No matter where you are on your Retirement journey, Servant Solutions is here to help you plan with confidence. Here are five strategies to consider as you save and plan. Servant Solutions wants to be your life-long financial planning partner. We’re available with multiple tools and planning documents to help you arrive at your retirement years well-funded.
At Servant Solutions, we understand the unique challenges and demands faced by ministry employees. Amidst your noble calling, it's crucial to ensure that you're also taking care of your own financial well-being, especially when it comes to planning for retirement. That's why we're here to offer a suggestion that simplifies your financial future: consolidating your retirement funds into one account with Servant Solutions.
One key aspect that sets exceptional leaders apart is emotional intelligence. This quality, rooted in empathy and self-awareness, not only fosters a healthier workplace but also enhances the transformative power of your leadership. Here are some areas to keep in mind as you post your create a culture of emotional intelligence.
One crucial aspect of retirement planning that often goes overlooked is the timing of when to begin drawing your Social Security benefits. While it may be tempting to start receiving benefits as soon as you become eligible, delaying the start of your benefits can significantly impact your financial security in the long run.
We believe your leadership is a divine calling, instrumental in building and nurturing the spiritual growth of those in your community. In this blog we offer some suggestions for leaders to proactively protect and prepare themselves for the strain of ministry roles. It is our hope that with this knowledge, you'll be better equipped to lead well and make a lasting impact for Christ.
We want to shed light on a valuable financial resource available to you: the Saver's Credit. This often overlooked tax credit is designed to encourage low- to moderate-income individuals to save for retirement while reducing their tax burden. Understanding how the Saver's Credit works can help you maximize your savings potential and help secure a brighter financial future.
The Saver's Credit, also known as the Retirement Savings Contributions Credit, is a tax credit available to eligible taxpayers who contribute to a qualified retirement savings plan, such as a 401(k), 403(b), or IRA. This credit directly reduces the amount of federal income tax you owe, making it a valuable incentive for saving for retirement.
The amount of the Saver's Credit depends on your filing status, adjusted gross income (AGI), and the amount of your eligible contributions to retirement savings plans. The credit ranges from 10% to 50% of your contributions, up to a maximum credit of $1,000 for individuals or $2,000 for married couples filing jointly.
For 2023 (taxes filed in 2024), it can be claimed by:
Single (or married filing separately) individuals with incomes up to $36,500
Heads of households with incomes up to $54,750
Married couples filing jointly with incomes up to $73,000
In addition, to be eligible for the credit, you must:
· Be at least 18 years old.
· Not be a full-time student.
· Not be claimed as a dependent on someone else's tax return.
As a member of Servant Solutions, you have access to free financial planning services and resources to help you navigate your financial journey. Our team of experts is here to provide guidance on maximizing your retirement savings, understanding tax benefits like the Saver's Credit, and planning for a secure future.
The Saver's Credit can be a valuable tool allowing you to keep more of the income you earn. In order to claim it and calculate the exact amount of your credit, complete Form 8880 with your tax return. You can find more information here on the IRS website.
