Unfortunately, pastors are sometimes given bad information regarding Medicare. This can lead to costly enrollment mistakes. If this has happened to you, there may be a way to fix things. View post
When it comes to Medicare, most pastors don’t really understand how it works. Unfortunately, this is one situation where ignorance can really hurt you. Here are the basics of Medicare and what you can do now, even if you’re still young, to save a lot of money. View post
I just finished a 2-year journey with my dad. It was that journey that inspired posts such as Do You Really Need All Those Papers?, Welcome To The Sandwich Generation, Be Prepared: When You Retire Is Not Your Decision, and 7 Estate Planning Mistakes That Will Rob Your Family Of Sleep. On Wednesday, that journey came to an end, and my dad is now in heaven, most likely ice skating and taking water samples of the river that John saw ...
If you give to charity and have an IRA, you may be able to save on taxes by doing a qualified charitable distribution. View post
Most pastors who have opted out of Social Security understand that they are on their own for their retirement savings. That part is fairly straightforward. But what about Medicare? How does opting out of Social Security affect eligibility? What are the options available? View post
If you’re a pastor, you know that your ministerial housing allowance is perhaps the biggest financial benefit of being in the ministry. It allows you to avoid paying taxes on all of your housing expenses, including things like cable television and landscaping. Because of this, one of the most common questions pastors ask is if they can keep taking a housing allowance in retirement. The answer? It depends on where your money is coming from. Unfortunately, one of the most common pieces ...
Several weeks ago we discussed the characteristics common to those who are able to build wealth over time. Today, I’m going to introduce you to a real live example of a pastor who has done it. View post
A lot of pastors think when they retire, or even if they retire, is their decision. But is that really the case? And if not, what should you do? View post
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? View post
If you’ve never had someone try to sell you an annuity, you’re either lucky or young. As you near retirement, you will have a plethora of “financial advisors” offering you annuities as the solution to your every financial need. Because of this, it’s important for you to understand what they are and when you would want one. View post