Video: Q&A: How Opting Out of Social Security Affects Medicare
Today’s video looks at how opting out of Social Security affects Medicare benefits and what happens when pastors already have 40 Social Security credits before opting out.
Category Retirement
How Pastors Can Avoid Paying Social Security Taxes Without Opting Out
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…
The 4 Most Important Retirement Planning Decisions Ministers Need to Make
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…
Book Review: The Minister’s Retirement, by C.J. Cagle
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…
What’s The Difference Between A 401(k) And A 403(b)?
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?
How Can A Church Sponsor A Retirement Plan?
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…
Aggressive Saving: Wisdom Or Lack Of Faith?
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…
How Do You Save For Retirement Without A Workplace Retirement Plan?
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…
The #1 Financial Regret Most Pastors Have
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…
How The SECURE Act Affects Pastors
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…
Should A Pastor Contribute To A Roth Or Traditional 403(b)?
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…
How Do I Report IRA Contributions To The IRS?
Today’s post was inspired by one of my loyal readers who had a very frustrating time trying to figure out the answer to that simple question. Unfortunately, I’m too late to come to his rescue, but my hope is that…