Five Tips to Prepare for a Better Financial Future

As a financial education specialist with the Church Pension Group (CPG), Larry Dresner, ChFC®, has spoken with thousands of participants in retirement plans sponsored by The Church Pension Fund (CPF). Drawing on those conversations, he offers five practical tips—along with his favorite resources—to help participants build long-term financial security.

1. Save early and save steadily.

Many people are just starting out in their careers and feel they don’t yet have the discretionary income to save for retirement. But even contributing as little as 1% of your paycheck to one of our retirement savings plans* can make a meaningful difference over time—and you’re unlikely to miss it in your day-to-day budget.

“If you’re skeptical about the power of compounding,” Larry says, “watch the videos of Church employees reflecting on what they wish they’d known earlier in their careers. You may be inspired.”

2. Build on your momentum.

Once you start saving, look for opportunities to make increases. For those using only defined contribution plans for retirement savings, Larry noted that Fidelity Investments suggests individuals set aside at least 15% of their pre-tax income. That includes taking advantage of any employer match. “You don’t want to leave money on the table,” he said.

3. Track your progress.

Fidelity provides simple yet powerful tools that show how even modest changes to your savings can bring you closer to your retirement goals. Larry encourages participants to explore the Contribution Calculator on NetBenefits, which estimates your ending account balance if you increase your contribution rate.

“Try modeling a hypothetical 2% increase,” Larry suggests. “You may be surprised by how much of a difference it can make over time.”

Participants in the Clergy Pension Plan*** or Lay DB Plan** can review their accumulated pension benefit through MyCPG Accounts. The pension calculator tool allows you to see what your benefit may be at different retirement ages, assuming you continue to earn Credited Service. Those without access to MyCPG Accounts can contact Client Services at 866-802-6333, Monday to Friday, 8:30 AM to 8:00 PM ET or benefits@cpg.org.

4.  Pay attention to how your benefits change over time.

Understanding when key benefits become available can help you make more informed decisions. Larry often refers to a milestone timeline when speaking with participants in the Clergy Pension Plan. For example, participants must earn at least 10 years of eligible Credited Service to qualify for the post-retirement health subsidy. The subsidy can be used to help purchase retiree medical and/or dental coverage through plans offered by The Episcopal Church Medical Trust.

“Knowing these milestones in advance can be an important part of planning your next steps,” Larry says.

5.  Take advantage of educational resources.

“I consider myself an ambassador for CPG’s Learning Center. Every time I visit, I discover new tools to support participants’ financial wellness and help them get the most from their CPG benefits,” Larry says. “I also urge our clients to check out our webinars. For instance, our Pre-Retirement Playbook series, which starts in June, will help people gain a better understanding of the factors that can affect their retirement lifestyle.”

In addition, Larry recommends taking advantage of Fidelity’s educational content, which includes concise articles on budgeting, avoiding common financial pitfalls, and other foundational topics. Some resources are publicly available; others require a Fidelity account and can be accessed through the NetBenefits mobile app.

Personalized Support

CPG financial education specialists understand the unique decisions clergy face when planning for retirement. To schedule a complimentary conversation, clergy can visit cpg.org/letschat. Conversations are available in English and Spanish.

Fidelity experts are also available to help participants in the Lay DC Plan and RSVP improve their retirement readiness and make informed investment decisions. Call 877-208-0092, Monday through Friday, 8:00 AM to 8:30 PM ET.

*The Episcopal Church Lay Employees’ Defined Contribution Retirement Plan (Lay DC Plan), The Episcopal Church Retirement Savings Plan (RSVP)
**The Episcopal Church Lay Employees’ Retirement Plan (Lay DB Plan)
***The Church Pension Fund Clergy Pension Plan (Clergy Pension Plan)

Comments? Questions? Concerns? CPG is listening. Please reach out to us at corpcomm@cpg.org

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