Pastor salaries, as are teacher salaries, are not keeping up with others with professional degrees, with a minimum of a Bachelorâs degree. According to the National Association of Church Business Administration, the average pastor in 2012 received an annual salary of $28,000.
Several people have e-mailed us recently for information on average retirement plan balances. Those balances are often released by many of the larger plan providers.and we've included those studies on our website. The federal government equivalent of the 401k, the Thrift Savings Plan (TSP) recently released some balances: As of June 30, the average TSP account balance was $61,221 for participants covered by FERS, a spokesman said. The average account balance was $52,356 for employees covered by the older CSRS.
You may elect to contribute any dollar amount or percentage of basic pay. However, your annual dollar total cannot exceed the Internal Revenue Code limit, which is $18,500 for 2018 and $6,000 for catch up contributions over age 50. A person age 50 or older can contribute a combined $24,500 a year into their TSP account! Contributing as much as you can to TSP retirement coverage is simply a smart financial move. Invest money in yourself and your future instead of giving the government an interest free loan in order to get back a large refund check annually after taxes.