As they age, seniors can gain access to many perks and benefits including a wide range of senior discounts. Seniors in religious organizations such as pastors can gain access to Medicare or Medicaid benefits in addition to tax benefits and deductions provided to self-employed individuals.
Pastors who are aged 65 and older are eligible for Medicare but can receive their benefits at a younger age if they are entitled to disability benefits. Those with limited finances may qualify for Medicare. Medicare Advantage provides additional coverage for the cost of dental care for seniors, as well as hearing tests and eye exams that aren’t provided under Original Medicare.
Pastors are usually considered self-employed individuals, meaning that they can deduct work-related expenses from their tax expenses. They can also make use of tax breaks including the self-employment tax deduction and the health insurance expense deduction.
Some tax benefits include:
In addition, senior pastors who earn $400 or more will have to pay self-employment taxes and file Schedule SE. However, those who make less than $400 will not have to pay taxes but are unable to receive Social Security benefits during that year.
Learn more about which legal services can help seniors at Senior Strong!