“Baptist General Association of Virginia Hosts Retirement Planning Webinar for Ministry Leaders”
The Baptist General Association of Virginia recently hosted a retirement planning webinar aimed at assisting pastors and church employees in long-term financial planning. Led by Jeff Cranford, a chartered retirement planning counselor, the webinar provided valuable insights and tips for ministry leaders to plan for their future.
Despite being 77 years old, Cranford emphasized that many senior adults are working well past the projected retirement age. He highlighted the changing landscape of retirement, noting that people are living longer, working longer, and retiring differently. Retirement is no longer just a passive experience but an opportunity to spend time with family, travel, pursue hobbies, or volunteer.
The webinar addressed common myths about financial planning and Social Security, stressing the importance of savings and planning for unforeseen health emergencies. Cranford emphasized the need to break down retirement planning into categories of what is in control, partially in control, and out of control. Factors such as savings, life expectancy, inflation, policy changes, and market returns were discussed as important considerations for retirement planning.
In planning a retirement timeline, Cranford highlighted factors such as debt, insufficient savings, caregiving responsibilities, and personal health issues. He advised individuals in their early 60s to review asset allocation, consider Social Security options, create a budget, and enroll in Medicare Part A at age 65. Financial planners recommend replacing 70-90% of final working year’s income to maintain the standard of living in retirement.
The webinar concluded with a Q&A session, providing attendees with the opportunity to address any lingering questions or concerns about retirement planning. Overall, the webinar offered valuable insights and practical tips for pastors and church employees to navigate the complexities of long-term financial planning in preparation for retirement.