When I grew up in the late 1970s and early 1980s, savings accounts were where the action was. My father worked at Magnavox, so I was able to become a member at his credit union. I deposited my mowing money and watched my money grow. I even had the opportunity to purchase CDs, and if I worked hard, I could even hope to purchase stocks and receive dividend checks. (I never made it that far ... cars, clothes, and girls got in the way.)Fast forward to the last decade when I worked at a long-term care campus where I would talk with residents who had to trade in maturing CDs of 5, 8, even 10 percent and instead hope to get 1 percent rates. Savings accounts were no longer a source of income, but instead considered "safer than my mattress." And these wonderful people had well-planned financial goals that included income from dividends from their investments that quickly disappeared.Did you know that The Lutheran Schools Partnership has introduced a way to generate guaranteed, stable income that can also fulfill charitable plans? Sound too good to be true?Well, guaranteed income coupled with charitable support has actually been around since before the Great Depression. Called "Charitable Gift Annuities" or "CGAs," most universities and larger nonprofits have been providing these for decades, and now they're available for those wanting to support our area Lutheran Schools, but still need the income.Without getting into all of the financial jargon, CGAs are best explained in this graphic:
Based upon your age and when you want to start your payments, your annuity payments could be between 5 percent and 9 percent! More important, you can choose the school or schools to benefit from your eventual support.The Lutheran Schools Partnership is happy to introduce and oversee the promotion of this program for our 18 schools. By combining our resources, we can help lead the charge to help secure the future of our schools and provide another choice for those wanting to support quality, Christian education.Want to learn more? You can visit our website to see examples of the payment available for your age and expected start at any time. You can also call us at (260) 203-4510 and we will provide all of the information you need.P.S. Don't forget the endowment! The Lutheran Foundation's matching challenge for our schools ends on June 30!