Retirement Living

July 17, 2011 · Pastor Art – Bible Teacher

In these days, even young adults are thinking about retirement. How will they finance perhaps 20 years of retirement? One should begin to think about that at a young age.

All the old formulas now seem to be obsolete, because of the adjustments the "Great Recession" in the first decade of the 21st Century has forced. The old "three legged stool" of retirement finances (company pension, government pension & personal savings) is changing. Company pensions are disappearing. With high prices, savings are hardly possible. Home prices have plummeted. Many are finding that they have to work longer before taking the big step into a more relaxed pace. Some must work right into retirement.

As critical as financial matters are, what one does with the gift of time in retirement is even more important. Especially, if one is a Christian, how does one use the retirement years to God's glory and the good of family and society?

One must start serious planning for retirement many years before it happens. There are so many important questions that arise. Where will I live? How will I live? Why will I live? Obviously, one will not be able to reach final answers to such questions immediately. But one needs to get started. Revisions will come to all plans. But, if one can get a hold of answers to these three questions, however tentative, it will be a huge accomplishment.

I bought two or three books on the subject of retirement and read them carefully. There was one book that I found the most helpful: "Learn to Grow Old" by the late Swiss Christian psychiatrist, Dr. Paul Tournier. At first, I borrowed the book from a library. It was so helpful that I bought my own copy. I have re-read it several times. It is currently out of print, but used copies are still available on Amazon.com. I recommend it to you.

Let me briefly address those three questions listed above. There are more, of course. But this will get us started.

The Location Question — Where will I live?

One has to be practical, of course. If I had my choice, I would live on the coast. I love the ocean. But in California, seashore living is quite expensive. So I live less than 100 miles from the ocean. That allows me to visit the shoreline on occasion.

Actually, most find it wise to live pretty close to where one has lived for most of one's working life. To move far away from the friends and climate one has grown accustomed to is often a mistake. People who have done that usually end up moving right back where they came from within a year or two.

One factor that becomes important as one ages is to be close to family. These days, our children move where their work takes them, which is not always close to where parents live and retire. However, we all reach the point where we need the assistance of our children. So we make the move to where they live.

Children are usually more than willing to be our friends and helpers in our old age. Someone once asked me my best advice for retirement planning. I responded without hesitation - be good to your children! If you have loved your children and carefully provided for them, they will love you in your retirement years and provide the assistance you need to the best of their ability.

Another issue is, do I continue to live in my own home or move into a retirement community? I suppose we tend to live in our own homes for as long as possible. There we are comfortable. But, inevitably, if we live long enough, we reach the age where we may need to be in a retirement community. Ideal is a facility where we can live independently at first, then graduate to assisted living as necessary, and finally have the option of full care. Experts say, we have a 50/50 chance of needing full care some day. Of course, this all takes long term planning and financial resources. There are many options available to meet one's circumstances. We need to know what those options are.

The Financial Question — How Shall I live?

Retirement? Many really didn't know how they could possibly afford it. Here's how it works out for some - at least, in the Western World.

Assuming a lengthy employment period (a luxury fewer people enjoy these days), a company provides a pension. People and employers also pay into their country's national pension system. Funds are usually invested monthly in personal retirement savings plans. By guarding these three modest resources, and nurturing them as much as possible, you begin to see in the last 10 years of active employment how, with these combined financial streams, you just might make it. Naturally, health insurance is a must, or you will go broke in retirement very quickly.

We should try to plan so that we will outlive our retirement funds. This is hard, because unforeseen financial problems always arise. However, we usually need more money early in retirement than later. My mother once commented to me in her late 70's, it is amazing how little money it takes to live. Well, that is a relative statement, for sure. But she had a point. The longer we live, the less important costly things become. Rather we concentrate on relationships with people and with God.

Again, I realize that this is a financial plan often followed in the Western world. People in Third World countries are nowhere near using such financial instruments. The whole culture is structured differently. It is built on families caring for their senior adults.

Nevertheless, wherever you live in the world, you will need to prayerfully consider, what the financial future looks like for you.

The Purpose Question — Why will I live?

This might be the most important question of all. Hopefully, you long ago have found the purpose of your life. That was important for your 40 year career. It is just as important for the average 20 year retirement period.

When you retire from the task you have done for multiple years, it is something like falling off a cliff. Everything changes. A neighbor physician once commented to me that before he retired, everyone at the hospital knew who he was. He implied that people were deferential to him. Now, just a few months following his retirement, he said, "nobody knows me!" He was incensed!

A retired layman called me to his home just prior to my own retirement. He wanted to talk to me. He told me that following retirement, in due time I would begin to feel not needed and eventually of no value. He told me not to believe it. I was of value. The Lord would open places of service for me. How accurate my friend was.

You see, retirement is a change place. We need to recognize that we will not be able to function in life on the same level as before. The early part of retirement is a transitional time. Many find it helpful to work part-time after retirement just to ease into this new place in life. Frankly, I think it took me almost seven years just to slow down and adjust to the new circumstances.

If you are a Christian, you already have found a new overall purpose in life. The Apostle Paul wrote in Philippians 1:21, "For to me, to live is Christ!" As a believer you have moved from predominately self-centered living to Christ-centered living. Your greatest desire as a Christian is to glorify God in your character and actions. Love is at the heart of your Christian existence. Your attitudes and activities reflect a desire to love God and others in a growing manner. This helps you greatly in choosing how to fill your time in retirement. What you do must glorify the Lord and help others.

Volunteering is exciting. Both your church and your community need volunteer help. I once helped a Russian couple learn English. My wife has served in public schools and health agencies. Probably your children and grandchildren need help as well. What a joy it is to choose tasks that fit your gifts and graces and then to give of yourself to assist others. Someone helped you along the way. Now it is your turn and joy to help others.

Retirement years are special opportunities. The Lord may give you 70 years, 80 years of life, and maybe more. Make those years count. Use them for God's glory and to strengthen others. You'll be glad you did. So will many others.

Prepare for retirement. Try to answer the three questions: Where will I live? How will I live? Why will I live? If you do, you will most likely find retirement to be a pleasure.

Photo Credit: dcubillas, Spain