In a recent article I read, the thought was shared that Christians should never retire. Now before you scroll right on past this, the purpose of that article was to say that we should always be about the work of the LORD. The Christian never retires from being on a mission, at work for God.
While I believe this is true, certainly our ability to be on mission for God during the retirement years will be greatly affected by our preparation for retirement(or lack of planning). Statistics reveal that approximately 40% of Americans have calculated how much they will need for retirement. If this is true, then 60% of Americans will likely not be able to contribute or participate in ministry as much as they might desire in their retirement years. Our goal at Stewardship Advisory Group is to help our clients plan well so they can experience true Financial Freedom…Freedom to Live, Freedom to Give and Freedom to Serve.
Below are some tips that make a difference in your retirement planning. With the goal of being more available to God and more Financially Free in our retirement years, retirement is not just a materialistic planning goal. How well prepared we are for retirement affects more than just the here and now—our preparation now can have a significant Kingdom impact. Planning and investing well can allow us to serve God through the investment of our Time, Talents and our Treasures.
Savings & Investing
Do we know how much we need to be saving and investing? How will we know when we have enough? Obviously, we don’t want to run out of money later on in life and become a burden to our children; but neither do we want to over-accumulate and die with a proverbial “mattress full of money” that we could have spent and enjoyed, given to children or grandchildren…or invested in God’s Kingdom. Knowing how to do this wisely and well is what Biblically-based financial planning is all about! It’s planning through the “Lens of Biblical Stewardship™”.
Wise Investing
- 401ks. If your employer has a retirement plan such as a 401k, contribute all you can through this vehicle, which will be a big part of your preparation for retirement. At the very least “Max the Match”! Is your 401k invested wisely…or do you just pick some funds randomly or follow what your co-workers are doing? Want to invest more wisely so that your money is working as hard for you as you are working for it? Call us, we can help.
- Deciding between Roth and Traditional 401k or IRAs? Get wise counsel. It can make a huge difference in your Taxes now…and in the future!
- Pension, Deferred Compensation, Stock Purchase or Stock Option Plans. If you are eligible for these types of plans, sign up but understand how they work. Need guidance in navigating the complexities of these plans? We’re here for you.
- Individual Retirement Accounts. IRAs have tax advantages and can help to diversify your retirement planning, as well. You can contribute up to $6,000 per year, $7,000 after the age of 50!
Social Security Benefits
Social Security benefits can account for up to 40% of former income, a big portion of your retirement plan. Review and estimate your benefits on the Social Security website.
Estate Plan
Once you have determined how much you need and how to achieve that goal, a good Estate Plan makes sure that those journeying through life with you don't have to have their retirement years spent worrying about worldly matters.
The retirement years can be the most productive, fulfilling years of our lives. They are worth planning well for. Do you have a plan to achieve Financial Freedom? If not, contact us. It’s what we do!
Resources
- Download Our One Best Financial Life Checklist
- 5 Effective Ways to Approach Retirement
- What Should Christians Do with Retirement?
- Don't Waste Your Retirement
- Lifewise: Rethinking Retirement
- Why Christians Should Never Retire
- Retirement—You've Got This!
Yours for Wise Stewardship,
Jeff Rogers