Who knows what the future may bring? You have goals and plans, perhaps a date for retirement but maybe your retirement fund is not growing as fast as you would like. A life income gift with Massachusetts General Hospital offers deferred and flexible benefits that might be just what the doctor ordered.
There are two options that might be appealing if you do not need the income now: you can defer your income payments to begin at a specific date in the future or you can defer them to a flexible date in the future.
In both cases, Mass General can offer you a more generous amount because the first payment is deferred. Just like a regular gift annuity, you receive an income tax deduction now and your payments are fully backed by Mass General.
For example, Susan, who is 55, is considering a gift of $25,000 to Mass General in exchange for a gift annuity. If she starts receiving her annuity income payments now, the rate will be 3.7%. However, if she postpones her first payment until she turns 65, her income payment would be 5.4%. But what if she does not know when she would like to begin receiving her income payments? That’s where the flexible gift date comes in.
A life income gift — whether immediate, deferred, or flexible — is a wonderful way for you to support Mass General, yourself or others you choose. We would be happy to discuss the many ways this type of gift can work for you.
Personalize your financial benefits using our online gift calculator, or contact the Office of Planned Giving at email@example.com or 617-643-2220.
“The lifetime income payments are a nice cushion and the long-term commitment to Mass General makes me feel like my philanthropy will be complete.”