Purchasing a home is a longterm strategy to free up future cash flow. For most, paying off their mortgage is a no-brainer. But not for ministers, as defined by the IRS. For ministers, there is an additional factor that must be considered called a “housing allowance.”
Here are the questions we answer in this episode:
1. Should pastors choose to be exempt from Social Security?
2. If I withdrew from Social Security, how much should I save for retirement?
3. Should ministers with housing allowances pay off their mortgage?
And here is your Money Challenge:
Commit to one act of random generosity this week. Maybe you take care of the coffee order behind you at Starbucks. Maybe you mow a lawn for an elderly neighbor. Or maybe, drop money on the floor at grocery store checkout so the kid behind you can “find” it and have his day made. Let’s be generous because God has been so generous to us.