Fixed Income for Retirement
After working for decades as a pediatrician in Southern Arizona, Patricia is ready to retire. Patricia has enough saved for retirement, but she is concerned about the impact a drop in the stock market would have on her retirement savings.
Patricia: While I was working, I bought stock every year. Overall, this was a good investment strategy. The stock grew in value considerably. Now that I am retiring, I need a new strategy - one that protects my savings so that my situation won't change even with changes in the markets.Patricia spoke with a friend who recently set up a charitable gift annuity with Phoenix Theatre. Patricia called us and learned that she would receive a good payout and that she would receive a charitable income tax deduction and part of the payment from the annuity would be tax free.
Patricia: I transferred my stock to fund a charitable gift annuity, and was delighted with the fixed payment I received. I avoided part of the capital gains tax, and my CPA was pleased that my charitable deduction will save taxes this year. With my tax savings and increased income, I can afford to travel to see my grandchildren several times this year!