Many pastors face challenges in managing their personal finances, especially when it comes to planning for retirement. The conventional wisdom from financial planners is to target a retirement income of 65%-80% of your pre-retirement income.
Achieving this level of retirement income can be particularly difficult for those whose vocation is ministry. There are many reasons for this, but some of the most common are lower salaries on average and fewer benefits. Pastors often joke that they “didn’t go into ministry for the money.” While true, this unfortunately translates into a shaky financial foundation for many pastors.
Fortunately, our partner ministry Guidestone Financial Resources offers valuable resources to help pastors assess their retirement readiness. Guidestone recently launched their “Retirement Readiness Assessment” to help evaluate if you’re on track to retire. If you are a pastor or church staff member who has a retirement account with Guidestone, you already have this resource available right on your MyGuidestone dashboard.
The Retirement Readiness Assessment provides clarity on your financial future with projections about future financial health along with customized recommendations about how to improve your readiness. You will be provided with concrete next steps, whether that be increasing your regular contributions, rebalancing your portfolio, or talking to a retirement counselor who understands the needs of pastors.
Take control of your retirement planning today. Log in to your My Guidestone account and access the Retirement Readiness Assessment to secure your financial future.
Not on Guidestone yet? Church staff can sign up now!
Any church staff members in BCI affiliated churches can receive this and many other benefits by creating a GuideStone account. For leaders not yet in the GuideStone system, the first step is to start a retirement account.
See the linked flyer for more information about the many financial benefits available to pastors and church staff through our partnership with GuideStone. If you have any questions, contact the BCI account representative Hoon Im to get started. Click here to email Hoon Im.