The value is distributed to the named beneficiary. ~$1,653 (70%) of payments would be tax-free income $2,350 received in payments (without a change to the principal) Here at the Catholic Community Foundation (CCF), that balance goes into an endowment fund - ensuring your generosity does good in our community forever. Upon your death, the charity receives the remaining balance of the gift. For example, a 65 year-old could see an annual rate of 4.70%, while a 75 year-old may get 5.80%. The older you are - or the later in life you start taking the income - the higher the annuity rate. The rate is based on the size of the gift, your age, and when you want to begin receiving payments. You make an irrevocable gift of cash or securities to the charity, and in return, the charity makes regular fixed payments to you for the rest of your life. So if you’re considering opening or renewing a CD, what other options do you have for a safe and certain investment?įor folks who not only want their investments to do well but also have their money do good, one alternative is a charitable gift annuity (CGA).Ī CGA is a contract between you and a charity. And there’s no indication the Fed will raise rates anytime soon. ![]() But after the Federal Reserve (the Fed) cut interest rates four times since July 2019, CD rates hover around just 2.00%. At one time, certificates of deposit (CDs) were a reliable high-yield savings vehicle.
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