Unfortunately, most pastors I encounter when I am working as part of the POIMEN Ministries team have never given much thought of how their wife and children would fare in the event of their untimely death. How would it be in your case? Have you made financial provisions for your family that could carry them for at least five years if you were suddenly taken out of the picture? As a totally unexpected triple by-pass survivor I realize just how fragile our time is here on earth. Never had high blood pressure or high cholesterol and I was in seemingly good health but in one brief moment my wife should have been facing life alone. I know it’s not something we like to spend much time thinking about but all too often a pastor is taken home to be with the Lord while his widow is left holding the bag so to speak and sad to say, often the bag she is holding is nearly empty.
Some churches have set up retirement accounts for their pastoral staff and those certainly help but even they can be quite underfunded and only provide enough capital to help ease the immediate burden thrust upon a widow. It’s a good idea for you to take some time to consider your financial situation.
• Do you have any life insurance that will benefit your family?
• What Social Security benefits would be available to your wife and children if you were suddenly taken away?
• Do you have investments that could provide her with a nest egg?
• What do you have in the bank or available equity in your home?
All these things should add up to provide your widow and your children with enough to carry on their lives for a minimum of five years after your passing away. The reason I use five years as a minimum is because in that time perhaps your widow will be able to find some employment to help with the financial burden but please men, at least provide enough so she can carry on without any financial worries for a minimum of five years fully funded by your advance preparations for her.
If indeed your wife is 55 or older you should have enough available capital to last your wife for the rest of her life expectancy since it may be difficult for her to find financially rewarding employment the closer she approaches retirement age.
Take some significant time to consider the question we started with;
Have I provided enough for my family when I am no longer here?
Article Credit: Phil Evans, POIMEN Ministries