Make the Most of Your RMD
March 27, 2024
Maximize your RMD’s impact through charitable donations or life insurance.
Time to take out your Required Minimum Distribution (RMD)? Did you know you can use your RMD to purchase financial products that can help to secure the future for you, your loved ones or a charitable organization that you care about? Talk to your agent today to discuss some options that may be right for you or request an appointment with an agent near you at gbu.org.
Purchase a whole life policy for your grandchildren
Start your grandchildren on the road to financial success with a GBU membership. GBU's Youth 3 Pay Life insurance is permanent life insurance that offers a lifetime of coverage for just three annual payments.
Your child or grandchild becomes a GBU member and remains a member as long as the policy is active. GBU members have access to special members-only discounts, events and contests as well as education, volunteer, scholarship and grant opportunities.
- Cash Value Growth. Youth 3 Pay Life insurance accumulates cash value that can be borrowed against, with interest
to help your child or grandchild secure education loans, make mortgage down payments or weather emergency
situations.
- Dividends. Youth 3 Pay Life insurance is expected to earn dividends that can be used to purchase additional paid-up
coverage, held with interest or paid out in cash.
- Competitively Priced Coverage. Policy face values range from $5,000 to $50,000 for youth of current ages 0–17.
Policy rates are based on age, gender and amount of coverage requested. Policy is paid in full in three annual
payments.
Make a donation to the GBU Foundation
Your qualified charitable distributions can satisfy all or part of the amount of your RMD from your IRA. For example, if your 2023 RMD was $10,000, and you made a $5,000 qualified charitable distribution for 2023, you would have had to withdraw another $5,000 to satisfy your 2023 RMD.
HOW IT WORKS
- You can make a tax-deductible donation of all or part of your RMD to the GBU Foundation.
- Send the donation to 4254 Saw Mill Run Blvd., Pittsburgh, PA 15227-3394 in the form of a check made out to
the GBU Foundation.
- We will send you back an acknowledgement letter of the amount donated.
- Let your tax preparer know that you made the donation. It will need to be reported on your 1099-R form, 1040 form
and form 8608 with your 2023 taxes.
For more information on how to satisfy your RMD with a charitable donation, consult your tax preparer or CPA.Tax info is provided by H2R CPA. H2R CPA is a full-service accounting and business advisory firm celebrating over 60 years serving closely held businesses, nonprofit organizations and High Net Worth individuals. The team specializes in comprehensive tax, assurance and business consulting services. GBU Life does not provide tax advice. You should consult with a legal or tax professional for any such matters.
GBU Life is the marketing name for GBU Financial Life. Life insurance underwritten and annuities offered by GBU Financial Life (GBU), 4254 Saw Mill Run Blvd., Pittsburgh, PA 15227.
Dividends are not guaranteed. A parent or legal guardian must sign the application. If the policy is to be owned by someone other than the parent or legal guardian, the parent or legal guardian must also sign the application. Riders are optional and have additional fees associated with them. Product not available in all states. Please see policy and rider coverage for complete details.
Contract Form Series: ICC19-Y3Pay, FL20-Y3Pay.
GBU-RMD-0324
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