Minister’s Retirement-A Possible Answer

            SEEMINGLY MANY OF THE “RESTORATION MOVEMENT” CHURCHES AND PARACHURCH MINISTRIES HAVE NOT KEPT UP WITH THE TIMES WHEN IT COMES TO RETIREMENT PROGRAMS FOR IT’S WORKERS.  IN DOING SOME RESEARCH RECENTLY FOR A PRESENTATION AT A “CHURCH LEADERSHIP  SEMINAR” I THOUGHT THAT I SHOULD SHARE A POTENTIAL IDEA, WHICH I SHARED WITH SOME OF OUR CHURCH LEADERS.  THE FOLLOWING MATERIAL WAS PRODUCED FOR KYOWVA BY THE “EDWARD JONES INVESTMENT” FIRM’S  AGENT -  MARK COMPSTON OF IRONTON, OHIO IN DECEMBER 2002.

             IF A CONGREGATION, UPON ORDAINING A “TIMOTHY” WOULD CONSIDER THE FOLLOWING - IT WOULD BE A BLESSING TO A MINISTER AND ENCOURAGE YOUNG MEN TO ENTER THE MINISTRY.  STIPULATIONS WOULD HAVE TO BE  MADE CONCERNING THEIR  “STAYING” IN THE MINISTRY, AND THE NEED FOR PRORATING IT IF THEY “DROPPED OUT”.

                 AT HIS AGE 22 THROUGH AGE 30 CONTRIBUTIONS OF $3,000 EACH YEAR WERE PUT IN AN “IRA” ($27,000 TOTAL) TO ASSIST HIM IN PREPARING FOR RETIREMENT.  THIS IS ONLY: $250.00 PER MONTH; OR $57.70 PER WEEK; OR $8.22 PER DAY

                 AT 8.0% INTEREST AT AGE 65 THE MINISTER WHO HAS SERVED FAITHFULLY FOR ALL OF HIS ADULT LIFE WOULD HAVE, AS A RETIREMENT FUND OF $553,888.  ANNUALLY AT LEAST 15% TAXES WOULD BE SUBTRACTED FROM THIS AMOUNT.

YEAR                     AGE                SAVINGS                  ANNUAL RETIREMENT

                                                            VALUE                             AFTER TAXES

 

2002                            65                    $553,888                                    $38,000

2003                            66                    $557,159                                    $39,140

2004                            67                    $559,460                                    $40,314

2005                            68                    $560,678                                    $41,523

2006                            69                    $560,686                                    $42,769

2024                            87                    $121,662                                    $72,811

  2025                            88                   $  52,758                                     $52,758 (Last Check)

 

          THE RETIREMENT FUNDS ARE DEPLETED IN THIS PROJECTED 23 YEAR PROGRAM.  THIS 23 YEAR RETIREMENT PROGRAM ALLOWS FOR 3% INFLATION AND THUS, EACH YEAR THERE IS AN INFLATIONARY ADJUSTMENT BUILT-IN.                                  

                         IF HE LIVES IN A CHURCH OWNED PARSONAGE ALL OF HIS FORTY-THREE “WORKING YEARS” HE DOES NOT HAVE A PLACE TO LAY HIS HEAD.  THIS TYPE OF RETIREMENT MONEY WOULD ASSIST GREATLY.  POSSIBLY, IT WOULD ALSO ENCOURAGE SOME POTENTIAL YOUNG MEN TO BELIEVE THAT WE WANT TO “LOOK AFTER” OUR MINISTERS.  CERTAINLY A MINISTER COULD BE ENROLLED AT ANY AGE, BUT THE SOONER THE BETTER.

 WILL WE HELP OUR MINISTERS? 

PRODUCED BY THE KYOWVA EVANGELISTIC ASSOCIATION * IRONTON, OH

 

Posted in Articles By Brother Hoyt.