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Retirement Savings Goal Advised

Date: October 1, 2012

The Retirement Advisor Council has published a position paper on retirement readiness. The paper assumes a target income replacement ratio of at least 75% and calls for consistent retirement account savings levels of 10% to 16% of pay over a 30- or 40-year career. Studies show, on average, this contribution level will be necessary to fund adequate retirement income.

FCMM encourages church employers to adopt benefit provisions that can enable staff members to reach this level through a combination of church contribution and elective salary deferral.

The position paper Enhancing Retirement Readiness: Consensus on a Course of Action is posted on the Retirement Advisor Council website.