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 in Numbers 8:25.
- 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.
- Some, because of their job are required to retire. If you aren't required to retire, perhaps the answer is keep working.
- If you retire, pray God will give you a clear-cut idea of what you'll be doing during retirement.
- Prepare by doing all you can to have a plan in place right now for getting out of debt, having your home paid off.
- 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 -
- We absolutely need to have a plan.
- 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 Questions@MoneyWiseLive.org:
- 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?
- Be sure to check out our new website at MoneyWiseLive.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources.
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