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If you’re worried, you are not alone. Maurie Backman with the Motley Fool says retirement tops the list of Americans’ financial concerns.
In 2016, 64% of the population admitted fear in not having enough funds to cover living expenses in retirement. An estimated 33% have no retirement savings at all, and those who are relying on Social Security need to realize that it replaces just 40% of the average worker’s pre-retirement income. An Allianz study reveals that 60% of baby boomers fear running out of money in retirement more than dying.
Analyze your living situation. It may be worth downsizing to a smaller home. Less square footage and acreage may ease pressure on the budget and the stress of maintenance. By downsizing, you have the opportunity to earn money by selling items you no longer need. You also may be able to get by with just one car to further cut your expenses.
One perk of retirement is the discounts offered at different businesses. Find out which stores, restaurants, health clubs, hotels and house- or auto-repair services offer senior discounts and at what age they kick in. Keep in mind that just because a business is offering a special deal doesn’t mean it’s a good company—you should still check the reviews.
Shop for good deals on entertainment and education. Tickets to museums and live performances often come with deep discounts for seniors. Those who prefer a movie can save at the ticket counter and at the concession stand. Some entertainment discounts require an AARP membership, but others may only require valid identification.
Remembering the precious words of Isaiah 46:4, “Even to your old age I am he, and to gray hairs I will carry you. I have made, and I will bear; I will carry and will save.”
Do your part and leave the rest with the Lord.
A great way to gain financial skills and wisdom about work, giving, saving, spending and getting out of debt is to enroll in the online personal finance study that I teach. Check out the MoneyLife Personal Finance course now.
He was stuck … Tom constantly worried about providing for himself and his family.
And this financial insecurity caused frustration in his career — dissatisfied by his job that wasn’t fulfilling his purpose — and in his marriage too.
But in the midst of Tom’s worries and struggle, God’s principles changed everything …
Tom was moved by Chuck’s challenge that you cannot outgive God — and to “test Him in this.” So moved that he immediately drove down to his church and wrote out a tithe check for the first time in his life!
And, just as Chuck shared, God has been faithful to “outgive” Tom and his family — blessing them with all they need.
Crown’s Career Direct® assessment is also helping him to understand his gifts and talents, how he can best spend his time, practical ways for him to gain the most fulfillment from his new job!
“Crown has served my entire family through their ministry,” Tom says today.
Few people see the Bible as a financial guidebook, but Scripture is full of spiritual and practical advice. Here are the top three lessons in which the Bible differs from all other financial advice.
1. Money is not our master. Cash is not king. Becoming a millionaire is not an appropriate life purpose. The Bible makes a clear distinction in Matthew 6:24:
“No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money.”
Serving money means we allow it to control our decisions, our direction, and even our life purpose. As Christians, we must not allow money to usurp God’s leading and control our daily decisions.
2. We are not owners of anything; we are temporary trustees of God’s property. Psalm 24:1 says, “The earth is the Lord’s, and everything in it, the world, and all who live in it.” This changes our purpose from accumulators to managers!
3. The highest and best use of money is to give. God gives us two directives—to take care of our families and to honor Him by giving. These are not contradictory; rather, they are ways in which we reflect our obedience to God, who charged us with caring for our family and others who are in need.
These three principles: Lordship, Stewardship, and Generosity should change our financial plans, our financial purposes, and our financial goals. They have certainly done that for me.
