Helping Ministry Workers Retire with Confidence

Learn how Geneva’s Late-in-Life Income option can provide guaranteed retirement income for life.

Many pastors and ministry workers spend decades faithfully caring for God’s people, often with limited financial resources and little time to focus on their own long-term financial planning. As retirement approaches, many realize they have not been able to save enough to support themselves and their families in the years ahead. For some, the prospect of stepping away from full-time ministry can bring uncertainty and concern, raising difficult questions: Will I have enough income to meet my needs? What happens if I outlive my savings?

Geneva’s Late-in-Life Income (LILI) solution was designed to help ease those concerns by providing guaranteed lifetime income, helping ministry workers and their spouses move into retirement with greater confidence and peace of mind.

For pastors like James, those questions are deeply personal.

Rev. James: Peace of Mind After Opting Out of Social Security

James spent decades faithfully serving in ministry after making the decision early in his career to opt out of Social Security, a choice he would later come to regret. As retirement approached, he worried about how he and his wife, Ruth, would make their savings last.

By adding a LILI to his retirement plan at age 66, James secured guaranteed income beginning at age 82. Knowing that future income is already in place gives him greater confidence in using his other retirement savings today.

Just as importantly, James chose a survivor benefit that allows Ruth to continue receiving the same income for the rest of her life if he passes away first. For James, LILI provides more than income. It provides peace of mind for both of them and helps ensure Ruth will be cared for, even after he’s gone.

What LILI Is and How It Works

LILI, also known as a Qualified Longevity Annuity Contract (QLAC), helps provide guaranteed, predictable income for the rest of your and your spouse’s lives. Whether it is used alongside other retirement savings, such as pensions or Social Security, or as an additional source of financial support, it offers the confidence of knowing a portion of your income is secure for life.

Using funds already in your retirement account, you make a one-time contribution and choose the age you’d like payments to begin. Once payments start, you’ll receive a reliable, fixed monthly income for life, no matter how the markets are performing.

Benefits of LILI

• Guaranteed lifetime income – receive a dependable monthly income for you and your spouse, no matter how long you live 

• More options for your other savings – with future income secured, you can steward your remaining retirement assets with greater peace of mind 

• Potential tax advantages – LILI may help reduce future RMDs (Required Minimum Distributions), and income payments may be eligible for the minister’s housing allowance 

• No commission or hidden fees – Geneva Benefits Group does not charge commission on a LILI purchase, helping more of your money work for your benefit 

More Real-Life Examples of LILI in Action

David: More Freedom to Enjoy and Give

David and his wife, Carol, have been faithful stewards throughout their lives and are entering retirement in a strong financial position. Even so, they wanted to make the most of what God had entrusted to them.

By adding a LILI to his retirement plan, David secured guaranteed income that will begin later in retirement. Knowing that income is already in place for his 80s gives him greater freedom to use the rest of his savings with confidence during his 60s and 70s. Whether it is traveling, spending time with family, serving their church, or supporting ministries they care about, David and Carol can enjoy these years without worrying as much about what the future may hold.

LILI also offers potential tax advantages while payments are pending and provides income that is not affected by market fluctuations. Most importantly, the confidence of knowing their later years are covered allows David and Carol to be even more generous. Rather than holding tightly to their savings out of fear, they can continue blessing their church, their grandchildren, and the ministries they love.

For David, LILI isn’t about having more money. It’s about having more freedom to live, serve, and give generously throughout retirement.

Margaret: A Widow’s Peace of Mind

Margaret is 67 and preparing for retirement. Her husband, a beloved pastor, passed away several years ago. While she is grateful for the retirement savings he left behind, she knows those resources may need to support her for decades to come. The women in her family routinely live into their late 90s, making the prospect of outliving her savings a real concern.

By using a portion of her retirement account to purchase a LILI, Margaret secures guaranteed income later in retirement. Combined with her Social Security survivor benefit, that future income provides a dependable foundation she can count on for the rest of her life.

For Margaret, LILI offers more than financial security. It provides the freedom to enjoy retirement with greater confidence, knowing she has a reliable source of income no matter how many years God gives her.

What Are Your Next Steps?

Every ministry career eventually reaches a season of transition, but the desire for security, peace of mind, and faithful stewardship remains the same. Whether you’re concerned about making your savings last, caring for a spouse, or faithful stewardship in every season, LILI may be worth exploring.

Our Retirement Readiness team would be honored to walk alongside you as you consider your options. Schedule a free consultation with one of our financial planners today and learn how LILI may help you prepare for the years ahead with greater confidence and peace of mind.