Discovering New Meanings
by Wayne Updike
Many times I have experienced a thrill of excitement when I discovered new
meaning for a word that had long been in my vocabulary, but which I had never
put to use. That happened recently when my attention was drawn to the word
annuity. The word has long been familiar, but until recently I never had
occasion to employ it in my own experience.
My wife, Mary, and I seriously tried to be good stewards throughout our 55
years together. Our concerns focused on taking care of our two children,
getting them through college, keeping within our budget, helping a neighbor
whenever we saw a need we could meet, contributing to Congregation and World
Ministries Mission Tithes regularly, and sometimes assisting other charities.
Retirement came in 1981 and then, belatedly, we began thinking about our
financial security, continuing our frugality, but adding, as we had
opportunity, some activity on the production side of our temporal stewardship.
Along the way, before and after retirement, we felt greatly blessed. This was
especially evident as we began efforts to acquire significant net worth.
Mary died at the end of 1999 and I continued alone. I felt deeply grateful
for the sense of being blessed and guided continually in the ensuing years.
Recently a debilitating stroke forced me to think about my care during my
remaining time. It was then that the word annuity struck me with a power I had
not anticipated.
After finding a place in one of Missouri’s better retirement homes, The
Groves in Independence, I decided to convert my assets into a monthly income.
But I wondered how I would know if there would be enough if I simply converted
real assets into cash. Realizing that a large portion of the proceeds would be
required as a tax on capital gains, I knew I could not just sell assets and be
assured there would be enough to meet my needs for very long. What a relief to
learn more about how a charitable gift annuity works due to helpful
information provided by the church’s Estate and Financial Planning Ministries!
By transferring to the church a piece of real estate and adding the
proceeds from the sale of my house, I created a charitable gift annuity that
provides a payment to me each month for as long as I live. Instead of a tax on
capital gains, I received a tax deduction for a charitable contribution. Three
additional aspects of this arrangement attracted me.
- The rate of interest on the charitable gift annuity is determined by my
age, and I’m so old the rate was set at 10.6 percent—much better than if I
had sold and retained a mortgage at current rates.
- I could be permanently finished with being a landlord, arranging for
yard work, or having roofs repaired.
- I was, and am always, convinced that God is more interested in me
than my money, so I do not anticipate that I will be taken sooner just to
terminate the monthly payments.
Just after Mary passed on, I wrote a little book recounting numerous
occasions when we felt specifically cared for by a loving heavenly parent. My
experiences since her passing have been a continuation of that sentiment.
So here I am, with lots of years behind me and somewhere between a few
minutes and a few years yet to go. I have no complaints about the past, nor
worries about the future. And a simple thing like a charitable gift annuity
given to the Community of Christ has contributed greatly to the knowledge that
my gift has given me peace of mind now and will help the church to provide
ministry to those I may never meet.
—Wayne Updike
Members and friends of Community of Christ are invited to benefit from the
professional services of Estate and Financial Planning Ministries, which are
provided confidentially and at no charge. This team of caring ministers will
help in your efforts to align your legacy with your values as a disciple of
Christ.
A representative from Estate and Financial Planning Ministries is available
to work with you. Contact us at efpm@CofChrist.org,
or call 1-800-884-7526 (1-877-526-7526 in Canada).
