Tag Archives Social Security

Can You Still Receive Social Security Benefits Even After Opting Out?

by

 

Yes.

 

There you have it, shortest blog post ever.

 

But in all seriousness, this is an important matter that can make a huge difference during your retirement. If you didn’t take saving for retirement seriously during your early years, even just receiving a little help from the Social Security Administration could double your monthly income in retirement.

 

If it really is possible to still receive Social Security benefits after opting out, how does that work? Well, there are two ways:

0

How Does Trump’s Proposed Tax Reform Affect The Clergy Housing Allowance And 4361 Exemption?

by

 

Yesterday, the GOP officially unveiled their “Unified Framework For Fixing Our Broken Tax Code.” Many people are eager to know how they will personally be affected by tax reform, especially pastors who receive certain benefits not available to others. Right now you’re probably wondering what, if any, changes will be made to the clergy housing allowance and your ability to opt out of Social Security.

 

Unfortunately, the framework does not answer any of your questions. It is a broad guide for congressional committee members to follow as they write out the details of tax reform. It will probably be months before we know anything specific. The Pastor’s Wallet will make sure to inform you as soon as anything official regarding how the tax reform will affect your 4361 exemption and the clergy housing allowance is made public.

0

The Amazing Retirement Account You Didn’t Know You Have

by

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?

0

Did Opting Out Of Social Security Make You A Hypocrite?

by

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?

0

Opting Out Of Social Security: A Step By Step Guide

by

Licensed and ordained pastors and ministers receive special treatment by the Internal Revenue Service. One privilege they have is the opportunity to exempt themselves from our nation’s Social Security system. This is a step-by-step guide explaining exactly how to opt out of Social Security.

0