Did you know that if you are 70½ years old or older, you can use your individual retirement account (IRA) to boost your retirement income and ensure the future of trout fishing in Minnesota? By using your IRA to fund a charitable gift annuity with Minnesota Trout Unlimited, you can support coldwater conservation while receiving dependable income for life.

Put simply, a charitable gift annuity is when you give to a qualified nonprofit in exchange for the nonprofit then paying you a fixed amount each year to support you through retirement. At the end of your life, the payments stop and the remaining money stays with the nonprofit.

You can fund a charitable gift annuity with a one-time election up to $55,000 from your IRA.

Among the ways you could benefit: 

• You avoid some of the tax that comes when you make a typical withdrawal from your IRA.
• If you are required to take minimum distributions, you can satisfy all or part of that obligation for the year.
• The amount of those payments is fixed, regardless of the stock market, interest rates, or inflation.
• You (and your spouse, if you choose) receive income for life in the form of reliable payments from the gift annuity created.
• After your lifetime, the remaining balance contributes to your legacy of protecting trout streams and public coldwater resources across Minnesota.

Here’s an example that illustrates how it works: 

Mary, age 75, has been using her IRA to make donations for several years. She wants to increase her giving and her retirement income, so she makes a one-time election and transfers $55,000 directly from her IRA in exchange for a charitable gift annuity with MNTU. MNTU would then partner with St. Paul & Minnesota Foundation to complete her gift and she would receive annual payments of $3,850 for the rest of her life, reflecting a 7.0% rate, to help support her in retirement, while sustaining the coldwater streams she loves to fish. 

For more information, contact MNTU giving coordinator, Mark Abner at mark.abner@mntu.org or 202-573-1832 (mobile).