Category: Retirement

Re-Thinking Retirement

Re-Thinking Retirement

When I consider the many people I know in their retirement years, I can see there are multiple views about retirement. Some who were fortunate enough to have a sufficient pension plan retired at the point of eligibility, while others, despite having enough to retire, have actually continued to work. Even some of those who retired with a pension went back to work, and in many cases, it wasn’t necessarily for the money.  There are many different perspectives about when a person should retire and it is important to consider what shapes that viewpoint.

I recall one conversation with a financial advisor a few years ago now and he spoke to me about how he was challenged in this area. His plan was to retire from work ASAP and after sharing this sentiment a friend asked a significant question, “So you don’t like your work then? (If you want to get away from it ASAP.)”  Let’s face it, our desire to retire is typically determined by our view of our work. If work is stressful, physically challenging or emotionally draining, then retirement obviously looks pretty attractive. However, if one has a sense of fulfillment and pleasure from their work and they have the health and mental capacity to continue, should they retire just because they reach retirement age?

The basic understanding of retirement is ceasing to work. For many, this means retiring as soon as possible and enjoying a life of leisure. I read an article in The Financial Post earlier this month which published the results of a recent survey. Interestingly, the title was “Canadians finding retirement is not all it’s cracked up to be: survey.”

The 2019 Sun Life Barometer, based on an Ipsos online poll, found that many Canadians don’t seem to be financially prepared for retirement, with 23 per cent of retirees describing their lifestyle as a frugal one that involves “following a strict budget and refraining from spending money on non-essential items.”

If that doesn’t sound like much fun, consider the gloomier alternative: almost half of working Canadians (44 per cent) expect they’ll still be employed full-time at age 66. Among the “frugal” retirees still working after the traditional retirement age, 65 per cent say it’s because they need to work for the money rather than because they enjoy it.

The article quoted paints a gloomy picture if you are still working at age 66 but I would like to challenge that paradigm. This perspective assumes that work is burdensome and something you do not enjoy. In my experience, I know many people who are well past age 65 and still working, not because they have to (financially), but because it’s the life they’ve chosen.  If work brings you a significant level of fulfillment then why stop, even if you are past the normal retirement age?

Preparation for something as important as “the rest of your life” (that’s how long retirement typically lasts) must involve more than finances, don’t you think? I turn 55 in a month’s time and I can’t imagine retiring in 2020; I’m just not ready to stop working. To be honest, when I look at some of my peers who are 65+ and are not yet retired, it doesn’t seem to be a gloomy a prospect at all. Continuing to work appeals to me more than ceasing to work because it is an opportunity to fulfill what I see as God’s call on my life.

Culture tells us that retirement should occur at age 65 or earlier, if at all possible. As a follower of Christ, isn’t Scripture meant to be more of a guide than culture? Have we even considered what the Bible teaches about retirement?

The one reference to retirement in the Bible is an instruction from the Lord regarding the Levites who were to serve from age 25, “but at the age of fifty, they must retire from their regular service and work no longer” (NIV). The next verse clarifies that “After retirement they may assist … but they may not officiate in the service.” (NLT) 

It is difficult to build a case for retirement, especially as culture positions it, based on one verse alone, but you can easily build a case for rest. Strong’s Concordance has a full page of references for the word “rest.” Maybe the biblical approach of rest is a better way to view retirement. In the October 2019 issue of “The Investment Executive,” financial advisor, Sterling Rempel suggested working 24/7, meaning in retirement years, one can work 24 hours per week and 7 months of the year. That’s a neat rhythm of Sabbath rest, don’t you think? If you think about rest, it means resting from something, usually work. I believe incorporating more rest into our work lives may be a better alternative than a complete life of leisure.

This month’s Kingdom Advisors Study Group poses a few questions worth asking when approaching the retirement years of life:

– Do you have a vision for these years? (Without a vision … Prov. 29:18)

– How can your unique skills, talents, or networks be leveraged for greater purpose in these years?

– How can your life experiences benefit others?

Rather than being inherently good, work is often referred to as “a necessary evil” or something we have to do to make ends meet. Maybe we need to view work as an opportunity to fulfill our purpose in life, so that may mean working into what is typically the retirement years. I have been challenged this past month to see work as a means of reflecting the image that I was made in. We all know the creation account of God working and then resting. Maybe we should consider the different seasons of work and rest over a lifetime. Think about that: it means as you age, you will likely work less and rest more but you will continue to find pleasure in both work and leisure.

Are Your Financial Decisions Guided by the Bible?

Are Your Financial Decisions Guided by the Bible?

It seems pretty natural for Christians to desire to be guided by the wisdom found in the Bible. However, as I have worked in the financial services industry for close to 30 years, I have discovered that often what guides many Christians is not significantly different than non-Christians; culture is often a greater influence than scripture.

James 3:15-17 makes it very clear that there is a vast difference between wisdom that is earthly vs. wisdom from above. The basis of all financial decisions should be wisdom from above, but as Ron Blue, the founder of Kingdom Advisors states, “Traditional financial planning is based on earthly wisdom.” Earthly wisdom contains such things as jealousy, selfishness, and an unspiritual focus. The Contemporary English Version clarifies:

Whenever people are jealous or selfish, they cause trouble and do all sorts of cruel things.

For where there is envy and selfish ambition, there is disorder and every evil practice. (Christian Standard Bible)

This passage is often not considered in relation to finances, but the truth is many Christians are financially motivated by selfish ambition and have thoughts of envy when comparing themselves to others. We cannot really escape the truth that what guides many Christians is “earthly wisdom,” and not “the wisdom from above.”

