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Today on MoneyLife with Chuck Bentley

Wednesday, July 15, 2009

Ron Blue: Being Prepared for Retirement

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Chuck Bentley The state of the economy and the stock market has a lot of people worried about retirement. I get a lot of questions from you on this topic.

Many people have lost a lot of their retirement assets that were invested in the stock market.

The bear market has blown up a lot of folks' retirement planning, forcing some to make dramatic changes in their lifestyle.

Today's guest is Ron Blue. Ron does a great job of teaching biblical principles related to retirement. Ron will help guide you through retirement decisions whether you are in it or preparing for it.

Ron Blue is a member of Crown's board of directors and is President of Kingdom Advisors. He's also the author of sixteen books on personal finance from a Biblical perspective. His latest book is Surviving Financial Meltdown: Confident Decisions in an Uncertain World, published in 2009 and co-authored with Jeremy White.

Ron says how much you will need for retirement is largely determined by your lifestyle and the amount of debt you carry. For many retirees, part-time work will become normal. That's not a bad thing, because working in retirement is good for mental health.

Ron gives a simple explanation of investing: to create wealth, save and invest a little over a long time.

You don’t have to make a lot of money to be able to retire. What’s unique about Kingdom Advisors is that its members give advice according to biblical principles, stressing the importance of generosity and increasing it even when finances are tight. Any financial planner will help you get wealthy, but God wants your heart, not your money.

Takeaways:

Working after retirement isn’t bad; it promotes mental, physical, and spiritual health
Start planning/saving for retirement early and be consistent
Determine God’s purpose for your life in retirement; it's a special time that may offer a special opportunity
Whatever God reveals to you, give yourself fully to it so you don’t have any regrets
Gallup survey shows growing number of people believe they’ll have a part-time job in retirement

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Retirement: Is it Mandatory?

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