Credentialed Employee’s Toolbox
Our Credentialed Employee’s Toolbox Series is designed to help ministers navigate, manage, and wisely steward their financial resources. Over the years, Servant Solutions has helped countless ministers with their personal financial goals and retirement planning. We offer the education and tools ministers need to make the very best decisions for their future. Not finding the answer to a specific question? Reach out to us directly here.
*Note: Each of the articles provided may be viewed and printed using Adobe Reader.
Below you will find various education resources: booklets, calculators, videos and website links. They are organized for ministers as retirement resources, compensation resources, tax resources and resources for personal finance.
Retirement Resources
There’s a lot to think about—and plan for—when it comes to retirement. That’s why we’ve compiled a valuable set of resources to help you understand and choose wisely for your future. Have questions about Social Security, IRA options, or investments? Find all the information you need here! We have videos, articles, straightforward worksheets, and calculators to help you navigate your individual retirement path in the soundest way possible.
How Important is Social Security?
Use this calculator to determine how losing this important retirement asset could affect you.
Roth Contributions Within Your Retirement Plan
Use this calculator to help compare how each type of contribution (Roth “after-tax” contributions vs traditional “before-tax” contributions) might affect your paycheck and your taxable situation at retirement.
Roth 403(b) vs Traditional 403(b)
Use this calculator to help determine the best option for your retirement: Roth “after-tax” contributions or traditional “before-tax” contributions.
Investment Savings & Distributions
Use this calculator to see how long your investment savings can last once you begin taking retirement distributions.
Retirement Wellness Planner
An excellent online calculator and planning tool available through our bookkeeper, Principal.
Can Ministers Opt Out of Social Security?
Informational sheet explaining the best way to handle Social Security as a minister.
Early Investment Benefits
Brief video explaining the importance and benefits of saving for retirement early in your career.
Retirement Planning
This booklet features tools to help you with your retirement goals. It contains the “Saving for Retirement Worksheet”, “Retirement Countdown Checklist”, and information on our Financial Roadmap.
Retirement Decisions
A Workbook to help select the right distribution option for you on your road to retirement.
Strategies for Success
Retirement education and planning booklet for the Servant Solutions Retirement Plan.
Strategies for Success - Edición en español
Saving for Retirement Worksheet
A worksheet for estimating your annual retirement income from the retirement plan, Social Security, and personal savings.
Live Free - Seven Steps to Financial Freedom
Seven Steps to Financial Freedom for Ministers
Live Free - Edición en español
Eight Essentials of Retirement Planning for Ministers and Churches
This eBook lays out the roles of both the church and the minister, and best practices in planning for a minister’s retirement.
Finishing Well: Continuing to Make a Difference
Walking with pastors during their transition from ministry to retirement and beyond.
Compensation Planning
At Servant Solutions, we're here to help you structure your compensation and benefits package correctly. Along with adequate salary, your church should provide other benefits like a church-funded medical plan, life and disability insurance, contributions into your Servant Solutions Retirement Plan account, etc. We'll guide you through this important task and provide clear answers for any questions (such as helping you not confuse church-related ministry expenses as part of your salary). Looking for answers? Check out our guides and resources below, or get in touch with us directly.
Compensation Planning
An 8-page guide to assist church leaders in compensation planning for ministry personnel.
In addition to providing individual retirement options and financial tools for ministers, we can help churches and organizations establish proper compensation and benefits plans to serve their entire staff. Let our trusted financial advisors take away the burden of navigating the complexities on your own. Explore the advantages available to your organization through our comprehensive approach. It's one easy way to ensure everyone on your church staff is receiving the right resources and support for your organization’s retirement plan.
Minister’s Housing: Parsonage or Housing Allowance?
A useful explanation of the pros and cons for a parsonage and a housing allowance.
The Minister’s Housing Allowance
Informational sheet explaining the tax benefits available to Minister’s who receive part of their compensation package as housing allowance.
Strategies for Structuring Ministerial Compensation
Check out this all-inclusive resource for ideas on how to best structure ministerial compensation.
Healthcare Resources and Considerations for Ministries
Discover options for health insurance if you’re the benefits coordinator or are a single-employee organization responsible for your own coverage.
Auto and Other Business Expense Reimbursements
Learn more about tax rules for business expense reimbursements.
Health Reimbursement Arrangements
Discover more about the 21st Century Cures Act and the criteria it outlines for a ministry to offer a QSEHRA plan to employees.
Tax Resources
There’s a lot of information when it comes to filing taxes for ministers. We understand how daunting it can be to sort through and understand—that’s why we have compiled these resources. Below, we’ve provided detailed info about how to report retirement income received from Servant Solutions, provisions for retired ministers, and best practices for handling your allowance and Social Security.
Ministers' Taxes Made Easy
Clear, concise and reliable help for clergy income taxes.
Church & Non Profit Tax Guide
An easy to use guide to church and non profit taxes and finance.
The IRS Retirement Savings Contributions Credit, also known as the Saver’s Credit, is available to eligible taxpayers who are saving for retirement through a qualified retirement plan at work or in a traditional or Roth IRA.
Form 1099-R Tax Filing Information
Informational sheet explaining how to report retirement income you received from Servant Solutions.
Can Ministers Opt Out of Social Security?
Informational sheet explaining the best way to handle Social Security as a minister.
Who is a Minister for Tax Purposes?
Informational sheet explaining how the IRS determines who qualifies as a minister for tax purposes.
The Minister’s Housing Allowance
Informational sheet explaining the tax benefits available to Minister’s who receive part of their compensation package as housing allowance.
Minimizing Income Taxes for Church Employees Find helpful information on how to structure your compensation for the best income tax benefits.
Form 1099-MISC & 1099-NEC Information
Read the details about who should be issued a Form 1099 and why.
Is a Housing Allowance Taxable?
Detailed answers to the most frequently asked questions about the Minister’s Housing Allowance and taxes.
Personal Finance
The choices you make today impact the quality of your financial life tomorrow, and Servant Solutions wants to help you plan wisely for the future. Take advantage of our useful resources, including calculators to help determine investment savings and distributions, mortgage amortization, and debt elimination.
Live Free - Seven Steps to Financial Freedom
Seven Steps to Financial Freedom for Ministers
Live Free - Edición en español
Milestones
This site provides a package of planning documents at no additional cost to members of the Servant Solutions Retirement Plan.
Enrich
Tools to help you make money decisions today while preparing for tomorrow.
Mortgage Loan Calculator (PITI)
Use this calculator to determine your monthly mortgage principal, interest, taxes and insurance payment (PITI) and amortization schedule.
Investment Savings & Distributions
Use this calculator to see how long your investment savings can last once you begin taking retirement distributions.
If you have other topics that you would like addressed, please feel free to contact us.
Disclaimer: The Toolbox series is presented as assistance to ministers, employees, employers, treasurers, and Boards and is not intended as specific tax or legal advice. You should contact your local accounting and legal advisers for specific assistance.