Rollover Retirement Income and Support UA
If you are 70.5 or older, the SECURE Act 2.0 provides a new way to use your IRA for
lifetime income while supporting the University of èßäÊÓƵ.
Instead of taking the required minimum distributions (RMD) from your traditional IRA, you can transfer up to $50,000 ($100,000 per couple) via a tax-free qualified charitable distribution to a charitable gift annuity (CGA) that will pay a fixed percentage (minimum 5%) for life to you and/or your spouse.
You may only make this transfer during one tax year.
What Is a CGA?
A CGA is a contract between you and the University Of èßäÊÓƵ Foundation. In exchange for your charitable gift, we agree to pay you a fixed income for your or your spouses lifetime. Upon your passing, the annuity ceases and the remaining principal is used to support students, research and learning at theUniversity of èßäÊÓƵ.
Benefits of a CGA
- Lifetime income and financial security
- Attractive payment rates
- Opportunity to choose how you will support the University of èßäÊÓƵ
- CGAs may be set up to pay income to you or your spouse
- A CGA is a general obligation of the University of èßäÊÓƵ Foundation and is backed by all of our assets
How Does the CGA Work?
A CGA is a simple written agreement signed by you and the University of èßäÊÓƵ Foundation. Once you contribute cash from your IRA, the CGA begins to make monthly or quarterly payments to you for your lifetime. The payment rate is based on your age to your nearest birthday.
Is This Strategy Right for You?
If you would like to retain your retirement income and leave an impactful gift to the University of èßäÊÓƵ, then the CGA is a worthwhile option to consider.
To learn more, please contact Harry Need via email or call 907-786-4840.
This information is not intended as tax, legal or financial advice. Consult your personal financial advisor for information specific to your situation.