Kernels of Korn

WAKE UP! WE’RE TALKING ABOUT MONEY

AND KEEPING YOU OUT OF TROUBLE!

I call my columns Kernels of Korn, because they aren’t intended to teach it all to you! I just want to basically plant a seed of interest, doubt or concern so that you will want to learn more! You can start this learning process today by reading this article at least twice. Once to overview it, second time to see how much you can learn about what you don’t know about! Got that?

Pastors: If you previously opted out of Social Security you have a rare opportunity to elect to once again be covered under the plan. In December of 1999, our beloved, most honest, highly ethical, now former—thank goodness, President Bill Clinton signed the "Ticket To Work Act". I know, some of you readers still believe that Pastors don’t work!! Well, this layman knows, we actually overwork them. (Except, for my Pastor Bob Dyshuk. Gotta be careful, he might ask for a raise.) Geez, where was I? Oh yeah, this law contained a provision allowing minister to revoke a prior exemption from self-employment taxes. You can get back in to the Social Security Program if you want! This is an awesome opportunity! All you gotta do? File the election, using form 2031 ( call IRS for a copy 1-800-tax form) and file it by April 15, of 2002. You can also download this form from www.irs.gov.

You probably should make the election in early 2001 and start paying self-employment taxes as of January 1, 2001. Actually, you can make it for January 1, 2000 but you'll have to pay the back taxes due. This may be extremely important however, if  you are experiencing some medical problems and want to be covered by Medicare. Call your local IRS office for more information. Or you might try the contacting the Social Security Administration for more information. The web site is www.ssa.gov

Remember, Social Security also has disability provisions and of course this election would also qualify you for Medicare coverage, when eligible. The way you preacher types age, maybe you should qualify for Medicare at say, age 55?? Couldn’t be us Baptist congregations causing that premature aging? Could it?

Social Security Administration: The SSA has recently opened an online retirement planner that you can use to estimate your future SS benefits. It's Kinda Kool! (Don't holler about my speeellin! I figure that all words that start with a C, like Corn should really start with a K) 
It kan't be totally accurate but you know if you start your retirement plans today you must use a lot of future guesses (assumptions) anyway so having a GUESS on what your future SS benefits will be can't hurt. You have started your retirement plan? Haven't you? You better! Forget college funds for the kids, start your retirement plan first! See Chapter 12 in the CFP book and call your SBC Annuity Board. They too have a website—doesn’t everyone!—www.absbc.org Phone number 800-262-0511.I

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