Biblical Principles for Retirement Planning

 

Biblical Principles for Retirement Planning

 

In a world bustling with complex financial instruments and ever-evolving economic challenges, it's refreshing to find wisdom in an ancient source: The Bible. At Allgood Financial, we believe that the scriptures, replete with guidance on life's many facets, also offer profound insights into planning for one's golden years. By examining the teachings of the Bible, we can discern principles that can guide our retirement planning, enriching it with wisdom and foresight.

 

1. Planning and Foresight - The Ant's Lesson

"Go to the ant, O sluggard; consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest." - Proverbs 6:6-8

 

The ant is a paragon of planning. Despite its diminutive size, the ant exemplifies the virtues of foresight and hard work, gathering provisions in the present for future needs. Retirement planning is a similar exercise, requiring us to set aside resources today for a future season of life.

 

2. Wisdom and Counsel

"Where there is no guidance, a people falls, but in an abundance of counselors there is safety." - Proverbs 11:14

 

Seeking guidance is a Biblical principle that aligns perfectly with retirement planning. It's wise to consult with financial advisors, tax experts, and those experienced in retirement planning to ensure a comprehensive and sound strategy.

 

3. The Principle of Stewardship

"The earth is the Lord’s and everything in it, the world, and all who live in it." - Psalm 24:1

 

All that we have is entrusted to us by God. We are stewards of these resources. This perspective changes how we approach retirement planning. It becomes less about hoarding for personal comfort and more about managing God’s resources wisely, ensuring provision for our later years while also considering our broader responsibilities and blessings.  Some very spiritually-minded people might equate virtually all savings with hoarding, and there may be a line beyond which “saving for the future” could become akin to “hoarding.”  But the Bible certainly contains examples of prudent saving when there is a likely season of relatively less income which can be readily predicted with a high enough probability.  Look no further than the story of what Joseph advised Pharaoh to do in Genesis Chapter 41 for a prime example. 

 

Since most of us living today are likely to survive well beyond the age most employers are prepared to keep us on their payrolls, it is fair to say that prudent preparations for such a season is Biblical and wise.  The key is balance … and keeping the bigger picture in perspective as some other passages on money matters suggest.

 

4. Generosity and Sharing

"And do not forget to do good and to share with others, for with such sacrifices God is pleased." - Hebrews 13:16

 

Retirement isn't just about ensuring our own comfort. The Biblical principle of generosity reminds us to consider how our retirement can also benefit others, whether it's supporting family, donating to causes, or volunteering our time.

 

5. Avoiding the Love of Money

"For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs." - 1 Timothy 6:10

 

While saving and investing are key components of retirement planning, the Bible warns against the obsessive love of money. Financial security is essential, but it should never replace our core values or spiritual pursuits.

 

6. Faith and Reliance on God

"Therefore do not be anxious about tomorrow, for tomorrow will be anxious for itself. Sufficient for the day is its own trouble." - Matthew 6:34

 

While it's essential to plan, it's equally crucial to maintain trust in God's provision. Retirement planning, infused with faith, results in a balanced approach that combines practical wisdom with spiritual trust.  Incorporating these Biblical principles doesn't just infuse our retirement plans with spiritual wisdom; it also aligns them with time-tested values that ensure a fulfilling and purposeful retirement.  

 

7. For the Truly Long-Term

“… store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal.  For where your treasure is, there your heart will be also.” - Matthew 7:20-21

 

While none of us are assured of reaching a “retirement” date from our working careers, we are all absolutely assured of one thing (aside from taxes), and that is the time that’s been appointed for us to meet our Maker.  In view of that, one of the wisest Biblical passages concerning money calls for us to balance prudent savings and investing in the “here and now” with “investing eternally”.  The above passage challenges us to not neglect “investing” for our “ultimate retirement” when all our work (& other pursuits) on earth is done.

 

And some of that investing can even reduce your tax bills when leveraging the tax laws and other techniques in a thoughtful manner.  One of the most gratifying bits of work we get to do at Allgood Financial happens when we help client enhance their kingdom “investments” while rendering a little less to Caesar.  And it’s possible for some to do this without neglecting their children or their children’s children, which Proverbs 13:22 encourages us to keep in mind.

 

 

Remember, while we at Allgood Financial assist you in planning and strategizing, it's through understanding and aligning with these eternal principles that true security and peace are found in our latter years.  Feel free to call upon us if there’s some way we can help you in balancing all these interests.