A lot of letters and numbers are often thrown around in reference to retirement plans. What are they and what differences and similarities do they have?
It can be hard to save for retirement. Especially for pastors who need to because they’ve opted out of Social Security. A lot of big denominations have pensions, but what about independent pastors? Non-denominational pastors usually don’t have workplace retirement plans. That doesn’t leave them with much more than an IRA. Or does it?
If you’ve never had someone try to sell you an annuity, you’re either lucky or young. As you near retirement, you will have a plethora of “financial advisors” offering you annuities as the solution to your every financial need. Because of this, it’s important for you to understand what they are and when you would want one.
I recently received a message from a reader wondering what she should do with her extra income. Should she put the extra into retirement or towards paying off her house early? She was having a disagreement with a family member and wanted to hear my take on the issue. Well, here it is:
There are wealthy people all over the country paying their financial advisors thousands of dollars a year for financial advice. When it comes to investing, this is what they are saying.
If you’re reading this, you’re probably a licensed minister who has opted out of Social Security. I’ll bet you were thrilled at the opportunity to opt out of a system that is facing a perilous future and is quickly depleting its reserves. But was it really the right move for you? And are you maintaining your integrity by doing so?
When opening an IRA, you must decide between a traditional account and a Roth account. Here are some of the advantages of each kind and things to consider when making your decision.
Our country is in a retirement crisis, meaning most seniors have not accumulated enough money to live on in retirement. This is an even bigger problem among pastors since many have exempted themselves from Social Security.
For most people, the majority of their retirement savings are in a workplace retirement plan, like a 401(k) or 403(b). However, many independent pastors and employees of small businesses have no workplace retirement program available to them. How are they supposed to save for retirement?
This Valentine’s Day, skip the flowers and chocolate and give your wife what she really wants.
Many pastors don’t have a solid understanding of how Social Security works and don’t think they need to because they have opted out. However, there are some things everyone should understand about Social Security, even pastors.