Springfield Business Journal_2020-08-28

After working for decades, Patricia was ready to retire. Patricia bought some stock a number of years ago, and overall, this was a good investment for her. However, she was uncertain about leaving her savings in the market where she knew it could go up or down. She was also looking for security for her retirement years. Ideally, she wanted to know that she would have the income she needed and that it would not change with the markets. Patricia called and asked about a gift annuity . She was very pleased to discover that she would receive a good payout based on her age. Plus, there would be a charitable tax deduction and part of the income would be tax free. Patricia used her stock for a charitable gift annuity. She was delighted with the fixed payment she received and avoided part of the capital gains tax. With the tax savings and increased income, she plans to spend more on her grandchildren next year! R E T I R E W I T H A G I F T A N N U I T Y