Retirement planning—the creation of a plan and pattern of savings that will help us create our own pot of gold at the end of the rainbow of life. We can think of it as our own gift to ourselves as a reward for a lifetime of hard work. The financial universe treats retirement planning and investing as something special, perhaps even putting it atop the personal financial food chain—if such a thing exists.
Within the scope of conventional thinking this makes abundant sense. With the absence of employer funded defined benefit pension plans and widespread concern over the future of Social Security, we need to have our own plan of survival for our later years.
But as reasonable as those assumptions may be on the surface, there could be a few traps in that thinking for the believer. Those traps begin to surface not in retirement planning itself, but rather in how far we decide to take it.
And with many millions of people now unemployed, under-employed or forced to liquidate retirement savings in favor of current survival needs, this is an excellent time to rethink both retirement and retirement planning.
Retirement as an idol
I’ll admit that this idea sounds crazy on the surface, but humor me for a bit. An idol can be anything that takes up a disproportionate amount of our time, concern, efforts or resources. That could be an outsized house, an outsized lifestyle—and yes, even an outsized retirement plan.
There’s a “TV version” of retirement that has you relaxing on a remote beach somewhere in the tropics, living the life of luxury and oblivious to the world’s problems—courtesy of a multi-million dollar retirement portfolio. For sure, most people will never know that sort of retirement, but many will aspire to it! Attaining that kind of retirement IS possible even for people of ordinary means. But it will require a substantial level of dedication and financial resources over a very long period of time.
Is there a problem anywhere in there? Perhaps. In Matthew 6:21 Jesus tells us:
“For where your treasure is, there your heart will be also.”
If too much of our money and concern are flowing into our retirement plans, we can very well be flirting with an idol. This possibility can be magnified by the fact that retirement planning is a noble pursuit that can obscure our own obsession with it. That obsession can be fueled by the “X Factor” which is inherent in all retirement plans: in a future fraught with variables and uncertainties how much money will be enough?
The potential is very real that enough will never be enough. We MUST make provisions for retirement, but at the same time we need to guard against considering it to be our ultimate salvation.
The claim on our financial resources
Can I throw this out—just as something to get us thinking? Let’s say that my giving represents 10% of my income (consistent with the Old Testament tithe), and I’m contributing 20% of my income toward my retirement. In a purely secular context, there’s no conflict with this arrangement whatsoever. But what if I’m a Christian?
Everyone’s situation is different, and there’s no “correct” balance between giving and investing, but as believers should the fact that we’re putting more money into retirement than we’re giving to others stir some tension within us? I don’t have a definitive answer for this—I don’t know if there is one—but I think it’s something we do need to ponder in light of Matthew 6:21:
“But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal.”
Should retirement get the largest share of our treasure?
Idleness should never be the goal in life
People have different views of retirement, but it’s safe to say that a very popular one is having the ability to live for the rest of your life without working. In fact, in it’s most basic form, retirement is a complete withdrawal from work into a life of idleness. For the great majority of people throughout history, retirement did not exist prior to the middle of the 20th Century, and there’s virtually no mention of it in the Bible.
I only mention these to points to highlight the fact that complete retirement is only a very recent phenomenon. That doesn’t make retirement a bad in any way, but perhaps we need to take a closer look at what it is we’re running away from with retirement.
There’s a popular notion in contemporary thinking that work is a bad thing, that it’s something to be put behind us if we want to achieve true happiness. Is that true also for the Christian?
We often like to believe that retirement can free up our time to do God’s work. Perhaps we reason that retirement will give us time to enter some form of formal or informal ministry, or at least to spend more time volunteering. But do we ever stop to consider the ministries we perform while working?
Ministries through work? Most definitely!
Throughout our lives, we can minister in- and through our work. God has given us each abilities to make contributions to the world in this way. While working we’re in the “front lines” of ministry—the places where people are toiling, stressing, struggling and hurting—and though this is the precise situation we hope to escape through retirement, it’s also where our greatest witness can be. It’s our opportunity to be “salt and light” in the world. Do we think of work in this way?
In John 5 Jesus is challenged on working on the Sabbath; he responds to this in verse 17 by saying:
“My Father is always at his work to this very day, and I too am working.”
We don’t see idleness as a virtue in Scripture, even though it’s prized in the world. Should it ever be a goal of a Christian?
A different focus
I realize that this post reads very much like I’m beating up on the whole notion of retirement planning, but I promise I’m not. What I am taking aim at is retirement as an obsession—as the Holy Grail of financial planning that it often seems to be. This is an even more important consideration since we find ourselves mired in an economic situation that’s impairing many people’s ability to prepare for retirement.
In the modern world, retirement planning has a place in our overall financial plans, but from a Christian standpoint, perhaps we should view it more as a tool than anything else.
Consider…
- Most of us will not retire rich—but life will go on and God will still love us and provide us with both a place and a purpose
- Any retirement provision—no matter how inadequate the “experts” might declare it to be—is better than no retirement provision
- It’s OK if retirement savings do nothing more than supplement lost- or lower wages
- It’s OK if retirement savings do nothing more than provide a cushion against disaster, akin to a large emergency fund
- Consider that maximizing retirement savings in order to fund an idle lifestyle may not be the best use of our God given time and resources
- Consider retirement savings as a vehicle to fund a future ministry or a new career or business venture
- Recognize that we’re not doomed if we don’t have “enough” retirement savings; God is our ultimate security, and He’ll provide for us whether we have $1 million, $100,000 or $10,000 saved for retirement. That’s not a recommendation not to try, but rather to not stress if you tried and didn’t make it.
- Retirement may be the ultimate goal of the world, but the ultimate goal for the Christian is the Kingdom of Heaven
Your thoughts? Meet us in the comments!
