Browsing Category Retirement

You didn’t opt out of Social Security because it doesn’t violate your conscience. But that doesn’t mean you like paying the tax. There are probably a lot of things you would rather do with that money. Do you have any other options? Yes, you do. There is a legal way for you to avoid paying Social Security and Medicare taxes without opting out. And not only does it save you on taxes, but it’s really good for your future self as ...

This is a guest post by Chris Cagle, author of RetirementStewardship.com and The Minister's Retirement book. I recently published a book review on his book and it got such a good reception that I asked him to write something specifically for you. In my book, The Minister’s Retirement, I address many of the fundamental questions that pastors have about planning for, and living in, retirement. Wise planning involves making decisions consistent with biblical stewardship principles and implemented using wisdom and practical ...

Today’s post is going to be a review of a book written especially for YOU; The Minister’s Retirement, by C.J. Cagle. The author contacted me through this blog late last year offering to send me a copy and I finally found the time to read it on a flight this spring.  Some Context Going in, I knew nothing of the book or the author, only that over six months ago I had said I would read the book and I like to ...

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? View post

This is a guest post by Paul McWilliams, an independent financial advisor with Inspire Advisors who specializes in helping organizations set up and administer retirement plans. In addition to his technical knowledge, Paul is also a pastor’s kid! Paul can be reached for questions at paul.mcwilliams@inspireadvisors.com. Retirement is a popular topic these days because most Americans are financially unprepared for it. Pastors and church employees are no different. While many workers have employer-sponsored 401(k)s to save into, a lot of pastors ...

Back when people were still allowed to get together, I was at an event for professionals and business owners where we discussed generosity. We watched a video testimony of a woman who God had asked to make some specific changes in her life to set her free. She was a doctor, and she felt led to “work like a doctor and live like a nurse” to free up her income to be more generous. She also felt that God was ...

How much do you have saved for retirement? Do you think it will be enough? A quarter of American adults have absolutely nothing saved for retirement. This is why you may have heard talk of our nation's retirement crisis. 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 ...

From time to time I read Thom Rainer’s blog to stay up to date on the issues that pastors are facing today. The most enlightening part is the comments that pastors leave on his articles. When I read the comments on his financial posts, my heart breaks.  There are so many challenges that pastors face that it makes me want to round you all up, give you big hugs, big thanks, a check for a million dollars, and a free week-long ...

Back in 2017, the president timed things just right so that I spent the first day of my family’s Christmas vacation researching the tax reform bill and how it affects pastors. Now, almost two years to the day, he signed into law another sweeping financial reform just in time for me to fly down to visit my family for Christmas. Thanks, Congress, I really appreciate your timing. The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law ...

The internet is plastered with articles discussing the merits of Roth versus traditional accounts. The Pastor’s Wallet even has one for IRAs. They talk about the different taxation, time horizons, and how to pick the right kind of retirement plan for you. If you’re a pastor, though, you should ignore them all.  If you’re a pastor, you should invest in a traditional 403(b) (if it's a 403(b)(9), which is the type that churches sponsor). At least some, if not all, of ...