today for the future. But as you can see, it goes much further than the deferral of income tax. If you’d like to see a personalized example of how the Deferred Gift Annuity would improve your retirement picture, deliver immediate tax benefits, and make a dramatic philanthropic statement, please call or write our office – The Foundation for Community Care, Attention Staci Miller, 221 2nd Street NW, Sidney, MT 59270, 406-488-2273 or send us an email at [email protected].
Reader Comments(0)