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Category Archives: Retirees
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
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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
Planning for Death
In a previous article, we discussed “Planning for Life.” Here I would like to talk about a slightly less appealing topic – getting your house in order for your death. Now this is certainly not a topic that you want … Continue reading
Planning for Life
Many years ago I was given advice by an elderly Pentecostal preacher who simply said “never forget to keep the main thing the main thing.” Too often in our lives, we not only forget to keep the “main thing the … Continue reading
Confidentiality Policy
The staff at the Benefits Board, the administrator of the Ministers’ Retirement Plan, is very cognizant about the confidentiality of the records that we maintain for our participants. While a participant is fully entitled to information on his or her … Continue reading
Taking Social Security Benefits Early – Use the Calculator
One of the biggest decisions facing retirees today is whether they should start drawing their Social Security benefits prior to reaching full “retirement age.” According to the Social Security Administration, “retirement age” is a sliding scale based upon the year … Continue reading
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Does Your Will Control?
It is vital that everyone have a will, regardless if you are 30 years old or 75 years old. Wills are not just for senior citizens. However, you need to be aware that your will may not be the controlling … Continue reading
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Paying Taxes on Amounts Withdrawn Early from Pension Funds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
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