The statistics on Americans and retirement planning are staggering. More than half of us do not know how much we will need to live a comfortable retirement, and 60 percent have saved less than $25,000.
For clergy, the economics of retirement can be even more challenging. According to a 2015 survey of MMBB Financial Services members, the average compensation increase for ordained ministers was just 1.7 percent between January 2014 and January 2015. For lay employees of churches, the average increase was a meager .02 percent in the same time period.
In addition to retirement savings, most of us face an array of economic challenges. including paying off college debt, childcare, saving for a child’s education, buying a house and managing medical expenses. To balance these demands, clergy, lay employees and church administrators need to be informed about the best practices for taking control of their finances.
But how to get started? A good first step is to attend the free webinars offered by MMBB Financial Services.
Upcoming topics include:
Retirement Income Planning
Learn how to set financial goals for your retirement and establish an investment plan to achieve them.
April 1, 2015
Learn ways to save for college and understand the financial assistance you may be eligible to receive.
May 6, 2015
Learn the basics of Social Security and how to maximize your Social Security benefit.
September 9, 2015