Well, maybe not this minute, but someday. Okay, I actually can’t see myself ever really retiring. If you can do something you love, and you’re called to, why would you stop doing it? According to Rabbi Daniel Lapin there isn’t a word in the Hebrew for retire. It’s an understanding to the Jewish people that you work until God calls you Home. Lapin also explains that worship actually derives from us honoring God with our work. That we are to worship God in our work. Check out Colossians 3:23-24. Therefore, they believe retirement is in Heaven. Now there’s nothing wrong with retiring from a specific job and moving onto what God has for you, but do yourself a favor and save like you’re going to retire for good.
With that said, Jewish people do believe that the wise store up for the future. That you should have so much that you can leave an inheritance to your children’s children. Baby, that’s a lot! That means you have to be saving for a long time so that you have enough to take care of generations. But today, that seems almost impossible to do the way we’re spending everything we have.
Some parents are concerned about just paying for college, much less leaving an inheritance. Sandra Block pointed out in her column a survey from “How America Saves for College” that shows nearly 25% of parents are using a retirement account for their kids college. Folks….seriously? First off, you’re cheating yourself in so many ways. You’ll lose out on the growth, you’ll increase your taxable income in the year you withdraw the money, and you won’t have that money at retirement, which is the biggest issue. And second, the truth is that your kids can actually do something that I mentioned in Stiffed Again!, work. Yes, they can actually hold down a job and go to school at the same time.
My daughter Chelsea worked her way through college. She worked some nights, some weekends, and through the summer. Was she tired? Heck yeah, but she graduated without any debt! She’s been teaching for a year and a half and she has something most teachers don’t have…money in the bank. I was so proud of a young man I met in Vegas after I was speaking at Canyon Ridge. He came up to me and asked if he was doing the right thing by working through school and not taking out any loans. YES MY BOY!!! When I explained to him where he would be after college compared to his friends, he got this huge smile and chuckled. Then I explained where he could be when he was at retirement age and he was shocked!
The greatest thing is that young man has a plan. How about you? Is your goal to keep working like crazy, spend everything you have, and wonder why you have no options later on? I suggest changing that plan. Stop spending everything you have and start saving for the future. It doesn’t take much, just the decision to stop living the way you have been.
What are your thoughts on saving for the future?