Because a pastor’s opportunity to opt out of Social Security is so unique, many Social Security employees don’t understand the law surrounding it. Unfortunately, this results in pastors being denied benefits that are rightfully theirs. This is what you can…
Tax season has just come to an end and most of us are either eagerly awaiting a return or bemoaning how much we had to pay. The rest of you filed an extension and are still trying to get your…
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.
As soon as they are licensed, many pastors jump at the chance to opt out of Social Security. Social Security taxes total about 15.3% of a pastor’s salary, so opting out represents significant savings. However, there are certain benefits that…
While pastors have the unique opportunity to opt out of the Social Security system, that doesn’t mean that they cannot participate at all. If your spouse has earned enough Social Security credits to be eligible for benefits, then you are…
So, you’re entering the ministry and you’re excited. You’re excited to devote your life to God’s work. You’re excited to make an eternal impact on the world. And you’re excited to do your taxes in a completely new way. No,…
The most popular Pastor’s Wallet blog posts of 2018, based on number of views.
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.
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…
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…
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…
If you’re reading this, you’re probably a licensed minister who has opted out of Social Security. I’ll bet you were thrilled at the opportunity to opt out of a system that is facing a perilous future and is quickly depleting…