Is Planning for Retirement Spiritual?

I have lived long enough now to see the results of those who have planned for retirement and those who have not, as well as, those who have planned, but not enough. It has also been my privilege to teach across America on the subject of “Life Planning” which offers tools we can use to properly plan for retirement.

To answer the question up front “Is Retirement Planning Spiritual?” let’s look at a few scriptural references. The first I would guide you to is I Timothy 5:8 (KJV).

^“But if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel.”

This scripture makes it clear, we do have a spiritual responsibility to make sure our family is provided for. This includes our spouse as we grow older together. If you neglect this responsibility, it is considered as denying the faith. 

Saving for the future years of retirement can also be directed to Proverbs. This book provides scriptures with certain clarity that saving for the future is a God-ordained plan as we make a life for ourselves and not just a living.  

Proverbs 6:6-8 (KJV) “Go to the ant, thou sluggard; consider her ways, and be wise: which having no guide, overseer, or ruler, provideth her meat in the summer, and gathereth her food in the harvest.”

Another verse to consider is Proverbs 21:20 (KJV).

“There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.”

These verses show us that it is scriptural to plan for the future, which includes your retirement years. And for those who say that saving for the future is not God’s will for your life, I would ask the following question. Do you have a refrigerator in your home? Do you have canned food in your home? If so, why?  It is to save the items you plan to eat tomorrow from spoiling. Planning for retirement is no different. You are preserving some of your income from today’s labor for tomorrow’s need.  

Retirement is not necessarily stopping work at a certain age and staying home each day on the couch until you die. When I think of retirement, I see the word, “choices.” If I want to continue working and am healthy enough to do so, that is my choice. If I want to quit my day-to-day employment and do something else, I will have the funds set aside to do so. It comes down to choices and the financial security to have those choices. Perhaps you want to travel around the States, or to the overseas mission fields. Maybe you want to write a book or help a home missionary pastor. This season of your life should be a time to enjoy your years after raising your family and working in your career path.

A practice my wife and I started is automatically putting aside any pay increases by direct deposit into our savings account. We never realize the money is there, but it sure is nice when an emergency arises, or it’s time to max out the allowable IRA contributions at the end of the year. Frankly, we want to stop working someday and travel between our children and grandchildren with dignity while also helping home and global missionaries … and just have some fun too! To do this, we must save today! 

Many feel Social Security will be all they need for retirement. However Social Security was never intended to fully cover your retirement, only to supplement it. Ask anyone trying to live solely on Social Security right now without other retirement savings.  It is not enough.

I know this is a subject that can stir some emotions, as many pastors have given everything they have to be able to keep their families living day-to-day while they do the work of God. My wife and I started a church many years ago and never felt we could put anything aside for retirement. I understand how that feels. But when we resigned, the church board was able to include retirement savings in the next pastor’s pay package, all with the same amount of money coming in. I have since said I had a “founder’s syndrome” problem. I was so passionate about my call to fund the church and making a living that I was not understanding the big picture; that God also expected me to save for my future retirement years as well.  

There are many tools in everyone’s tool box to save for retirement years. You can go to your employer and sign up for their employee retirement plan. If you are self-employed, set aside retirement savings in a SIMPLE IRA, SEP IRA, Solo 401(k) or Defined Benefit plan. Contact your accountant or Certified Financial Planner (CFP) to help you decide which is best for you.

You could also start an IRA (Individual Retirement Account). For 2019 and 2020, the contribution limit is $6,000 for those under 50. For those over 50, you can do an additional “catch up contribution” of another $1,000 for a total of $7,000 per year. At the United Pentecostal Church Loan Fund, we even offer IRA accounts that allow you to save for the future and invest in the Kingdom. 

Yes, I believe retirement planning is a “spiritual” responsibility. Follow the scriptures and care for those in your own household! Put away funds in your earning years for your later years so you can enjoy them doing what you have always dreamed of doing.