Q: How much income will I receive from a charitable gift annuity?
A. It 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 a 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 6.8%. Barnabas Foundation follows the recommended rates set by the American Council on Gift Annuities.
To estimate income and tax deductions unique to your situation, use the calculators on www.BarnabasFoundation.com.
Q: When will my annuity payments begin?
A. You can begin payments right away, or schedule your payments for a future retirement date. The longer you defer payments, the higher those eventual payments will be.
For answers to these and other frequently asked questions, email us at info@BarnabasFoundation.com.