Retirement! For some people, it may seem a long way off. For others, it's just around the corner. Whatever your age, it is important to plan financially for your retirement years... and the sooner the better.
Retirement planning can be an overwhelming task. We all know that we should have saved for our retirement years. Yet actually setting money aside, particularly when living on a limited income, can be tough.
Converge has established both basic and supplemental plans to help our participants and their spouses live a comfortable, dignified life in their retirement years.
The benefits from these plans, together with Social Security, will give a strong financial base on which to build a secure retirement. As a participant, you will receive a regular monthly income for life, and within certain limits, you can choose when you want to retire and how you want your benefits paid.
“The only thing I regret about the Converge Retirement Program is that I wish I had started it in my 20’s rather than my early 30’s.” - Gary Rohrmayer
By Retired Pastor Lee Johnson
I started in the ministry back in 1978. As a young pastor, the church did not offer me the option to join the Converge Retirement Plan. It's likely no one in the church was aware of the plan or its benefits. The first four or five years of my ministry were difficult, my wife Joyce and I were barely making it, living hand to mouth. After the church started growing I was offered a raise. My wife and I had become accustomed to living on a smaller salary so when the option arose I took the opportunity to inquire about joining the Retirement Plan. I made the decision to join the plan in my 30's and just now in my retirement am I starting to experience benefits. To this date it is one of the wisest decisions I have ever made.
If I were to offer advice to fellow pastors I would encourage all pastors to join the plan. If you're older, it's better late than never. Younger pastors, you must be proactive. Get in while you can even if means a slight reduction of salary. Lastly plan ahead to purchase a place to live for retirement even if you are currently living in a parsonage. The Supplemental Plan offers a great place to save with the benefit of the housing allowance. I look forward to the comfort the Plan will bring my wife and I in the remaining years of our lives.