Charitable Gift Annuity
The Charitable Gift Annuity ensures that you will receive the benefits of a secure, guaranteed income at a higher rate of return than available through other low risk investments. It works best for people 60 years and older, or younger donors who don’t need the money now, but would like to start receiving it at a later date. In exchange for a gift of cash or marketable securities, Salem Hospital promises to make fixed payments to you for your lifetime and, if you choose, the lifetime of a surviving spouse or another second person.
How charitable gift annuities work
The lifetime income you receive is a percentage of your gift and depends on your age at the time of the gift. The older you are, the higher that percentage is. For example, with a gift of $10,000 or more, an individual at age 75 will receive a rate of 5.8%; at age 80 a rate of 6.8%, and at age 90 a rate of 9.0.
In addition to a guaranteed annual income, other benefits include:
- Current income tax deduction
- A portion of the income received is Tax Free
- Reduced capital gain tax (on gifts made with appreciated securities)
- Possible Reduction of estate taxes
- Opportunity to make a significant gift to North Shore Medical Center
To learn more about establishing a charitable gift annuity that could be right for your personal circumstances, please contact Sara Andrews, Senior Vice President of Development, at 978.825.6250.
All gift annuity donors are recognized as members of our 1874 Charter Society.