The retirement-funding crisis can be attributed to three primary factors: insufficient retirement savings, rising health-care costs, and declining income. Traditionally, women and men religious worked for small stipends (PDF) that furnished only the basics of daily living. As a result, a majority of religious communities now lack adequate funding for retirement. At the same time, the cost of care continues to increase while the number of religious able to serve in compensated ministry decreases.
From left: Sister Electa LaGrutta with novices Sister Elizabeth Doyle and Sister Christina Skelley of the Apostles of the Sacred Heart of Jesus, Hamden, Connecticut.
In 2013, of 590 religious communities submitting data to the National Religious Retirement Office, only 45 were adequately funded for retirement; 216 were 20 percent or less funded.