This fear often leads to seeking alternatives, such as investing a portion of retirement funds in investments designed to provide steady income during one’s lifetime, regardless of how long they live.

What you may not know is that while your financial advisers can help, so can some of the charitable organizations you have been supporting, such as United Church Homes. United Church Homes can help individuals and couples set up charitable gift annuities. These annuities allow you to meet your personal financial goals, while providing an opportunity to also support the mission of United Church Homes.

For the first time since Jan. 1, 2012, the annuity rates have increased, effective July 1, 2018. Not only will those who set up a charitable gift annuity now receive a larger steady stream of income during their lifetime, they will continue to receive an immediate charitable income tax deduction, and upon death, the organization receives the remaining amount, if any.

Let’s use Bob as an example: Bob is 79 years old. He puts $50,000 cash (could be stock or other assets) into a charitable gift annuity after July 1 this year. In return, he receives an annual check for 7.1 percent of his initial investment (can be set up to be paid quarterly, semiannually or annually). In Bob’s case, this amounts to a $3,550.00 return every year. Additionally, he will receive a one-time charitable income tax deduction of $22,197.82, which could save Bob $4,883.52 at a 22 percent federal income tax bracket. Not only that, but Bob knows that after he is gone, this planning will help provide for an organization that he cares deeply about.*