Funding a Pastor’s Retirement
Is your Pastor prepared for retirement? Good financial planners will coach Pastors to make sure they retire to something not just from something. Good financial planners will coach pastors to make sure they retire to something not just from something. Many pastors have a plethora of endeavors they would love to retire to – overseas missions, local outreach, parachurch organizations, consulting/coaching, etc. However, many pastors fail to have enough in savings to make this a reality. Often times it’s a combination of inadequate compensation & a misunderstanding of their compensation.
Compensation gets complex the minute you investigate the regulations of the Internal Revenue Service and the Fair Labor Standards Act (FLSA). Salaries for pastors have unique challenges, such as the ministerial housing allowance and the Self Employed Contributions Act. Churches have managers who are FLSA exempt and support staff who are non-exempt.
There is a dizzying complication of terms, acronyms, rules and regulations. To obey the law and help church staff, all must be complied with. There is no “easy fix” with the myriad of issues. Senior Pastors must be aware of the principles. Other staff must become localized experts in implementing the myriad of issues.
Pastors Planning for Retirement
Does your executive pastor understand the complexities of IRS compliance? Does your board understand why they compensate you the amount they do? Do you want your team to understand why they are or are not receiving a raise or bonus?
What Your Ministry Can Do
It’s not too late to learn. ChurchWest Insurance fans can get an exclusive, early-bird discount on a one day workshop, “Smart Money for Church Salaries.” Join XPastor founder, David Fletcher, as he helps churches prepare for the exit of retiring leadership and the onboarding of new leadership to take the church into the future – and it will begin with getting compensation right. Giving confidence to a church’s board & compensation committee that the staff isn’t over or under paid, that the finance department is staying in compliance with the IRS, and that the complexities of a pastor’s tax status are simplified will give the church confidence in their financial decisions as they move forward into the future and expand their outreach.
“Smart Money for Church Salaries” is a one-day workshop that is coming to Irvine, CA on September 11, 2018. Learn with David “Fletch” Fletcher, founder of XPastor, as he brings his vast knowledge, expertise, and years of hands-on church experience to ministries this September.
This one-day workshop is the BEST way to get your board and paid leadership team on the same page.
Join us in Irvine, CA on September 11, 2018 for this can’t miss event.
Early Bird Pricing—$159 each (Code: CHURCHWEST)
Regular Pricing—$239 each
You can register, here: http://bit.ly/ChurchWestXPastor
Portions of this article republished with permission from www.xpastor.org