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 knowledge gained through experience. I call this “retirement stewardship.” Some decisions are more critical than others, so in this article, I discuss the ones I consider of greatest importance based on the extent to which they can help a pastor to "retire with dignity." 1.  The Social Security Decision Although Christians have mixed opinions about it, Social Security is an expression of God’s common grace. It can be a blessing to Christians and ...

https://www.youtube.com/watch?v=_l1GfwrTF9U In today's video, Amy answers a question from a Pastor's Wallet reader whose church wants to help him purchase a car and he's wondering if that is considered taxable income.

https://youtu.be/WiXnvxb1uCA In today's video, Amy answers a question from a Pastor's Wallet reader who recently moved and wants to know if they can change their housing allowance after it has already been set by the elders.

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 be a woman of my word. While The Minister’s Retirement doesn’t sound like my first choice for vacation reading (especially after spending the last two years studying finance in-depth), six hours on an airplane is just too valuable to waste.  I should probably also give you some context for who I am as a reviewer. First of all, I’ve been studying pastoral finances for the past five years. I just completed ...

Clergy and religious workers are now eligible for Public Service Loan Forgiveness (PSLF) based on their religious work. To be eligible, the loans must still be direct, 120 payments must be made, and the borrower must work for a qualifying employer. View post

If you have kids, there’s a good chance that you received some money from the IRS in the last couple of days. It is a part of the American Rescue Plan legislation that was passed in March, an advanced payment of your 2021 child tax credit. Along with money in people’s pockets, it has caused an incredible amount of confusion.  I honestly don’t think I’ve ever seen so much confusion surrounding something that so broadly affects Americans and has had good press coverage. As pastors, you’re used to confusing rules (seriously, dual-status taxation?!?), but this is widespread among the general population, not a unique group like ministers. So, I decided to spell it all out for you today. I’ve seen all kinds of questions regarding how it will affect taxes in the spring, what to do with the money, and if people should opt out of the payments. Let’s start from ...

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 are left on their own. Over half of the churches in the country have less than 100 people in attendance each week, so many churches feel they are too small to sponsor a retirement plan for their pastor and staff.  I’m here to tell you that it’s not true. No matter how small your church is, there are ways for you to sponsor a retirement plan and it doesn’t even have ...

This post is based on Dave Ramsey’s Financial Peace University and not his radio show. As such, it may not address everything that he has ever said publicly. Dave Ramsey is a polarizing figure. Honestly, though, anyone who dares to be different and open their mouth about it is. Donald Trump. Alexandria Ocasio-Cortez. Jesus. (I had to end on a positive note since one of those other names probably got a rise out of you.) Just like other polarizing figures, Dave Ramsey has throngs of loyal followers and many who actively hate him. That’s to be expected. Today we’re going to take a deeper look at the opposition. Why do people hate Dave Ramsey and is there any merit in their allegations? What Normal People Have Against Dave Ramsey He Is Convicting & Not Always Nice A lot of normal, everyday people don’t like Dave Ramsey. Why? Because he is not afraid to call people ...

This post breaks down all of the major types of income a pastor can earn and explains how the IRS treats them for Social Security, income tax, retirement plan and payroll tax purposes. It is based on IRS Publication 517. View post