You can see that the church is investing in their retirement.
Here’s my story. It has made a world of difference for me.
In the 1970s, our denomination woke up. Leaders realized churches needed some guidance in preparing for their ministers’ retirement. So, they held conferences around the country and invited churches to send representations. I was serving First Baptist Church of Columbus, MS, a county seat town with an Air Force base and a woman’s university. The pastor before me had logged 26 years and retired with his wife to their hometown of Humboldt, Tennessee. I was in my mid-thirties and frankly, had not given the first thought to retiring some day.
My minister of education Bill Hardy attended the conference. The leadership suggested churches invest an amount equivalent to ten percent of the ministers’ salary in his retirement. The agency in charge of our investments was called The Annuity Board of the SBC. At some point in years following, it became Guidestone and they began inviting non-Baptists to invest with them. These days, they control a whopping amount of money for many thousands of God’s servants.
When I left Columbus, the next church–the FBC of Charlotte, NC–did the same 10%. Then, the next church–the FBC of Kenner, LA (metro New Orleans)–did not due to a church split 18 months earlier and heavy indebtedness. Eventually, they put 1.5% into the retirement fund. (Regrettably, I do not recall what we did for the other ministers and staff. I hope we were faithful.) And fourteen years later, when I became DOM for the Baptists of metro New Orleans, they once again invested 10% into my retirement.
So, here’s what happened.
I retired in June of 2009. I was 69 years old. And I got some awful advice. Someone at Guidestone called to suggest I take a 20-year annuity. “It pays 6 % now, but it’s about to drop to 3%,” he said. What that means is that for 20 years I would receive an amount equal to six percent of my investment total. And, it would end after those 20 years were up.
“I don’t think so,” I said.
My account was invested in what Guidestone called a medium-aggressive fund. So, I left it there. And filled out the papers to receive a monthly stipend of $2,000 as a housing allowance. And nothing more. Twenty-four thousand a year.
It was the best decision ever.