There's a way for you to support the Smithsonian Institution and feel confident that you have dependable income in your retirement years. You can do this with a charitable gift annuity (CGA).
This type of donation can provide you with regular payments and allow us to further our museums, education, and research. You can also qualify for a variety of tax benefits, including a federal income tax charitable deduction if you itemize.
An Example of How It Works
Dennis, 66, and Mary, 65, want to make a contribution to the Smithsonian but they also want to ensure that they have dependable income during their retirement years. They establish a $20,000 charitable gift annuity.
Based on their ages, they will receive a payment rate of 4.5 percent, which means that they will receive $900 each year for the remainder of their lives. They're also eligible for a federal income tax charitable deduction of $6,129* when they itemize. Finally, they know that after their lifetimes, the remaining amount will be used to shape the future by preserving our heritage, discovering new knowledge, and sharing our resources with the world.
*Based on annual payments and a 3.2 percent charitable midterm federal rate. Deductions and calculations will vary depending on your personal circumstances.