Question

As we plan for retirement, how should/does God’s direction in your life and your attitude regarding retirement funding affect your retirement planning? Is there a balance between hoarding and being prepared? If yes, how do we achieve it?

Answer 1

There are mainly two major issues in the retirement fund. There is fear that you might outlive your savings and you will not have enough funds at your end to take care of your living expenses. Another fear is that you might die too early and the entire life you spent on saving for your retirement will probably be transferred to your next generation or be taken by the government authorities or the fund. We need to strike a balance between living in the present and savings for the future as we can not ignore any of the aspects. As there is advance in medical facilities there is high probability that you will live longer but along with all these developments there are many factors that can also cause early death like lack of regular exercise. It is important to loo at the family history as to how long people in your previous generation has lived, if that age is 70 to 80 then may be you should accounts for 5 to 7 years more to consider for the advancement in medical facilities and better life standard and the prepare a retirement plan accordingly. It is very important that you strike a balance between sacrificing too much of resent for the future or not saving enough for the future because both the scenario can put you into financially unstable position.