During this enrollment time at Portico (until Nov. 13), you will not only be making your health benefit selection, but also you will have the opportunity to make decisions about your retirement contribution. Namely, you can increase the amount that you will contribute in 2018. Here are three reasons to make an increase in your contribution.
Reason 1 (best reason) – For pastors in active calls in our synod, the Ministerial Excellence Fund will reimburse you for an increase up to $360 in 2018! In the enrollment process, select an increase of your contribution up to $30/month, submit the online grant application on our synod’s website, and you will have that total amount reimbursed to you at the end of 2018. I would encourage you to increase your retirement contribution even more than $30/month, but even if you don’t, at least take advantage of this free money the MEF grant provides by increasing your contribution by $30.
Reason 2 – The sooner you start, the better results you will have in growing your retirement dollars. Compounding interest grows your investment wonderfully over time. You may plan on contributing to your retirement account “someday”, but each year that goes by means you have missed out on the growth potential of your investment.
Reason 3 – It gets you started on a wise financial discipline. The difference a small increase makes over the years is inspiring. If you can make a $30/month increase (or more!) for 2018 and then maintain it until you retire, you will benefit in retirement. See these examples from Portico:
It is recommended that a person save 15% of our compensation for retirement. Many pastors in our synod have 10% paid in by their employers. The MEF is encouraging you to get in the game of saving your own dollars for retirement by offering a grant of up to $360 for 2018.
Questions? Give me a call or send me an email. 320-328-5533 / Andrew.Hermodson-Olsen@swmnelca.org.
Pastor Andrew Hermodson-Olsen