Endowment: Retirement Plans

A simple and sound gift option

The need to plan today for the future is never more apparent than with retirement. For many people, retirement is a reward for a lifetime of work. But to make sure it is a reward rather than a burden, it is important to plan early - the security and comfort you deserve hinges on proper preparation.

In addition to the Social Security and Medicare systems, many individuals supplement their retirement income with investments in IRAs (Individual Retirement Accounts), pension and profit-sharing plans, and other savings vehicles. In fact, many people discover that the bulk of their retirement assets are invested in these plans.

Many of these people also do not realize that, after providing for themselves and those who depend on them, these retirement investments offer many convenient and cost-effective charitable gift opportunities. With the growth in retirement and pension plans, many people now choose to designate their favorite charities as beneficiaries of any excess, or remaining, retirement funds once these funds are no longer needed. This is increasingly common, since these assets are often the most heavily taxed of all your assets if they are left instead to family members.

It is very easy to make these gifts to Scouting. If you have an IRA or a qualified pension or profit-sharing plan, contact your plan administrator and designate Scouting as the beneficiary of any remaining funds you do not use. During your life, you retain complete access to the funds. There is an estate tax deduction for any assets that go to Scouting, and you have the satisfaction of knowing you have made a meaningful and thoughtful gift.

Please contact us if you are contemplating this potential gift. We will assist you in determining how to use your gift and in answering any questions you may have. Your plans will remain confidential if you so desire.

For more information about retirement plan designations, please contact Steven Benini at the Greater New York Councils, Boy Scouts of America at (212) 651-2815 or via e-mail at steven.benini@scouting.org