His individual retirement account benefits others

During his civilian career, Lt. Col. (Ret.) Art Johnson '63 diligently contributed to an individual retirement account. His financial prudence and other investment strategies allowed him to retire early and continue his love of travel and philanthropic efforts.

"As I neared my 25-year class reunion, I joined the Sabre Society to help the Academy and, over the years, came to realize that I could do more," says Col. Johnson. "Once the Foundation informed me that my IRA would make a good source, it made sense to use this donation method."

He utilizes a method allowed by the Internal Revenue Service: qualified charitable distributions (QCD). This permits IRA owners to make direct transfers from their IRA to qualified charities, including the Air Force Academy Foundation.

"Since my IRAs have performed well, I found that the required minimum distribution income was not always needed. So, rather than adding to my taxable income, I began using the distribution to make my charitable gifts," Col. Johnson adds. "In recent years, I have directed this to support the construction of the Madera Cyber Innovation Center, as I feel it is crucial for our cadets to be well versed in all matters cyber."

IRA holders can use QCDs once they reach the age of 70½, even though the age for required minimum distributions is now 73. In addition to giving through his IRA, Col. Johnson is recognized as a Polaris Society member because he generously named the Foundation as a beneficiary in his will.

To learn more about using your IRA to support the Academy, contact Dale Zschoche P'10 at [email protected] or 719-238-7510.