- I’m concerned about retirement income. Is there a giving solution for me?
How much income will I receive from a charitable gift annuity (CGA)?
Q: I want to give more to ministry, but I’m concerned about retirement income. Is there a giving solution for me?
A: Life income gifts are wonderful solutions for Christians who wish to give in a substantial way, but are concerned about having enough to meet their family’s needs. You can give cash or other property, and receive steady income for the rest of your life (or a designated number of years). The remainder will go to support the important mission of Westminster Seminary California.
Q: How much income will I receive from a charitable gift annuity?
A: Your income from a charitable gift annuity (CGA) depends on your age and the original gift amount. Each year (or quarter) you’ll receive a percentage of your original gift. The older you are when you begin the gift annuity, the higher the percentage – and the bigger the payment!
For example, if you’re a single 70-year-old, you’ll receive a payment rate of 5.1% of your gift for the rest of your life. The rate for a single 80-year-old is currently 6.9%. These examples follow the recommended rates set by the American Council on Gift Annuities.*
*Rates as of January 1, 2020. Subject to change.
Q: How secure is my gift annuity?
A: A charitable gift annuity is as secure as the organization that secures it. Westminster Seminary California partners with Barnabas Foundation for issuing and overseeing charitable gift annuities. When you establish a gift annuity through Barnabas Foundation, you can have confidence knowing your annuity is administered by – and backed by the assets of – a trusted, well-established organization that has been helping Christians accomplish their charitable goals since 1976.
Q: How does a charitable remainder trust (CRT) work?
A: Charitable remainder trusts are powerful, tax-wise gifts that enable you to support Westminster Seminary California while securing lifetime payments for you and your loved ones. It’s as easy as 1, 2, 3!
1. Create a CRT and make a gift to it. Contributions may include cash, publicly traded securities, some types of closely held stock, real estate and other non-cash assets.
2. Receive ongoing payments for one or more individuals, including yourself.
3. Remaining assets are distributed to Westminster Seminary California upon termination of the trust.
Q: What is a lifetime income gift and what are the benefits?
A: Lifetime income gifts are wonderful solutions for Christians who wish to give in a substantial way, but are concerned about retirement income. You can gift cash or other property, and receive steady income for the rest of your life (or designated number of years). The remainder will go to benefit the important mission of Westminster Seminary California.
Key benefits of a lifetime income gift:
- Secure payments for life
- Give assets you no longer need or care to manage (such as rental property or vacation homes) to benefit God’s Kingdom
- Receive an income tax deduction at the time of your gift
- Reduce capital gains tax when funding your gift with appreciated assets
Did you know? Through Westminster Seminary California’s partnership with Barnabas Foundation you have complimentary access to trusted planning support from a Christian perspective. A Barnabas Foundation planner will help determine the best giving option for you.