Would you make a gift to Luther Seminary if it would also add to your retirement security? If you said yes, you should check out the benefits of a deferred payment charitable gift annuity (DPCGA).
How does this retirement supplement work? You make a current gift to Luther Seminary to fund a contract between you and the seminary. The contract will provide you with future income (beginning on a date of your choosing — probably when you are earning less money). Although receipt of income is deferred to a future date, a large portion of your gift may be deductible as a charitable contribution in the current year, thereby saving you income tax dollars.
For example, Baby Boomers could have their payments begin at retirement (age 65 or 66) when their earnings are lower. Best of all, the gift would save current year tax dollars. Even if you have fully funded all other retirement options, there is no annual upper limit on this type of retirement supplement.
To learn more, check out our web site at www.luthersem.edu/gifts/plannedgiving.