Wednesday, June 4, 2014
Assisting Needy Retired Ministers
A few years ago a retired Baptist pastor and his wife inquired about how they might assist in meeting the financial needs of other Kentucky Baptist retired ministers and their wives who needed more income to cover the essentials of daily living.
Although their retirement income was modest, they were debt free, had accumulated some savings and wanted to leave a legacy of their gratitude to the Lord for His provisions throughout their ministry by helping other needy retired ministers. With interest rates on their savings at such lows, they also were seeking a way to increase their retirement income for as long as they lived.
We informed them about the benefits of a charitable gift annuity (CGA) and the KBF’s Minister’s Aid Society Fund (MASF) as a solution to both their charitable interests as well as their income needs.
The CGA payout rate was substantially higher than any CD rate, a portion of it was not considered taxable income to them and they would receive an income tax deduction on a portion of the CGA gift amount.
The perpetual earnings of the MASF are used to supplement the provisions by GuideStone Financial Resources, formerly the Annuity Board, to assist needy retired ministers and their wives, or their widows with extra money for housing, food and medications while seeking to ensure a well deserved dignity and independence. This GuideStone ministry is called Mission:Dignity and provides $6.2M annually to approximately 2,000 recipients per year ranging from $200 to $530 per month. The KBF provides $300,000 annually from the MASF to 91 Kentucky recipients.
You can participate in this important “relief” ministry by sending a designated gift directly to GuideStone and/or the KBF. Your gift can be a check, appreciated assets like stock or real estate, a beneficiary designation of life insurance or retirement account and/or a bequest in your will. For more information about how you can support this ministry, click on www.missiondignitysbc.org, call toll free 1.888.984.8433 or call me toll free (KY only) at 1.866.49.3421.
What an opportunity to assist a generation of God-called servants, who loved their churches, and their churches loved them, but for whom planning for the future was not emphasized when they began serving. They trusted the Lord to provide, and they put the needs of their churches first. Now they need and deserve help. Let Mission:Dignity Sunday, June 22 be the day you decide to help.
For more information, please call us at (502) 489-3533 or toll free in KY at 1(866) 489-3533.
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.