The Pension Boards - PBUCC - Life Stage Guides

Your Financial Wellness Matters

It is common for your financial planning considerations to change as you progress through your life and career. Life has many unpredictable turns like a growing family, moving expenses, health coverage needs, debt management, and financial planning for today or your future retirement. The Pension Boards offers you and your immediate family members free financial counseling, webinars, calculators, and other resources. Click below to view a life stage guide so you can help ensure your financial foundation is as strong as your commitment to serve.

Financial Planning for Ages (20-34)

Creating a solid financial foundation early in your career is crucial for long-term financial planning success and achieving peace of mind so you can focus on your ministry or career. Consider these initial steps to secure your financial foundation.

The first step is to understand your cash flow by tracking your income and expenses. This will help you create a realistic budget that can accommodate your needs and wants.

Second, build an emergency fund and make this a priority, as it provides a financial cushion for unforeseen expenses. Many financial planners recommend saving between 3-6 months of expenses in your emergency fund.

Third, manage your debt and prioritize paying off high-interest debt, such as credit cards, while making sure to keep up with student loans and other obligations. Setting clear financial goals, both short-term and long-term, will guide your savings and investment efforts.

A fourth step to consider is to plan early for retirement. Making regular contributions to your retirement account will significantly improve your future savings as compound growth earnings work toward your advantage.

Insurance and risk management are also critical at this stage. Utilize tools like the Comprehensive Life Insurance Analysis calculator to determine your coverage needs.

Incorporating these elements into your financial planning will set a strong foundation for the subsequent stages of your career. While this may sound overwhelming at first, the Pension Boards offers you and your immediate family members free financial counseling, webinars, calculators, and other resources so you can achieve financial wellness with confidence.

Topic	Description	Calculators	Resources
Cash Flow, Budgeting, and Emergency Fund	Maintain a well-structured budget and managing cash flow efficiently Build an emergency fund to help handle unexpected expenses Discuss financial goals with your spouse/partner (if applicable)	Benefits of Spending Less Should my Spouse Work? Home Budget Analysis Emergency Savings Payroll Flexible Spending Account	LSS Financial Choice Counselor S.M.A.R.T Goals Worksheet Budgeting Worksheet
Debt Management	Prioritize paying off high-interest debts to improve financial stability and peace of mind Review your credit report to help organize your finances and spot errors	Snowball Debt Elimination Debt Consolidation Should I Refinance?	LSS Financial Choice Counselor Debt Worksheet Visit Annualcreditreport.com to obtain your credit report
Setting Financial Goals	Clearly define short-term and long-term financial goals to guide savings, debt pay-down, and investment strategies	Auto Buy vs. Lease Home Rent vs. Buy	LSS Financial Choice Counselor
Insurance and Risk Management	Utilize calculators to help determine insurance needs so your loved ones are protected	Comprehensive Life Insurance Analysis	UCC Non-Medicare Plan Life Insurance, Disability, and Dental Insurance Pet Insurance
Retirement and Investment Planning	Work towards your retirement goals through consistent contributions to retirement accounts. Regularly review and adjust investment portfolio to align with retirement goals.	Don’t delay Your Savings! Social Security Benefit Estimator Should you Borrow from a 401(k) or 403(b)? Retirement Planner for Two Working Spouses with Different Retirement Accounts Retirement Planner 403(b) Contribution Effects on Your Paycheck	Fidelity Retirement Planners Maximize the Gift of Time for Your Retirement Annuity Estimator Managing your PBUCC Retirement Account How to Modify Your Investments How to Change your Contributions Simple Steps to Update Your Beneficiaries
Estate Planning	Create or update estate plan, including wills and trusts, to ensure assets are distributed according to your wishes.		Visit Freewill.com/pbucc to create your will, living will, and durable power of attorney for free Vital Records Guide
Tax Planning	Consider tax dedications such as PBUCC Lifetime Retirement Income Plan and Flexible Spending Account contributions	1040 Tax Calculator Clergy Housing Allowance Worksheet	Tax resources section on PBUCC.ORG

Next Steps to Consider:

Evaluate (Free and Confidential):
- Call a LSS Financial Choice Counselor (student loan forgiveness, budget and debt management, housing counseling, credit improvement, debt management plans)
- Call a Fidelity Retirement Planner (for retirement projections, start your personal retirement contributions, update your beneficiaries, and to discuss investments in your PBUCC Lifetime Retirement Income Plan)
Learn and Take Action:
- View a list of webinars on PBUCC.ORG
Assess and Complete: Take the PBUCC Financial Wellness Assessment, which will inform how we can better improve our financial wellness offerings for you.