{ 12 comments… read them below or add one }
Great topic Kevin! I think as christians, we ought to be a bit separate than the world in this regard. Like your ideas about using retirement years as a way to “give back”.
Hi Aaron–You caught exactly what I was going for. I think that just about everything has to be at least a little different for the Christian. That difference is a big part of our witness to the world.
We can and should prepare for retirement, but at the same time we should avoid stressing over it or believing that it can do things for us that it can’t.
Thanks for the great topic Kevin. After an accident ended my career and I landed on SSDI I had to evaluate where my husband and I were going to be in retirement. I realized through it all that God had provided for us through many people and avenues. We worry a lot less about the future now knowing He is faithful and true! God bless.
That’s so true Donna, God can work with us, in us and through us no matter what our circumstances. I’m reminded of a preacher statement, “God is bigger than any of our problems.” We should always try to do our best in all situations, but also to know that whether or not we succeed at our plans, God is always there with us, and it’s He–not our plans–who deserves our worship.
Jesus taught that persons should live as stewards of what they have received.
The industrial Revolution produced employment.
The US established Government of the People, By the People for the People.
The people of the US elected representatives who, beinning with the Reagan administration and continuing through today became less-than-best stewards de-regulating greed that has produced the current global financial crises.
Each citizen should take responsibility and apply the responsibility of the steward taught by Jesus Christ of Nazareth.
and, to borrow a phrase from the Salvation Army, begin “Doing the Most Good” for all (the self and the other).
That’s a refreshing perspective on retirement. Personally, I never thought the present day idea of ‘retirement’ was biblical or even very wise. God created us to work and be fruitful. Maybe not doing the same thing we’ve been doing for the last 25 years—but in another arena that He’s led us to. I really like the idea of changing our work and our focus but continuing to be productive in some way until we just can’t anymore (death or illness).
Hi Susan–I think one of the problems with the modern imperative to retire is that it can create an unbalanced life. We’ll work very hard during the 30, 40 or 50 year period of asset accumulation, often to the exclusion of so many other important aspects of life, then plan to kick back and do nothing for the rest of our time. I don’t think we can or should plan to shift gears like that.
Making a provision for old age or even for an easier life is one thing, but slaving for 65 years to fund ease in the last 10, 20 or 30 years has to leave a lot on the table. We have a mission in life from the day we accept Jesus as our Lord and Savior, and it doesn’t wait until retirement when we’ll have the time and lack of stress.
There’s an outstanding poem that describes this called “The Station”. You can Google it and it will come up. Very well worth a read.
Thank you for this timely topic! I feel relieved and refreshed to have read it. For the last 2 years my husband and I have been living on ‘retirement savings’ while looking for work after a move. It’s been discouraging, but he is working insurance sales while searching and we are taking Dave Ramsey’s course (again) to make our monies begin to work for us. The “what if’s” may just mean we redefine our ideas of retirement. I’m certain God will help us do that! Thanks again.
Hi Pam–Everyone’s situation is different and so are the different seasons of life. Sometimes you can plow away money for retirement, sometimes you can only save a little, sometimes none at all, and sometimes you need to tap them for current survival. I think God will provide for us in retirement just as He does during other times in our lives, and we have to have faith in that. That isn’t to say that He’ll reward a reckless avoidance of responsibility, but He can take what ever we do have and make it work.
If we get overly concerned with the world’s definition of retirement–or of success, right living or anything else–we’ll be living in fear and doubt. That can’t possibly benefit us in our lives or in our walk with God.
This is just a suggestion, but if you don’t think you’ll have enough saved for retirement maybe you can look into some sort of business (or businesses) that can enable you to at least semi-retire. With interest rates being so low and traditional pensions being close to non-existent, business income may become the new primary source of retirement income. There are a lot of promising business opportunities on the internet where you don’t even need to leave your home. I know because I’m doing it, and so are a lot of other people I know.
We tithe and we also put aside roughly 15% for retirement, and will possibly increase our retirement contributions for a short time. I think that saving for retirement is being a good steward of our money, so that we won’t be a burden on others in our older years.
Plus, we will hopefully be able to leave an inheritance for our grandchildren. The bible specifically mentions that it is a blessing to do so.
Further, if, when my husband and I die and we have amassed a hefty sum, we will be able to leave a substantial portion of our money to the church.
My husband and I are a long ways off from retirement (we’re both 26) but I envision our retired years as a time when we can take on various ministries and truly give back as long as we are able. Saving for our retirement in a big way now will enable us to do so.
The question of what retirement means varies between people and especially generations. My parents, who grew up on farms, are more inclined to think about retirement being about a beach. I’m inclined to think of it as freedom from having to show up at a job that produces a high income. I expect my “retirement years” will alternate between working part time and taking time for missionary work. Since missionary work is financially similar to traditional retirement, I’m following the traditional retirement financial model. But I figure that a big chunk of my retirement savings will enable me to give money and time to the work of the Lord, so I don’t see my retirement savings as in opposition to my current contributions. And if I accumulate too much- I can always give it away when it becomes clear I don’t need it.
I believe that the Lord will give us some money to be stewards over and then sit back and watch. If we use it to do His work, I think He will find ways to encourage more of it into our hands, because He can trust us to use it for His purposes. Then the cycle will repeat. (I think this isn’t the only way people are granted money, but I think it is a significant part of the dynamic.)
Hi Bryce–You seem to have a handle on retirement from a Biblical perspective. The point of the post is that in the world such as it is, with so many universally accepted concepts, it’s easy even for a Christian to get sucked into the secular view of things.
Perhaps because of TV, “experts” have a higher standing than ever, and there’s a tendancy to accept certain paths as beyond question–that’s a kind of a faith, and our faith should never be in anyone but God, certainly not experts. We should all step back and question assumptions from time to time, especially when they become entrenched.