Alumni and Friends
An Investment in Education Brings Twice the Return
Ed Solberg graduated with his bachelor's and master's degrees in history in 1997 and 1999 respectively. While most '97 alumni would still be in the middle of their careers, Ed was already retired from one and is now well into a "second career" he never dreamed he'd be in—teaching.
Ed first retired in 1994, after 35 years with Prudential Financial, calculating annuities for other retirees. Knowing he'd be the type who had to do something in retirement, he enrolled in an astronomy class at North Hennepin Community and Technical College. He then transferred to St. Cloud State University, and, "Before I knew it, I had my master's."
"It would have been a lot better financially for me to have gone to college first," says Ed, who has relished the experience of learning for the sake of learning. "I don't believe that education is just to enhance your job. It's to learn and become a better person. There's a big difference between training and education."
It was that on-the-job training, though, that taught Solberg about the value of saving and investing. He has since established four charitable gift annuities, a unique charitable gift that pays the donor an annual annuity for the rest of his or her life.
"With four gift annuities, and each making quarterly annuity payments, I receive a check just about once per month. It is a great supplement to my retirement income. But the best part about gift annuities is that the balance of my original gift will be there for the university and students to use well after I'm gone."
Gift annuity rates are calculated based on the donor's age and an estimate that at least 50 percent of the original principal will be left over to support a fund of the donor's choice. Ed's gift annuity will further fund the history scholarship he has established in honor of his father, Walter.
"College is becoming more and more expensive, but a degree is almost a necessity in this day and age," Ed says. "Making annual gifts helps now, but I know that through my estate and gift annuities, my support of St. Cloud State will live on forever."
Take a Closer Look
Visit our website to see current gift annuity rates for your age group and to calculate the possible benefits you could receive from establishing a St. Cloud State University charitable gift annuity.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.