by DCE Shawn Maassel
After announcing my early retirement to our congregation in June, a Concordia Plan Services (CPS) retirement webinar in August propelled me toward accessing my pension and savings upon retirement. A ninety-day window was advised.
Anxiously, I reached out to Concordia Benefits and started investigating my options. Once logged in, the Financial Wellness tab directed me to online planners and a connection with Fidelity, which manages the Concordia Retirement Savings Plan (CRSP) 403(b). The fire hose sprayed. I read, navigated, and then called with questions. I listened, learned, and thought I had things figured out and my decision made. But then an outside advisor shared new information and options. The fire hose sprayed again. I listened, learned, and thought I had things figured out. A new decision was made. And then, another clarification. The fire hose sprayed until, just a couple of weeks before my retirement date, I made my decision.
I am grateful for Concordia Plan Services, who were personable, knowledgeable, and responsive to my questions. And, while overwhelming, I am appreciative of the many choices I have.
Navigating the financial aspect of my retirement has taught me that:
- I have options. What may be best for me might not be best for someone older, or without additional spousal retirement savings.
- As a retired commissioned ‘Minister of Religion,’ money in my 403(b) and basic pension that was earned while doing work as a Minister of Religion is eligible to be treated as housing allowance. The portion of my CRSP distributions that are used for housing expenses are allowed to be excluded from income reported on my annual tax return. (‘Why keep your money in the CRSP 403(b)?’ under ‘Getting Ready to Retire’ at Financial Navigator, CPS)
- Any portion rolled out of my 403(b) into another IRA or annuity (other than my basic pension plan with Concordia Plan Services) disqualifies that portion from use as ‘housing.’
- Qualified ‘housing expenses’ are more extensive than I realized. I will be tracking carefully and declaring the full amount of my retirement income as ‘excluded.’
- ‘Housing’ could even include (down the road) a continuing care retirement community buy-in or monthly fee.
The result of my fire hose education in financial wellness in retirement is an educated decision that works for my husband and me. I recommend prayerfully investigating your options, using the retirement navigation tools available, and saving in the CRSP what income you can during your time as a commissioned or ordained church worker.