Social Security COLA, Comp Study and Other Financial News

Facebook
Twitter
Email
Print

The Social Security Administration announced that the cost-of-living adjustment will be 8.7 percent in 2023.  The announcement also stated, “Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room.” Inflation is one factor which should be considered as churches plan for 2023. Historically, this compares to previous COLAs:

2022          8.7%
2021          5.9%
2020          1.3%
2019          1.6%
2018          2.8%
2017          2.0%
2016          0.3%

The GuideStone, Lifeway and state convention church staff compensation study has been completed, and churches may click here to search average salaries for a particular position and church size.  You may search on Alabama or select southeastern states or even all states.  Average salaries for ministers are similar among nearby states.  Generally, Georgia might pay a little more while Mississippi and Louisiana numbers might be a little less. It is often helpful to include surrounding states especially when the sample size is small for a particular position and church size. Remember that these are averages, not recommendations. We will soon have the data to prepare the Alabama Church Staff Compensation Study.

Lifeway posted a press release earlier which stated that salary increases have been small since the last study and that churches are falling behind on providing benefits.  Churches in Alabama have generally been behind concerning providing benefits during the past several surveys. For the press release, please click here.

Be reminded that the IRS Business Mileage Rate increased July 1 and continues through December 31.  The rate for the last half of the year is 62.5 cents per mile.

For questions about compensation, minister’s taxes, housing allowance, retirement or related topics, please contact State Missionary Lee Wright, at 1-800-264-1225, ext. 2241 or(334) 613-2241, lwright@alsbom.org.

More to Explore

2022 Resolutions

RESOLUTION NO. 1ON APPRECIATION FOR THE OVERTURNING OF ROE V. WADEWHEREAS, The Scriptures teach that life begins at conception (Psalm 139:13,16; Jeremiah

Receive New Post Notifications

Share this post with your friends