How can I be sure that I’ve saved enough for retirement?

It’s a fair question, and to be honest, a lot of people are thinking about it. We often visit with people who want to be sure that their spouse has enough to live on, plus, they want to leave something so the ministry of The Quiet Hour will continue. Can it really work? Let’s look at a hypothetical situation.

Bob and Sue Jones are both 50 years old. Sue’s parents both passed away recently, leaving the bulk of their estate. Since both Bob and Sue are working, they are able to live comfortably and even save a little. Now that the kids are out of the house, one of their main concerns is having enough for retirement. Like many of us, they didn’t start soon enough.

The Deferred Gift Annuity can be an ideal solution! Here’s how it works:

Bob and Sue sign a $100,000 Deferred Gift Annuity agreement with The Quiet Hour. The agreement calls for The Quiet Hour to make annual income payments to the Jones, beginning when they retire at age 65 and continuing for life. In addition, Bob and Sue get an immediate income tax deduction of $38,087, which can be spread over up to five years.

Based on the couple’s ages and deferring payments for 15 years, the annual annuity payment for life will be $10,000. Part of that annuity payment will be tax free upon completion of the agreement. Should Bob die before Sue, she would continue to receive the payments until her death (or vice versa).

Upon the death of both Mr. and Mrs. Jones, the remaining value of the Deferred Gift Annuity agreement goes directly to The Quiet Hour. So, not only do Bob and Sue realize their goal of improving their retirement, they are able to realize their dream of helping spread the good news of the kingdom as well.

To see how a Deferred Gift Annuity can work for you, please visit our Planned Giving webpages, call Planned Giving at 800-900-9021, or simply e-mail us.

The Quiet Hour confidently supports the following required statement and encourages prospective donors to give it consideration:

THIS IS NOT LEGAL ADVICE. ANY PROSPECTIVE DONOR SHOULD SEEK THE ADVICE OF A QUALIFIED ESTATE AND/OR TAX PROFESSIONAL TO DETERMINE THE CONSEQUENCES OF HIS OR HER GIFT. Payments made under a charitable gift annuity are backed solely by the full faith and credit of the issuing organization, are not insured or guaranteed by an insurance company, are not protected by any insurance guaranty association and are not backed in any way by the states.