Nearing Home - Billy Graham [23]
Does this mean it is wrong to think about money or do careful financial planning for our latter years? No, of course not. Just make sure that money is your servant and not your master. Does it rule you, or do you rule it? No matter how little or how much you have in the way of financial resources, God has given them to you, and He wants you to be a faithful steward or trustee of them. See your money as a God-given responsibility, not as something you are free to use (or misuse) as you please.
This is especially important as we enter our retirement years because our income then will probably be less (even significantly less) than it has been. “We never bothered making out a budget,” someone said. “My wife and I both had good jobs, and we always had enough to do most anything we wanted to do. But suddenly I’ve realized it isn’t true anymore. For the first time in my life, I’m having to watch every penny. I wish I’d done it sooner.”
A retiree wrote, “One of the problems of retirement is that it gives you more time to read about the problems of retirement.” While the thought is humorous, it is also truthful. But instead of reading about the problems, we should take appropriate action to solve the problems.
What guidelines about money should we follow as we look toward our senior years? What problems do we need to think through, and what decisions should we make before they become a problem? Let me suggest three general guidelines.
Plan Realistically for Your Retirement
Numerous websites and other resources can help you calculate how much you will need to save in order to have a comfortable retirement—and yet far too many people never do this, and they end up setting aside very little. Sometimes it is not possible to save for retirement; I think of the letters I receive from single parents or unemployed people who simply cannot set aside anything.
But for those who can, saving money takes discipline. Take full advantage of your company’s retirement plan (if it has one), and borrow from it only in an extreme emergency. Many companies also provide ways to deposit part of each paycheck automatically into a savings account. Some companies even match employee contributions to a retirement plan. “Pay yourself first” is an old adage that can serve you well. The Bible’s picturesque example of the ant that diligently sets aside food for the future illustrates a practical but profound lesson:
Go to the ant, you sluggard;
consider its ways and be wise! . . .
It stores its provisions in summer
and gathers its food at harvest. (Proverbs 6:6, 8)
I have heard it said, and I wholeheartedly agree that as in all successful ventures, the foundation of a good retirement is planning. I would add to that the necessity of prayer. The Bible tells us to pray about everything, so pray that God will take possession of your life totally and completely. When we do this, we reveal our dependence upon Him.
Avoid the Traps of Unnecessary Expenditures
One of the most common financial snares affecting some people as they grow older is what we might call the debt trap. The temptation to run up huge credit card bills in order to pay for things we cannot afford (and probably don’t need) can happen at any stage of life, but it is especially disastrous for seniors who have no employment income to pay back the debt. Sadly, the debt trap causes some seniors to declare bankruptcy.
Don’t give