Because Scripture is very clear about an inherent connection between a person's spiritual life, attitudes, and actions concerning money and possessions.  

What happens when the paycheck stops? Essential financial questions

Are you ready for retirement, or what may be referred to as Future-Funded Ministry ^TM? Do you need guidance to grow the resources God has entrusted to you from a biblical stewardship perspective?

What happens if you need to be cared for? Will you have the resources to live if you become unable to perform the normal activities of life? Consider long term care insurance.

What happens if you are not healthy? Will you have the finances to cover hospitalization, unexpected doctor visits, or medication? With the rising costs of medical care you need to be protected and transfer some of this risk to a health insurance provider.

What happens if you become disabled? What will happen if you become disabled or unable to work? Will you have the financial resources to adequately provide for you and your spouse?

What happens if you die before you have settled your financial commitments? If you die unexpectedly, what will happen to those you love? If you are the primary breadwinner in your family or if your family depends on a portion of your income to survive, you will need to make up that shortfall if anything happens to you. Life insurance may be necessary to help you get the right protection to meet your familys needs. This is a foundational piece to having your financial house in order.

What is the best retirement plans for pastors and churches? 403(b) retirement plans vs. 401(k) retirement plans

Both plans are excellent plans to help you save for your Future-Funded Ministry ^TM.  However, we have found that for most 501(c)(3) ministries (mission-sending organizations, churches, and parachurch organizations), the 403(b) retirement plan is more adaptable.

In 2008 the Ministers Retirement Fund secured the services of a third-party record keeper and facilitator, Envoy Financial. This makes it possible to offer participant selection of investments to member ministers. More information may be obtained by accessing the MRFI website: www.mrf.upci.org.

Common Questions Ministers Ask

How can I reduce my SECA taxes? By contributing to a 403(b) retirement plan you may receive valuable income tax benefits and save on your SECA (social security) taxes.

What happens to my housing allowance at retirement? As a minster your housing allowance is excluded from taxes when you finally draw income out of your plan. Specific rules apply, so consult a qualified tax advisor or speak to a qualified Envoy Financial LifeStage specialist.

Can the church or ministry contribute to my retirement as part of my benefits? MRFI and Envoy Financial can structure your plan to accommodate many different variables while handling all the contractual details of your plan document. We can even help you present proposals to your board.

Who can help me talk to my board?  MRFI and Envoy Financial handle all the details of the plan including an outline on how to speak to your board.

How expensive is this for our ministry?  MRFI and Envoy Financial understand the demands on your ministry budget and offer services at the industrys lowest prices.

What makes you different from my local financial advisor? Most local financial professionals are not specifically trained and do not have the expertise to understand the special needs and features in plans for Christian ministries.  

If I am still working, do I have to take required minimum distributions? If structured properly and you meet the requirements, you are not subject to the forced distributions of most retirement plans. In fact, many ministers work well into their seventies and eighties, accumulating and not depleting their retirement.

For more information Jeff Gater at Envoy Financial at (888) 879-1376, ext.209, or by e-mail.

T. M. Jackson is secretary of the Ministers Retirement Fund, Inc. and senior executive administrative assistant to the general superintendent.