Saving money for healthcare and building retirement funds at the same time can be challenging. With health-care costs on the rise, the competition for dollars can be overwhelming and knowing which account to contribute to and when can be confusing.
If you are enrolled in the Alliance Retirement Plan, did you know that you have direct access to plan consultants who can lend a hand with these very questions? Strategic Financial Partners provides free consultation to our Alliance domestic and international retirement plan participants. With a strong background and familiarity on how a defined “Church Plan” works, they are able to assist pastors in developing financial goals based on their specific situations and needs. They look at the overall objective and give perspective not only on how to best maximize retirement contributions, but also incorporate and provide good balance for current and future health-care savings.
The 2019 and 2020 IRS allowed maximum contributions for a Health Savings Account (HSA):
The 2019 and 2020 IRS allowed maximum contributions for the 403(b) Retirement Plan:
Even if you are not able to take the full advantage of the allowed limits, remember that every bit helps. The most important thing is to stay the course! Start saving and keep saving is the motto. We encourage retirement plan participants to contact Strategic Financial Partners by calling (866) 963-1843. They have a long-standing relationship with many of our Alliance family and welcome your call.
*If not yet enrolled, click here to learn more about the Alliance Retirement Plan and the benefits of participating in a defined church plan.
Curtis joined as Director for Alliance Benefits in September of 2017. He is responsible for the overall administration and direction of all aspects of Alliance Benefits, including the health and retirement plans for Alliance workers in the United States and internationally. His desire is to serve our districts and churches in helping to care for our pastors and staff.