Today we’re sharing wonderful news! What’s all the excitement? There are TWO developments that make the Charitable Gift Annuity (CGA) better than ever!
The first is that CGA rates for new contracts went up AGAIN on January 1! Normally, CGA rates remain the same for years at a time, but as a result of our unusual economic conditions, rates just increased for a second time in six months. So, if you put off doing a new CGA a few months ago, now you will benefit from a higher payout rate. The new top payout rate is 9.7%*.
The second is that you can now use money from your Retirement Fund to fund a CGA! This is HUGE! Up until last week, this was specifically prohibited. But now you can roll over funds out of your Retirement Fund into a CGA, and begin to receive your payments from Adventist World Radio instead of the financial custodian that has been managing it for you. Here are a few details:
- Can be up to $50,000
- Counts toward your annual Required Minimum Distribution
- Can only be done once in a lifetime (so make the most of it!)
- You must be over 70½ years old
- Is NOT considered a taxable withdrawal (but neither is it tax-deductible)
- Residual goes to Adventist World Radio at your passing
There you have two good reasons to do that Charitable Gift Annuity you’ve been thinking about. Simply call AWR’s friendly Planned Giving representatives Jeff Wilson (240-460-5236) or Bill Hay (720-839-1133) for more information.
What is a Charitable Gift Annuity? Click this link to read an article to find out if a CGA is right for you.
* The top payout rate is for a one-life contract on someone age 90 and above. Younger ages will receive lower payout rates.