But the wisdom from above is pure first of all; it is also peaceful, gentle, and friendly; it is full of compassion and produces a harvest of good deeds; it is free from prejudice and hypocrisy.  (James 3:17 Good News Translation)

Lives that are lived based on non-traditional financial planning, “wisdom from above,” or guided by the Bible will produce a harvest of good deeds which comes from being filled with compassion.

Consider your perspective on retirement and what shapes that view. Retirement is often seen as the opportunity to focus more on pleasure and leisure; therefore, the major purpose of financial planning is to get you to a place where you can afford to do exactly that. Our culture has positioned retirement as a time of ceasing from work for a life of leisure; however, this lifestyle will likely be a lot less fulfilling. No doubt, leisure is meant to be part of our lives, but I am not convinced it is to be all-consuming.

Please reflect on “the wisdom from above” around retirement. May I suggest that producing “a harvest of good deeds” should not be limited to our working years but  extend into our retirement years.

Mitch Anthony, in his book “The New Retirementality” shares this wisdom:

For the past 15 to 20 years the institution of retirement has been morphing into something other than what we are familiar with. The idea has been evolving slowly toward something other than a playground for senior citizens. The revolution taking place is that many are seeing this stage of life as just the opposite – the most fertile period of life for meaningful pursuit.

Consider this biblical wisdom: “There is nothing better for a person than to eat, drink, and enjoy his work. I have seen that even this is from God’s hand.” (Eccl. 2:24 CSB) This verse seems a perfect description for retirement, but one thing on the list doesn’t seem to fit … work. Is it possible that culture has developed a distorted view of work?

Culture today positions work as something that defines who we are. When we meet someone for the first time we usually ask, “What do you do?” It is as if our job or position defines us. Work is often referred to as “a necessary evil,” or drudgery and simply a means of earning income. The general thinking is: the harder I work, the greater my income because work is the source of income. If work provides no more meaning than this, it makes perfect sense to work toward retirement and leave our place of employment as soon as we can. Maybe we have allowed culture to shape our thinking around work and retirement more than discovering biblical wisdom on the topic.

It is of vital importance to live our lives intentionally seeking out wisdom (from above) to guide us. Look at Eph 2:10 (CSB):

For we are his workmanship, created in Christ Jesus for good works, which God prepared ahead of time for us to do.

From this verse we learn:

  1. We are a product of God working in our lives, so in essence, He defines us; it is not our work that defines us.
  2. We are created to work (work is normative and expected).
  3. Our work is to be good work (completed with excellence for the good of others having eternal impact).
  4. God has prepared us and equipped us with skills, intelligence experiences, etc. to complete the work He planned for us.
  5. The focus and motivation of our work should not be income. God is the source of our income and uses the work He gave us to do as a means of supply for our needs. Refer to Matt. 6:32-33 (NLT) where unbelievers’ thoughts are dominated by worry for future supply of needs, but those who seek the Kingdom above all else are given all they need (God is their supply). The personal income of believers is linked to trust in God and their focus is not earning that income, but simply doing the work that was prepared for them.

Simply seeing work as something that God has prepared for us to do should shift our thinking. If God has prepared us for this work, how can we retire from it?

Mitch Anthony often says,

“Don’t retire from something, retire to something.”

The point is that you may very well retire from your job or career, but retirement should become an opportunity to continue in your calling, maybe in a different form. You may or may not be paid for this “work” but it will be very meaningful. Anthony stresses the importance of “extracting the most meaning from the means you possess.”

As a Christian, what influences your financial decisions most –  earthly wisdom or wisdom from above?

 

 

 

Why Do You Work? Why Retire?

My last post created a great deal of interest because it dealt with the question: “Do you go to work or to a job?” One response received was, “In two weeks I will go to neither,” meaning the reader would be retiring.

This set me to thinking further about what I stated: “It is only when you do what you were born to do will you really find fulfillment.” In reality, you can be paid to do a job and once you complete it, then you either move on to something else and/or you retire. This is where I believe your work (what you were born to do) is different than your job (what you are paid to do). Why would you ever want to stop doing what brings you fulfillment? If you were born to do something, when should you cease doing it? In other words, why retire?

In some cases, it may make sense financially to retire. Maybe you qualify for a full pension and working longer is not necessarily increasing your retirement benefits anyway. So why continue working? When I started working, it was partially out of necessity. The need for income and supporting family is a valid reason. With my children raised, my reason for working has shifted; now work is more about purpose.  I know several people who can easily retire from their work, yet they choose to continue.

eric liddell

Consider the life of Eric Liddell, a devout Christian and missionary to China, who felt it a priority to run in the Olympic games. His sister felt that his training for the 1924 Olympics deterred him from returning to China. He said, “I believe God made me for a purpose, but he also made me fast! And when I run I feel His pleasure.” We usually would not class running or involvement in a sporting activity as spiritual, or God honouring, but more a physical activity. For Liddell, running wasn’t just a fun activity but a God honouring one.

You cannot argue with a person’s experience; Liddell was passionate about fulfilling God’s purpose for him (missionary to China) yet he ran to honour God and feel His pleasure. For Liddell, the line between secular and sacred was erased.

eric olympic gold

The mistake we often make is in categorizing our work as secular, separating it from the sacred, rather than sensing the pleasure of God in our work. Here is a great piece of advice: Whatever you do, do it enthusiastically, as something done for the Lord … (Col 3:23). The reality is that when we serve others (in our work), we are actually serving the Lord, not just men (Eph. 6:7). If we can say when we work we feel His pleasure, it will be most difficult to retire from that work.

Speaker and author of “The New Retire-mentality,” Mitch Anthony says, “Don’t retire from something but retire to something.” We are all born with purpose and if you are at the retirement stage, remember it can be a great opportunity to feel His pleasure!