Clergy Members Face Financial Challenges in Retirement

Many clergy members are struggling financially in retirement due to inadequate pensions and a lack of financial literacy, according to the Associated Press.

A new study by the National Association of Church Business Administration found that 13 percent of clergy members do not receive any retirement benefits, the news agency reports.

”As ministers start approaching retirement, they all of a sudden say, ‘Wow, I’m behind,’” Simeon May, the association’s chief executive, tells the news service. ”Especially if they’re in an independent situation or a small church, they could find themselves in real trouble.’’

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