Does your church contribute to a retirement plan or encourage contributions to a retirement plan through matching contributions? One option you may want to consider for your non-minister church staff is a SIMPLE IRA.
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Many churches rely on paid staff to manage various aspects of ministry, from performing music during worship services to administering outreach programs. Are these paid staff church employees or independent contractors?
Since ministers are not allowed to deduct church related business expenses from their local church employment as self-employed workers, often ministers and other church employees pay unnecessary income taxes on legitimate business expenses.
Careful preparation for retirement brings major advantages for pastors and congregations both before and after the actual farewell event. Many denominations and pastors have studied the matter of retirement with care.
A pastor’s care can be costly, and the expense is not salary-related. Many pastors simply pay too high a price to practice their profession. It’s a condition common among the helping professionals—sometimes referred to as the “cost of caring.”
In all areas of life—from home repair to healthcare—prevention simply makes good sense. Why not put a little effort today into prevention if it means we can avoid big problems—and expensive cures—in the future?