New York Medical College

Alumni & Development

Annuities

Charitable gift annuities: a great tool for retirement planning!

 

A charitable gift annuity is a type of life income fund that you can establish by making an irrevocable gift to New York Medical College of $10,000 or more.

In exchange for your gift, the College will pay a specified annuity to you and, if you wish, to an additional beneficiary throughout your lifetime(s). A portion of these payments may be tax-free. The amount and frequency of the annuity payments are determined at the time you make your gift and will not fluctuate with the market. See the Gift Annuity Rates table for examples of payout rates at specific ages.

New York Medical College will hold and invest your entire gift to generate income for your annuity payments. Upon the death of all beneficiaries, the College will use the remainder of your annuity fund for the purpose(s) designated when it was created. We will work with you and/or your advisors to ensure that your gift benefits an area of the College that is important to you.

Deferred gift annuities

If you are over age 55, you can begin receiving payments immediately. If you prefer, you can defer your annuity payments to begin at a specified time, such as when you retire. By choosing to make a gift now, when your earnings are high, while deferring payments until some time in the future, you create a deferred gift annuity. The payout rates on deferred gift annuities depend on your age and the number of years until your payments will begin. (Rates can be as high as 10 to 20 percent!)

Advantages of a charitable gift annuity

• It’s easy to create and can be funded with as little as $10,000.
• You will receive income for life.
• Your rate of return is fixed for life.
• If you make your gift with low-yielding assets, you may actually increase your current income.
• Part of your income may be tax-free.
• You will receive an immediate income tax charitable deduction when you make the gift.
• If you make your gift with appreciated assets, you can significantly reduce the amount of capital gains tax owed.
• You may reduce your estate tax.
• You will become an honored member of the Legacy Society.
• You will have the satisfaction of supporting New York Medical College.

For more information, please contact the Office of Development & Alumni Relations at development@nymc.edu or call (914) 594-4550.

Note: This page is intended to provide you with general information, not legal or tax advice about specific situations or problems. We encourage you to consult a lawyer or accountant for legal or tax matters.