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If someone needed $50,000 a year to live on in 2007, and if one assumes an inflation rate of 4% (the average inflation rate for the prior 25 years was 4.27%), they would need the following in the years below:

2012 – $60,833

2017 – $74,012

2022 – $90,047

2027 – $109,556

Interesting Facts from 1968

Average cost of a new home – $14,975

Average Income – $7,844

Average cost of a new car – $2,822

Gallon of milk – $1.21

Gallon of gasoline – $0.34

Loaf of bread – $0.22

Life Expectancy (from 2010 IRS Pub. 590)

Present age / Projected Life Expectancy

60 85

65 86

70 87

75 88

80 90

IRAs

Traditional IRA – amount of contribution is pre-tax. All withdrawals are taxed.

Roth IRA – amount of contribution is after-tax. Earnings are not taxed when withdrawn.

The limit for 2017 contributions for IRAs is $5,500.

For those 50 and older the limit is $6,500 (often referred to as ‘catch-up contribution’).

403b

A 403b is the 401k equivalent in the non-profit sector.

Most financial service companies are able to set one up.

Contributions to a 403b cannot be made directly by the clergyman. The contribution is deducted from his salary and sent by the parish directly to the company in his name.

The limit for 2017 contributions for a 403b is $18,000.

For those 50 and older the limit is $24,000 (often referred to as ‘catch-up contribution’)

Family Concerns and Other Issues

Lord's Prayer and The Creed

Keeping Marriage Alive

When a Priest Falls Asleep - Guidelines

The Date for Easter

Orthodox Daily Readings for iPhone, iPad, iPod Touch

Umbrella Liability Insurance

Umbrella liability insurance is extra liability insurance that you purchase in addition to your regular insurance policies. As its name implies, umbrella insurance sits "on top of" your other insurance policies like an umbrella, to provide added financial protection in the event that other policies cannot cover the loss.

For example, let's say that you rear-end a luxury vehicle, and it turns out that you must pay far more than your insurance coverage allows. If you don't have an umbrella insurance policy, you'll need to figure out where to get that money. But if you do have umbrella insurance, then that policy would kick in and you would likely pay nothing out of pocket.

It used to be that only the very wealthy needed umbrella insurance. But anyone can be sued for any reason at any time, and umbrella insurance provides added protection against losses. If someone falls on your front steps or your tree falls on a neighbor's house during a storm, they can successfully sue you for damages. Anything that happens on your property or because of your property is your responsibility and may not always be covered by traditional homeowners' insurance. Umbrella policies provide protection in many situations that usual liability policies don't cover.

Coverage limits usually start at $1,000,000. However, premiums for Umbrella liability insurance are very inexpensive. Everyone should consult with their insurance agent about adding this valuable coverage.

Umbrella Coverage Info