Are you 70½ years old or older and seeking a smart way to support the causes you care about while securing a steady income for life? Consider creating an IRA charitable gift annuity (CGA) — a powerful way to combine philanthropy with financial security.
You can now transfer your qualified charitable distribution (QCD) to establish a gift annuity and contribute $54,000 once during your lifetime in one tax year. Not only does this generous act provide vital support to Massachusetts General Hospital, but it also offers you a reliable stream of income for life.
Here is how it works:
- Tax Benefits: Your gift counts toward your required minimum distribution (RMD) but is excluded from your taxable income.
- Fixed Payments: Receive fixed, lifetime annuity payments. Income rates are based on age and gift timing.
- Impactful Giving: The remaining balance will support the Mass General program most important to you.
This win-win solution is a simple yet effective way to use your retirement assets. You can make a difference now while planning for your future.
For more details on how to create a gift annuity using your IRA, contact us at mghdevpg@mgh.harvard.edu or 617-643-2220.
