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Charitable Gift Annuity
A charitable gift annuity enables you to give a lump sum to your favorite charities and in exchange receive fixed lifetime payments. The annuity provides guaranteed fixed payments to you for a specified number of years or for life. Couples may choose a “joint and last survivor” policy, which will provide payments for the lifetime of both individuals.
The amount of income that you can receive is determined by your age -- the older you are, the higher your annual income will be. If you are over 80 years old, your annuity income is usually tax-free.
Please note that a charitable gift annuity will likely increase your after-tax income if you have most of your money invested in GICs or bonds.