Pastors expect change, not retirement
Ask pastors what they plan to do after retirement and you may get a chuckle. But after the chortles ended, the vast majority of pastors interviewed by “Teleios” on this topic said they don’t expect to retire at 65.

Christine A. Price, assistant professor and gerontology specialist, Ohio State University, reminds us that the word “retirement” was essentially invented by the Social Security Act in 1935. Has the word’s relevancy passed – or is it just going through a major redefinition?

The 20 pastors we interviewed are certainly re-writing the meaning of retirement – a movement the baby boomer generation is pushing hard according to Price. “Retirement is changing from a time of leisure or idleness to a ‘time at one’s command.’”

Their work may change. At age 65, 18 of the interviewed pastors expect to continue to work, either full- or part-time. Nine said their post-65 work will be more closely connected to their personal passions in ministry or hobbies, while eight said that location desirability and type of work will take second place to living near family.

Three of the 20 pastors who were already past 65 plan to work in pastoral ministry or in their other vocation, farming, as long as their health permitted. Ten interviewees mentioned volunteer service work, ministry at a slower pace, or sports activities as their dream goals for the future.

Preparing and saving. All 20 pastors said they were planning for retirement or are already living in that mode. Eighteen have a savings plan, which they considered their primary way of planning for retirement.

Are pastors financially prepared? Eight said their savings were on track, four said they needed to save a lot more aggressively, and six indicated they didn’t know if they have adequate resources for retirement or not.

Thirteen serve churches that provide at least some retirement savings – regular, significant contributions or matching contributions – while seven are self-funding their retirement plans.

We did not ask the pastors to give the amount in their retirement savings or total assets. However, Steve Martin, senior vice president of marketing at MMA, estimates 32 percent of Mennonites between 50 and 60 years of age have a net worth of at least $100,000 while another 38 percent have a net worth of more than $250,000. Look for “Do you have enough to retire?” in this newsletter’s Resource Reserve to get a better handle on evaluating your retirement savings.
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Few health issues. Are pastors concerned about health issues during retirement? Most said they had no present concerns, but three named “lower back pain” as an issue while others named obesity and anxiety about potential Medicare changes as concerns.

Many people approaching retirement have outright fear about potential health problems as they age. These pastors interviewed seem to be free of that common worry.

However, that doesn’t mean clergy are in better health than the general population. Gwen Wagstrom Halaas, a family physician and author of “Clergy, Retirement and Wholeness: Looking Forward to the Third Age,” names six dimensions of wellness – physical, emotional, intellectual, social, vocational, and spiritual. She says pastors typically score lower in the physical dimension than in the other areas of self-care.

Other issues. Ten of the 20 pastors listed additional issues that may change the direction of their retirement plans, including finding part-time ministry jobs, caring for aged parents, finding a good location to retire, transferring their personal businesses (from their other vocation) to the next generation, understanding government programs – and finding a good golf course.

At a glance: Snapshot of the 20 pastors interviewed

Age
Under 40 - 4
40 to 50 - 4
50 to 60 - 11
Over 60 - 1

Denominations represented
Beachy Amish Church
Brethren in Christ Church
Conservative Mennonite Conference
Evangelical Friends International
Mennonite Brethren Church
Mennonite Church USA
Missionary Church
Unaffiliated congregations