Retirement Plan Checkup
According to a recent summary of the MB Associational 403(b) Retirement Plan, 220 pastors participate in the denomination’s plan with an average account balance of $59,375. Of the active participants, average employee contributions total $5,808 per participant while the employer is contributing $3,935 per year.
The final observation from our plan report is that according to a review by our plan provider, several of our participants may not be invested in an appropriate asset mix. To help you make the best decision for your personal situation, log in to your MyGuidestone account and select the Retirement and Investments tab and then view the different links under Planning and Investment Tools. There you can request a personalized investment recommendation, learn more about their three approaches to investing, and access additional retirement planning and guidance information.
I encourage you to take time to perform a self-checkup of your retirement plan. Answer the questions posed:
- How would you summarize YOUR retirement plan?
- What is your plan balance?
- How much are you contributing annually?
- How much is your employer contributing?
- Is your retirement properly invested?
- Will you be able to take full advantage of your housing allowance in retirement?
If you don’t have a retirement plan offered by your church, please contact us regarding joining our MB 403(b) Associational Retirement Plan and get on the right track for healthy retirement planning!