403(b) Contribution Limits Have Increased
The limit for salary deferred contributions to your 403(b) is currently at $18,000 for those under age 50 and is at $24,000 for those over 50. The total limit including employer contributions can be up to $60,000 in some cases. That number is set to increase yet, again in 2018 to $18,500 for contribution limits. That will give you opportunity to contribute even more to your retirement plan and increase your tax savings using your Clergy Advantage 403(b)!
While there are new changes affecting a broad spectrum of retirement plans starting in 2018, including Regular IRA’s and 401k’s; we want to make it very clear that we DO NOT endorse these types of plans for ministers. The only retirement plan a minister should use is a clergy-specific 403(b). Doing otherwise will cause you to forfeit valuable tax savings and benefits…like your housing allowance benefits.