An Easy Way to Support Causes Important to You
Your individual retirement account (IRA) is an excellent tool for saving for your retirement years. Even better, it’s an extremely easy way to support the causes that matter most to you. And once you are retired, your IRA is an easy, worry-free way to support Lehigh University that doesn’t affect your future financial security.
Option 1—If you are between 59½ and 70½: Once you hit 59½, you may begin taking money out of your IRA without paying a penalty. You’ll pay income tax on the amount you decide to withdraw, even if you use this money to make a gift to Lehigh University. But if you itemize your tax deductions, you are eligible to take an income tax charitable deduction for the full value of the gift, reducing your overall tax bill.
Option 2—If you are 70½ or older: This is the age where you must begin taking the required minimum distribution from your IRA. If you don’t need this income for your day-to-day expenses and would like the satisfaction of seeing your gift make a difference to those we serve today, you can make a contribution of any amount up to $100,000 per year to Lehigh University directly from your IRA. It’s an easy way to make a great impact.
Option 3—If you are any age: You can support us with your IRA regardless of your age or financial needs during retirement by naming Lehigh University as a beneficiary of the account. This costs you nothing today, and you retain complete control over your account during your lifetime. As a nonprofit organization, we do not have to pay income taxes on the gift and can put 100 percent of your gift toward our mission.
To learn more about using your IRA to change lives at Lehigh University, contact Office of Planned Giving at (610) 758-4749 or email@example.com.