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.
This post breaks down all of the major types of income a pastor can earn and explains how the IRS treats them for Social Security, income tax, retirement plan and payroll tax purposes. It is based on IRS Publication 517.