The Church Pension Fund provides ample resources to help you plan for your retirement. Begin by visiting their website: www.cpg.org. Read and/or download appropriate resources. Watch webinars. Sign up for and attend their conferences. If you have questions, call them at (866) 802-6333 Monday – Friday, 8:30 AM – 8:00 PM ET
IMPORTANT: Clergy need to notify Church Pension Fund three months before they plan to retire so all of the paperwork can be completed in time. This includes getting the Bishop’s permission. You can request an estimate of your pension after retirement at any time.
Whether retirement is a distant dream or a next step, it is never too early or too late to start planning! Here’s how to start:
- Set realistic financial goals for retirement.
- Make a budget and stick to it.
- Estimate the cost of college education for children and other family members you are financially responsible for.
- Review your Group Life Insurance benefits and calculate the amount of life insurance you need.
- Review your pension benefits. Call Client Services to arrange a time to review the status of your benefits.
- Assess your savings, including retirement savings and other pension plans in which you or your spouse may be vested, as well as other potential sources of retirement income.
- Review your Church Pension Fund life insurance beneficiary information, as well as beneficiaries on other policies you may have. Download the Group Life Insurance Beneficiary Form.
- Review the beneficiaries you have named for Clergy Pension Plan benefits: pre-retirement survivor beneficiary and lump sum death benefit beneficiary. (Refer to your Personal Information Summary or call.
- Review your annuities and retirement savings accounts.
- Think about where you would like to live in retirement and research costs.
- Review your Social Security information.
- Remember to continue using the Internal Revenue Service’s housing exclusion for clergy.
- Review your medical insurance needs and options.
If You’re Retiring Soon
If you plan to retire within the next six months, you should:
- Request your Medicare card from Social Security three months before your 65th birthday.
- Decide when to take Social Security benefits.
- Consider opportunities to earn income after retirement, but remember that Social Security and The Church Pension Fund limit retirement earnings.
- Continue using the Internal Revenue Service’s housing exclusion for clergy.
- File the retirement forms with The Church Pension Fund three months prior to your retirement date.
Some of the other resources on the CPG website:
Determining Life Insurance Needs Step-by-step guidance E-Mail firstname.lastname@example.org
Figuring Retirement Income Needs To help you calculate and plan
Financial Assessment Checklist to get you started
Life GoalsTo help you think about the financial implications of your goals
Monthly/Annual Spending Plan To help you create a budget
Net Worth Statement An overview of your assets and liabilities
Organizing Financial Documents Guidance on what information to gather & where to find it
Resources for Financial Assessment Resources for Financial Assessment
Setting Financial Goals To set short, medium and long-term goals
Summary of Insurance Statement Keep your critical insurance information in 1 place
What Will College Cost Estimate the cost of a four-year bachelor’s degree
Your Financial Planning To Do List To help you take action