The Great Tax Benefits of 403(b) Plans for Pastors
This is a guest post by Nate Skelly, CERTIFIED FINANCIAL PLANNER™ professional and founder of Financial Pathway. He is passionate about providing financial education from a biblical worldview. Nate lives in the Tampa, FL, area with his wife, Charity, and their three kids: Jaden, Judah, and Juliet.You know what they say about things that sound too good to be... they usually are! But let me assure you, if you're a licensed, ordained, or commissioned minister, this article is worth 10 minutes of your time! The bottom line is this: if you are a pastor and you are not contributing to a church-sponsored 403(b) you are likely missing out on thousands in tax savings over the coming years. Understanding the Church-Sponsored 403(b) Plan A 403(b) plan is similar to a 401(k), but it is only available for nonprofits.One key advantage is that church-sponsored 403(b) plans don’t have to follow the fairness rules that apply ...
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