We asked the tough question, and you answered.
In a recent newsletter poll, we asked when people expected to retire.
While almost half expect to retire in their 60’s, nearly a quarter of respondents feel they’ll never retire. This is consistent with a national retirement confidence survey1 that showed 1 in 4 workers do not feel confident they’ll be able to afford basic expenses in retirement.
The truth is, many of us are not preparing well for retirement:
· A 2016 Ministers and Finances study2 reported that 26% of AG senior pastors had no retirement savings and of the ones who did, only 28% received a matching contribution benefit from their church.
· Over 100 million U.S. working age individuals (59.3%) do not have retirement accounts nor are they covered by a pension.³
· Nearly 4 out of 5 (81.4%) Americans have a retirement savings balance that is less than their annual income.1
· Only 37% of workers have calculated how much they need to have saved to live comfortably in retirement.4
Procrastination. Inertia. Whatever you want to call it, it’s easy to lose sight of the future when today is so busy and demanding of both our time and finances. But waiting is not the answer. Whether you need to start or increase your savings, make your retirement a priority today.
AGFinancial offers a retirement savings option for everyone and can help you get started. The 403(b) plan is available for Assemblies of God credentialed ministers and ministry employees (such as those employed by AG churches, districts, schools/colleges/universities). IRA’s are also available for individuals, regardless of ministry employment; click here to learn more.
If you have access to a retirement plan through your work, be sure to take full advantage of any benefit your employer may provide where they offer to match your contribution up to a specified amount or percentage. Don't throw away free money.
Click here to learn more about what to do if your retirement savings are not where they need to be at this stage in your life.
Call us at 866.621.1787 to get the conversation started. We’re here to help.
1 Employee Benefits Research Institute, Retirement Confidence Survey. https://www.ebri.org/docs/default-source/rcs/2019-rcs/rcs_19-fs-1_confid.pdf?sfvrsn=c6553f2f_4
2 The Center for Leadership and Stewardship Excellence, Ministers and Finance Study 2016, 55.
3 National Institute on Retirement Security https://www.nirsonline.org/reports/retirement-in-america-out-of-reach-for-most-americans/
4 Employee Benefits Research Institute https://www.ebri.org/docs/default-source/rcs/2019-rcs/rcs_19-fs-5_gendermarital.pdf?sfvrsn=32553f2f_4