Preparing For Retirement
Compare your income and expenses
One of the first steps in preparing for retirement is to compare your current income with your expenses. How much are you earning each month—and much are you spending? A monthly budget worksheet can give you important data, like whether or not you are living within your means and can pay your bills. It can also provide you with a snapshot of your spending priorities and your level of debt. This kind of basic information is helpful in estimating a realistic budget in retirement.
How much am I spending?
How will retirement affect my expenses?
Am I saving enough, what can I change?
Gather important financial information
Now is the time to organize your retirement account statements, MMBB Annual Benefits Statement, Social Security estimates, insurance statements, credit card statements, and other financial documents. You might wish to consolidate some of your accounts or set up automatic deposits and bill payments. Efficient management of your assets and record-keeping can give you greater control and simplify the financial process.
You should continue to review your MMBB financial information: quarterly statements, Annual Benefits Statements, and any annuity income projections periodically. This is key information that can help you properly plan for retirement.
Credit card management educator
MMBB retirement account portal
Evaluate your insurance needs
MMBB’s Benefits For Life (BFL) retirement plan provides group term life and disability insurance along with retirement savings as long as your employer pays the premiums. As you think about your transition to retirement and taking your MMBB annuity, your insurance needs may change.
Think about estate planning
If you die without proper estate planning, it could create financial distress for those left behind, as a greater percentage of your assets may go to taxes, attorney and probate fees. MMBB requires a durable power of attorney to discuss sensitive account details with your trusted family members or friends in case you are unable to handle your own financial affairs due to mental and/or physical incapacitation.
Your MMBB Annuity
Your MMBB annuity may comprise a significant portion of your retirement income. For ordained or licensed clergy, the IRS allows MMBB to designate up to 100% of your annuity income as housing allowance in retirement, making your annuity highly tax-advantaged.
The annuity income you receive from MMBB will continue for the rest of your life; you cannot outlive the payments. You can also select a joint survivorship option that provides income to you and a joint annuitant for both your lifetimes.
Contact the financial specialists at MMBB at 800.986.6222 or service@mmbb.org to discuss your plans for retirement. We’re here to help you plan a retirement strategy to achieve peace of mind, financial security—and the life you deserve in retirement.