- The Need: Currently, two-thirds of our diocesan priests are age 60 or over with retirement permitted at age 70. We must honor the dignity and care our priests deserve after a lifetime of service to all of us. The monthly cost for each retired priest averages $1,980 a month. Our reserve funds will be completely depleted in the next three to five if we fail to increase our endowment and reserves.
- The Opportunity: Raise $8 million to address the needs of priest retirement. One million dollars will be used to cover current costs and to shore up our reserves and the other seven million will be put into endowment to generate income for future benefits.
- The Benefit: We can ensure that our priests live out the last days of their vocation with peace of mind as we say thank you for their lives of ministry to us and the Church.
"When I was ordained in 1956, my monthly salary was $50 a month and my car payment was $48 a month. Needless to say, I didn't save a lot of money. I have now been ordained for fifty years and retired for ten of those years. I live in Manhattan as I have a lot of friends here, and I enjoy helping out almost every weekend at some parish.
I presently serve on the Diocesan Retirement Board so I can help decide how much we pay out each month as a source of pension for the retired priests. Our social security checks are small since we didn't earn that much over the years. Unless we add some money to the Diocesan Retirement Fund, our resources will be depleted in a few short years.
I have made a gift to the Yesterday, Today, and Forever campaign and I hope you will consider a gift as well. Our future is at stake."
Fr. Loren Werth, Retired
Bishop Paul Coakley determined that he and the priests of the Diocese should demonstrate leadership by example. The aggressive goal of $250,000 was established. At present the men have pledged $472,835. That is equal to 189% of their goal!