Saving for retirement is always part of our best intentions but is often left for tomorrow’s to-do list. However, getting started may be easier than you think!
Your employer may already have a retirement plan — mostly likely a 403(b)(9) plan if you work for a church or other nonprofit faith-based organization. (If your ministry doesn’t have a retirement plan, check out these options through GuideStone®).
If you work for a church or ministry and receive a Form W-2, then don’t wait.
Enrolling starts with a simple conversation with your organization’s administrator or human resources department. Ask for an enrollment form and information regarding key features of the plan, including matching opportunities.
Select what type of contribution is right for you and decide what percentage of your paycheck you want to contribute to the retirement plan. Be sure to contribute enough to be eligible for any employer matching contributions (if applicable). Remember that industry experts recommend working toward a savings goal of 15%, so strive to increase your contribution rate year over year.
Review the investment options available in the plan and make your selections based on your time horizon, risk tolerance and retirement goals.
Make your selections on the forms and supply the personal information (including beneficiary designations) required by your employer.
If your church or ministry is affiliated with the Southern Baptist Convention (SBC), it may already participate in the SBC retirement plan. The plan is open to anyone who receives W-2 taxable income from a Southern Baptist church, church-related school or association, including full- or part-time ministers, office personnel, musicians, church-school teachers or any other staff member.
If your church or ministry doesn’t have a retirement plan, learn more about retirement plan options with GuideStone. Even if your church or organization is not affiliated with the Southern Baptist Convention, we may still be able to work with you to determine the plan that best fits your organization’s needs.
GuideStone is a national leader in church retirement plans and uniquely qualified to provide your church or organization with the right retirement plan. You can also discuss your options with a customer solutions specialist at 1-888-98-GUIDE (1-888-984-8433), Monday through Friday, from 7 a.m. to 6 p.m. CT.
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