MoneyWise Live

Planning Well for Retirement

August 2, 2018

Planning for your retirement doesn’t have to be hard but there are several questions that you’ll want to consider. Rob West and special guest Mitch Anthony help you cover the bases to make sure you're on the right track for your retirement years.  

Some points to remember about retirement:

  • Retirement is only mentioned once in the Bible.  Number 8:25 which refers to the Levites working on the tabernacle wherein they should retire from that particular job at age 50.
  • Throughout scripture, we see people working for an entire lifetime and never retiring to a life of leisure.  
  • If you do choose to leave a career, regard it as an opportunity to use your wisdom to serve others and make your life count for Christ in a unique season in your life.
  • Why should I retire?  
    You may be forced to at a certain age because of your chosen profession
    There may be a policy where you work of retiring at a certain age.
    If you aren't required to retire, perhaps the answer is keep working.   Proverbs 9:11 (NIV) - "For through wisdom your days will be many, and years will be added to your life..."  
  • Not only does your calling not have an expiration date, science continues to reinforce that God's design for us to be productive is good.
  • If you retire, pray that God will give you a clear-cut idea of what you'll be doing during retirement.
  • Our society likes to marginalize the elderly but that circumvents God's plan of sharing learned wisdom.  Proverbs 16:31 (NIV) - "Gray hair is a crown of splendor; it is attained in the way of righteousness..."
  • To prepare, you should be doing all you can to have a plan in place right now for getting out of debt, having your home paid off for your later years.  If you're behind, begin planing now.  Proverbs 27:12 (NIV) - "The prudent see danger and take refuge, but the simple keep going and pay the penalty..."
  • Bottom Line on retirement - 
    We absolutely need to have a plan for retirement regardless of whether we stop working or not.
    We need to think and pray through it.  
    Don't default to the cultural expectation of retiring to a life of leisure.

Tips regarding retirement from Mitch Anthony:
The focus in our world is having enough money to retire and never questioning the concept of retiring.  The concept of retirement was born out of the industrial age when people used their physical capacity to earn their pay. The concept doesn't apply in today's society.  

Work = engagement that brings value to others and meaning you.  When we work, it could be either a volunteer act or it could be a job for pay.  Whatever you do to "keep busy", make sure it's productive and that it brings meaning to you.  Too many people enter retirement and wind up with no purpose in life and leisure does not replace that need.

If you don't feel like working a full 40 hours of work per week, perhaps it's a good idea to, instead of completely retiring, to keep your chosen profession and just change your work schedule.

Next, Rob, Steve and Mitch answer some listener questions at 800-525-7000 or via email at

  • If you're a retiree who worked for 36 years at one job and then retired at age 62 and have started experiencing health challenges, what should you do?
  • If you're 22 and just getting in "adult mentality" about finances, how do you start learning how to spend your money correctly and how to save?
  • If you're approaching 62 and have everything paid off except one last piece of property, should you consider taking early Social Security to pay for that property?
  • If you have to children ages 11 and 13 and want to save for their college but have a 15 year mortgage with $100,000 left to pay, should you put spare monthly money into the paying the mortgage principle, saving for college or both?
  • If you and your spouse are mid to late 40's and haven't started any type of retirement but your employer offers a 401(k), should you consider Roth or Traditional?

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