Q: When I decide to retire, what should I do?
A: At least 90 days before your retirement date, notify MMBB and your nearest Social Security office. MMBB will send you information and forms. Social Security will require your Social Security card or number, proof of your date of birth, and, if you are married, a copy of your marriage certificate. For more things to consider when you retire, follow the link at the bottom of this screen, "What if my employment changes?" for helpful life event checklists. Also, call MMBB for a free copy of the "Steps into Retirement" brochure.

Q: How will my MMBB annuity be paid?
A: Your payment will be sent or deposited on the last business day of each month for the following month. For greater security and faster access to your funds, most annuitants ask MMBB for electronic funds transfer (EFT) directly to their bank accounts. Call MMBB if you'd like an EFT form.

Q: Will the amount of my MMBB annuity change each year?
A: Yes. It is a variable annuity and will increase or decrease each January 1, depending upon investment results for the Annuity Fund, with a slight adjustment for mortality.

Q: May I continue to serve my present church and still receive my MMBB annuity?
A: No. You must retire from your present church before you take your MMBB annuity. You may, however, secure other employment without affecting your annuity.

Q: Can I continue to contribute to The Annuity Supplement (TAS) in retirement?
A: Yes. If you have eligible, church-related income, such as from an interim pastorate, you can contribute to TAS. With TAS, you postpone tax, cutting your current tax bill. You also continue to build assets for your future. 

Q: Are loans available to retired members?
A: TAS, TDA, and Benefits for Life loans are available to retired members who have not annuitized or withdrawn all of their plan accumulation units. The minimum amount required in their account is $2,000.

Q: What should I do if I am approached by a financial planner?
A: The good news is that church plan assets have grown so much that they are drawing increasing attention from financial planners. However, this is creating many challenges for our members. The title "financial planner" is a marketing term and regulations do not govern the credentials required to use it. People presenting themselves as financial planners may or may not have specialized training in the growth and preservation of assets. Sadly, some of the weakest credentials are seen by some of those calling themselves "Christian Financial Planners."

Financial planners may be compensated by fees or commissions (reducing your principal investment) or you may pay them by the hour. Many otherwise qualified planners are not familiar with church plan investments and, as such, may recommend a move that will lose a member's eligibility for the housing allowance tax exemption. They also are not familiar with the MMBB plans and funds. Many of our members have reported that some planners are not disclosing all fees and expenses, and not revealing limitations on guarantees. Your best approach is to contact your MMBB Regional Representative to discuss your needs. He or she can help you ask the right questions, and can review your printed materials so you can compare your opportunities apples to apples. 

Q: How do I determine how much income I will need in retirement?
A: Professional retirement planners suggest that you should have three sources of retirement income: (1) Social Security, (2) an employer-provided annuity, and (3) personal resources. To maintain your pre-retirement living standard, many planners recommend a combination of these sources should equal at least 75% to 85% of your final compensation. Some are even recommending a 100% target, given the escalating cost of medical care and increasing life expectancies.

Q: How do I find out how much I will receive from Social Security?
A: To obtain an Earnings and Benefits Estimate, call the Social Security Administration toll free at 800.772.1213.

Click on a question below to find a detailed answer:

Q: What If I have a question?

Q: What if my life or family changes (such as by marriage or birth)?

Q: What if my employment changes?