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 6.9%. 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, contact us.
*Updated to reflect the current annuity rates as of November 2019.