Financial Planning for Ages (35-49)

For individuals in their mid-career stage, typically those aged 35 and older, it is crucial to establish a financial foundation to navigate the complexities of this life phase. As you work to balance competing life priories such as building for retirement, paying down debt, raising children, and saving for a child’s college education, it may seem like you are getting pulled in many different directions. That is why the Pension Boards provides robust resources to help you along the way.

An important first step is defining your short and long-term goals (e.g., retirement, getting out of debt, saving for a child’s education), and evaluating your current financial situation such as reviewing your expenses, budget, assets, and liabilities. By assessing your financial situation, you can better control where your money goes each month to achieve your financial goals.

It is important to build an emergency fund to cover life’s unexpected expenses. Many financial planners recommend building an emergency fund worth 3-6 months of required monthly expenses. Perhaps start with a goal of saving $1,000 and grow from there.

Create a debt repayment plan, focusing on paying at least the minimum while putting extra payments towards higher interest rate debt such as credit cards. Making additional payments towards your debt each month can substantially reduce the interest you pay overtime, leaving you more money to fund other goals.

In addition, it is important to create or review important estate planning documents such as your will, living will, and durable power of attorney to make sure your loved ones are taken care of in the event of your passing. Visit Freewill.com/pbucc to create your will, living will, and durable power of attorney for free!

While financial planning may be overwhelming at first, the Pension Boards is here to assist you in your financial journey by offering you and your immediate family members free financial counseling, webinars, calculators, and other resources, so you can achieve financial wellness with confidence.

Topic	Description	Calculators	Resources
Cash Flow, Budgeting, and Emergency Fund	Maintain a well-structured budget and managing cash flow efficiently Build an emergency fund to help handle unexpected expenses	Benefits of Spending Less Should my Spouse Work? Home Budget Analysis Emergency Savings	LSS Financial Choice Counselor S.M.A.R.T Goals Worksheet Budgeting Worksheet
Debt Management	Prioritize paying off any existing debts to improve financial stability as you approach retirement Review your credit report to help organize your finances and spot errors	Snowball Debt Elimination Debt Consolidation Should I Refinance? Payroll Flexible Spending Account Calculator	LSS Financial Choice Counselor Debt Worksheet Visit Annualcreditreport.com to obtain your credit report
Setting Financial Goals	Clearly define short-term and long-term financial goals to guide savings and investment strategies	Auto Buy vs. Lease Home Rent vs. Buy	LSS Financial Choice Counselor
Insurance and Risk Management	Utilize calculators to help determine insurance needs so your loved ones are protected	Comprehensive Life Insurance Analysis	UCC Non-Medicare Plan Life Insurance, Disability, and Dental Insurance Pet Insurance
Retirement and Investment Planning	Work towards your retirement goals through consistent contributions to retirement accounts. Regularly review and adjust investment portfolio to align with retirement goals.	Don’t delay Your Savings! Social Security Benefit Estimator Should you Borrow from a 401(k) or 403(b)? Retirement Planner for Two Working Spouses with Different Retirement Accounts Retirement Planner 403(b) Contribution Effects on Your Paycheck	Fidelity Retirement Planners Maximize the Gift of Time for Your Retirement Annuity Estimator Managing your PBUCC Retirement Account How to Modify Your Investments How to Change your Contributions Simple Steps to Update Your Beneficiaries
Estate Planning	Create or update estate plan, including wills and trusts, to ensure assets are distributed according to your wishes.		Visit Freewill.com/pbucc to create your will, living will, and durable power of attorney for free Vital Records Guide
Tax Planning	Consider tax dedications such as PBUCC Lifetime Retirement Income Plan and Flexible Spending Account contributions	1040 Tax Calculator Clergy Housing Allowance Worksheet	Visit PBUCC’s Tax Resources webpage to access the Clergy Tax Preparation Guide, Housing Allowance Board Designation, Federal Reporting for Churches, and other tax documents. Register for Clergy Law & Tax’s live, exclusive Clergy Tax online seminar on January 15, 2025, and receive access to materials on housing allowance, business reimbursements, and tips for preparing for the tax year.

