More than one-third of retirement-age pastors and missionaries have less than $100,000 in their retirement savings as nearly one-half of them are concerned about their family’s financial future, according to new data published by LifeWay Research.
A total of 2,451 pastors, ministers and missionaries affiliated with 11 different Protestant denominations or networks who are retired or at least 67 years of age were questioned about their health, financial security and relationships. The survey used quotas and slight weights to balance denominational affiliation based on the number of eligible retirees.
Of the respondents surveyed, 80 percent reported being retired and 52 percent said they spent 40 years or more in ministry.
The data indicates that many retirement-aged ministry leaders are facing financial concerns and about one out of four of them are “not in good position to retire.”
Although 76 percent of respondents said they are “confident” that they will have enough money to comfortably live through retirement, 55 percent said that their household annual income is less than $60,000.
Nearly half (47 percent) said they are often concerned about their family’s financial security and 27 percent say that their own physical needs or those of their spouses have caused a financial strain.
“The fact that most pastors and missionaries feel financially ready for retirement doesn’t negate the fact that a quarter are not in a good position,” LifeWay Research President Scott McConnell said in a statement. “Health issues have complicated the financial picture for many of those with financial strains.”
Ten percent said that they had zero retirement savings stored up, while 28 percent said they have less than $50,000 saved in retirement. Thirty-six percent of missionaries, pastors and ministers surveyed said they have less than $100,000 saved up for retirement, while 49 percent said they have $100,000 or more saved in retirement.
Thirty-four percent said they have $250,000 or more saved in retirement and 7 percent said they have $1 million or more saved for retirement.
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SOURCE: Christian Post, Samuel Smith