A Gift of a Lifetime From Your IRA
An Easy Way to Support MSK
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, including Memorial Sloan Kettering. And once you are retired, your IRA is an easy, worry-free way to support MSK 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 MSK. 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 our patients and families today, you can make a contribution of up to $100,000 to MSK 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 MSK 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 or estate taxes on the gift and can put 100 percent of your gift toward our groundbreaking research and compassionate care.
To learn more about using your IRA to transform the lives of MSK patients and families, contact plannedgiving@mskcc.org or 800-688-1827.