Next Steps to Consider:

Evaluate (Free and Confidential):
- Call a LSS Financial Choice Counselor (student loan forgiveness, budget and debt management, housing counseling, credit improvement, debt management plans)
- Call a Fidelity Retirement Planner (for retirement projections, start your personal retirement contributions, update your beneficiaries, and to discuss investments in your PBUCC Lifetime Retirement Income Plan)
Learn and Take Action:
- View a list of webinars on PBUCC.ORG
Assess and Complete: Take the PBUCC Financial Wellness Assessment, which will inform how we can better improve our financial wellness offerings for you.

Financial Planning Ages (Age 50+)

Retirement might feel far off when you’re deeply involved in serving your church, community, and balancing personal and family responsibilities. However, as your career winds down, it is essential to start planning and make key decisions for your future. Think about how you will spend your time, assess your financial readiness, decide when to begin collecting Social Security, and prepare for retirement. Have you reviewed your investments, updated essential estate planning documents, and thought about healthcare options for your retirement?

While this may feel overwhelming, the Pension Boards is here to assist you! PBUCC provides a wide range of resources to help you plan and gain confidence in your retirement. Review the resources below as you consider the next steps in preparation for this transition.

Topic	Description	Calculators	Resources
Cash Flow, Budgeting, and Emergency Fund	Maintain a well-structured budget and managing cash flow efficiently Build an emergency fund to help handle unexpected expenses	Benefits of Spending Less Should my Spouse Work? Home Budget Analysis Emergency Savings	LSS Financial Choice Counselor S.M.A.R.T Goals Worksheet Budgeting Worksheet
Debt Management	Prioritize paying off debts to improve financial stability as you approach retirement, focusing on high-interest debt first Review your credit report to help organize your finances and spot errors	Snowball Debt Elimination Debt Consolidation Should I Refinance?	LSS Financial Choice Counselor Debt Worksheet Visit Annualcreditreport.com to obtain your credit report
Setting Financial Goals	Clearly define short-term and long-term financial goals to guide savings and investment strategies	Auto Buy vs. Lease Home Rent vs. Buy	LSS Financial Choice Counselor
Insurance and Risk Management	Utilize calculators to help determine insurance needs so your loved ones are protected	Comprehensive Life Insurance Analysis	UCC Non-Medicare and Medicare Advantage Plans Life Insurance, Disability, and Dental Insurance Pet Insurance
Retirement and Investment Planning	Work towards your retirement goals through consistent contributions to retirement accounts Regularly review and adjust investment portfolio to align with retirement goals	Social Security Benefit Estimator Should you Borrow from a 401(k) or 403(b)? Retirement Planner for Two Working Spouses with Different Retirement Accounts Retirement Planner Required Minimum Distribution (RMD) 403(b) Contribution Effects on Your Paycheck	Fidelity Retirement Planners On the Path to Retirement Annuity Timeline and Decisions Planning for the Transition to Retirement Resource Guide Annuity Estimator Managing your PBUCC Retirement Account How to Modify Your Investments How to Change your Contributions Simple Steps to Update Your Beneficiaries Contact PBUCC if you are eligible for ministerial assistance such as pension and health care supplementation
Estate Planning	Create or update estate plan, including wills and trusts, to ensure assets are distributed according to your wishes		Visit freewill.com/pbucc to create your will, living will, and durable power of attorney for free Vital Records Guide Consider charitable gifts to support the Christmas Fund
Tax Planning	Consider tax dedications such as PBUCC Lifetime Retirement Income Plan and Flexible Spending Account contributions	1040 Tax Calculator Clergy Housing Allowance Worksheet	Tax resources section on PBUCC.ORG

Next Steps to Consider:

Evaluate (Free and Confidential):
- Call a LSS Financial Choice Counselor (student loan forgiveness, budget and debt management, housing counseling, credit improvement, debt management plans)
- Call a Fidelity Retirement Planner (for retirement projections, start your personal retirement contributions, update your beneficiaries, and to discuss investments in your PBUCC Lifetime Retirement Income Plan)
Learn and Take Action:
- View a list of webinars on PBUCC.ORG
- Contact a PBUCC Pension Counselor to learn more about how to turn your PBUCC Lifetime Retirement Income Plan into monthly lifetime income.
Assess and Complete: Take the PBUCC Financial Wellness Assessment, which will inform how we can better improve our financial wellness offerings for you.