Oklahoma Baptist Homes for Children

Neal Wooldridge

a word from Neal Wooldridge
Vice President for Planned Giving

Peace of Mind in Uncertain Times

Jack and Betty Box have learned many lessons in their 59 years of marriage, but one lesson in particular came as a result of the economic downturn of 2008. They believe the financial lessons they have learned about preparing for retirement and living in retirement are worth sharing with others.

Jack states, "God has been very good to Betty and me all our lives. He has continued to do so in our retirement years."

Cracked "Nest Eggs" of Social Security, IRA, and 401kSocial Insecurity

Most retired people have come to realize the importance of saving for retirement and have discovered that living on Social Security alone is simply not adequate as the cost of living consistently increases.

An Unstable Market

Mr. Box states, "One of the ways we have been able to keep up has been to invest in the stock market over the last 30-plus years. In order to keep up with the market, one must have a working knowledge of the market, a good deal of time, or a financial advisor that understands your personal tolerance of risk." He points to the Dot Com crash and the recent upheaval in the stock market, and says, "As the years have passed, we have become less tolerant of the ups and downs of the market."

Uncertain Income

Jack and Betty shared the following example from their years of investing. Investing $10,000 in a Class A Fund which might have a fee of 5% ($500) could yield 3.0% ($300 per year). Three hundred dollars divided by 12 months equals $25 per month, and all earnings are taxable! Mr. Box states, "It is possible for a fund or equity to lose enough value that it must suspend payment until it recovers enough to resume, if ever. This happened in the Bear Market of 2008-2009."

A Stable Income

Neal Wooldridge with Jack and Betty BoxMr. Box continues, "As a result of searching for a more stable income and peace of mind, we worked with Neal Wooldridge with Oklahoma Baptist Homes for Children, and he recommended a charitable gift annuity, which we established with The Baptist Foundation. The same $10,000 invested in a Foundation Gift Annuity could pay a much as $50 per month." He points out that the amount of the payment would depend upon the interest rate at the time of purchase. This payment will continue for the rest of your life. People may, if they choose, include their spouse. Jack states, "The most important thing to us does not involve tax credits or income payments; it is the knowledge that children will be helped for years to come." There are no risks involved, no watching the stock market’s wild changes. There is a tax credit in the tax year of the purchase, and income payments will be only partially taxable.

The Bottom Line

"We consider this money to be our tithe for God’s generosity," Mr. Box states. "The bottom line for Betty and me is that the money will keep supporting the children long after we are gone! This is a win-win situation for us." For more information about gift annuities or other planned gifts to benefit Oklahoma Baptist Homes for Children, please contact Neal Wooldridge at (405) 570-9836 or email Neal Wooldridge.

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