Housing Allowance in Retirement
The Minister’s Housing Allowance is one of the key benefits provided by the tax code for credentialed ministers. Based on one simple line of tax code originally set forth in 1921, the allowance provides a powerful way for credentialed clergy to significantly save on their annual tax liability. This benefit extends into retirement if the distributions come from a church-sponsored 403b(9) plan.
Gathering Their Thoughts
Research shows that people who work with a financial planner have significantly more income, net worth, and retirement savings than those who do their own planning. Here are some thoughts from people who have completed the Financial Roadmap process through our resident Certified Financial Planner (CFP) at Servant Solutions, Bob Haymond.
Money Talks with Family
Money can be a polarizing subject to discuss. We all have different perspectives, attitudes, goals, and habits when it comes to how we think about money and how we use it. Ultimately, money is a tool that we each have the opportunity to put to use for a more noble purpose. Conversations around the use of money can become even more divisive in the context of family. Our families see the best and worst of us, can love us the best and hurt us the most, and play a huge role in shaping what our lives ultimately look like. Conversations about money in the mix of family life can quickly highlight competing goals, desires, and attitudes. However, these conversations can also be an opportunity for a family to come together for a united purpose. Families that have conversations about money set themselves up well for handling the financial stresses of life that are sure to come.
Now Is The Time For A Financial Plan
When it comes to a retirement date, you may have less of a choice than you think. For many people, retirement comes earlier than they expect. While you may understand that it’s important to get your retirement investment portfolio in order sooner rather than later, it can be hard to know where to start or even what questions to ask. Are you overdue for a conversation?
Mistakes New Investors Make
History has shown us that when new investors try to make money quickly, most of the time they get burned. But instead of repeating their mistakes, we can learn from them. So, what are the biggest mistakes new investors make?
Emotions and Your Retirement Investments
It’s Easy to Let Emotions Get in the Way by Bob Haymond, CFP
We have seen some big swings in the stock market the past five months. As a result, Servant Solutions has talked with several of our participants about these market changes. Having a plan and sticking to it can help you weather your emotions and avoid common mistakes such as buying and selling at the wrong time out of panic or exuberance.
The Importance of Diversification
A market “quilt” image shows that it is difficult, if not impossible, to find any kind of trend. It demonstrates the unpredictability and randomness of investment results, and that past performance does not predict future performance. This underscores the importance of diversification in your portfolio as a tool to help you reach your investment goals and manage risk.
Student Loan Debt? Loan Forgiveness Is a Possibility!
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program. PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
The True Cost of Procrastination
PROCRASTINATION. It comes with a high price tag. So many of our members wish they would have just started saving sooner! Let’s take a few minutes to look at four common reasons we hear for procrastinating when it comes to saving for retirement. Start saving today – your future self will thank you!