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Category Archives: Retirees
Things to Do Before You Die
No one lives forever!! While that concept is known to everyone, some act as though they are going to live forever, never giving a thought to what would happen to their “estate” should they die. The common response is “I … Continue reading
Paying Taxes on Amounts Withdrawn Early from Pension Funds
Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn. The answer is simply yes. You must include as a part of your income … Continue reading
No Annual Interest Statement from Board
Each year as participants begin to get all their tax information together, they realize that they have not received a Form 1099-INT from the Benefits Board showing the amount of interest they earned on their retirement account during the previous … Continue reading
Important Tax Information for Retirees
If you are receiving benefits from the old Aged Ministers’ Fund, you will not receive an IRS Form 1099 from Lincoln National Life Insurance Company or the Church of God International Office. They will not send you anything – just … Continue reading
Breaches Undermine Retirement Security
Almost one third of American households participate in a 401(k) or 403(b) retirement saving plans – but a large portion of their money never makes it to retirement. More and more workers seem to be tapping into their retirement accounts … Continue reading
Rate on Trustees Fund Set at 4% for 2013
In the recent meeting of the Board of Trustees of the Church of God Benefits Board, the entity charged with managing the Ministers’ Retirement Plan, the return on the Trustees’ Fund was set at four (4%) percent. For the past four years … Continue reading
Court Allows Challenge to Clergy Housing to Go Forward
A recent ruling by a federal judge in the Western District of Wisconsin allowed the challenge to the ministerial housing allowance to move forward to a trial. It is expected that a trial could be scheduled within the next six … Continue reading
How Much Is Enough? 8x??
A recent study by Fidelity Investments suggests that you should save at least eight times your ending salary to meet your retirement income needs. In other words, if you make $50,000 a year, you need to have saved at least … Continue reading
Social Security – Not the Deal it Once Was for Workers
People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. It’s a historic shift that will only get worse … Continue reading
Posted in 09 - September 2012, Retirees, Social Security
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Costly Beneficiary Mistakes
Many people believe that their will dictates who inherits all of their assets at their death and how those beneficiaries will divide those assets up. However, depending upon what you have accumulated, the bulk of your assets could end up … Continue reading
