Fixed Income for Retirement
After working for decades as a pediatrician in a small rural town, Patricia was ready to retire.
Patricia: I bought some stock a number of years ago and overall this was a good investment for me. However, I was uncertain about leaving my savings in the market where I knew it could go up or down.
I was also looking for security for my retirement years. Ideally, I wanted to know that I would have the income I needed and that it would not change with the markets.
Patricia talked to a friend who had found a good choice. Her friend had set up a gift annuity with her favorite charity. Patricia thought that perhaps a gift annuity would be helpful for her.
Patricia: I called and asked about a gift annuity. I was very pleased to discover that I would receive a good payout based on my age. Plus, there would be a charitable tax deduction and part of the income would be tax free.
I transferred my stock for a charitable gift annuity. I was delighted with the fixed payment I received. I avoided part of the capital gains tax and my CPA was pleased that my charitable deduction will save taxes this year. With my tax savings and increased income, I plan to spend more on my grandchildren this year!
*Please note: Names and stories are meant to be examples of types of gifts donors can give to Utah State University. Since your benefits may be different, you can click here to view an estimate of your benefits.