For some retirees, a lifetime of hard work, careful financial planning and saving mean that Social Security income becomes the cherry on top. While it’s nice to have, it is not necessary to maintain your lifestyle. Howard Kaye can show you how to use life insurance to turn that surplus income into an extraordinary gift for your favorite charity.
As an example, between you and your spouse, you receive $30,000 in Social Security annually. After taxes this income is worth no more than $20,000. You may donate the full $30,000 to your favorite charity and in turn have it purchase up to $2 million of life insurance for the benefit of that charitable organization.
When you give that $30,000 a year, you are able to take a tax deduction based on your adjusted gross income. If you are able to take advantage of the full tax deduction, you will not pay taxes on that money. While you may have given up $20,000 a year after taxes, your $2 million donation * demonstrates an inspiring level of commitment for your charitable cause.
Talk to Howard Kaye Insurance about having your Social Security income honor you with a great legacy while motivating others through your generosity.
For illustrative purposes only. Actual results will vary based upon individual circumstances.
Howard Kaye Insurance Agency, LLC does not provide tax or legal advice. Clients should consult their own tax and legal professionals.
* The donation will occur if the policy is in force at the insured's death.
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