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What Does The Bible Say About Saving Money For Retirement? – Viral Believer
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What Does The Bible Say About Saving Money For Retirement?

Retirement is something that many people look forward to – a time to relax, pursue hobbies, travel, and enjoy life after years of hard work. As Christians, we know that God calls us to be wise stewards of the resources He has given us. This includes being diligent in planning and saving for retirement. But what exactly does the Bible say about saving and investing for retirement? In this comprehensive blog post, we will explore the biblical principles regarding money, saving, investing, and preparing for the future.

Key Takeaways:

  • God calls us to be wise stewards of our money and possessions
  • Saving and investing with the future in mind is biblically supported
  • However, our trust should ultimately be in God, not our savings
  • We should save with wisdom, avoiding get-rich-quick schemes or risky investments
  • Retirement savings should not become an idol we put before God
  • We should seek balance between saving for later and generosity/giving now
  • Retirement is a blessing to prepare for but not worship; our hope is in eternity

Biblical Principles Regarding Money and Possessions

One of the first things the Bible tells us about money is that God owns everything! Psalm 24:1 (NKJV) says, “The earth is the Lord’s, and all its fullness, The world and those who dwell therein.” We are managers or stewards of the resources God has placed under our care for a short time.

1 Corinthians 4:2 (NKJV) says, “Moreover it is required in stewards that one be found faithful.” As we think about saving and investing money for retirement, a key principle is that of stewardship. Are we being faithful with what God has given us?

The Bible warns against loving money or being consumed by pursuing wealth. For example, Ecclesiastes 5:10 (NKJV) says, “He who loves silver will not be satisfied with silver; Nor he who loves abundance, with increase. This also is vanity.” Our heart should be set on eternal things rather than earthly possessions.

Jesus said in Matthew 6:21 (NKJV), “For where your treasure is, there your heart will be also.” Where and how we choose to save for retirement reveals much about our heart’s true treasures.

Saving and Investing is Biblical

The Bible supports the idea of saving and investing money with the future in mind. In fact, some of Jesus’ parables seem to encourage this practice.

In the Parable of the Talents in Matthew 25:14-30 (NKJV), a man entrusts his servants with money (“talents”) to manage in his absence. Two servants invest the money and double it, while a third buries his share out of fear. The master praises the investors but rebukes the servant who buried his talent. The passage implies we should not simply preserve wealth but look for ways to increase it.

The Parable of the Ten Virgins in Matthew 25:1-13 (NKJV) also illustrates the wisdom of saving up resources you will need in the future. Five virgins who did not save extra oil missed out on meeting the bridegroom when he finally arrived. Preparedness and planning ahead are presented in a positive light.

Proverbs 21:20 (NKJV) says, “There is desirable treasure, And oil in the dwelling of the wise, But a foolish man squanders it.” Saving for the future is considered wise.

In Luke 14:28 (NKJV), Jesus says, “For which of you, intending to build a tower, does not sit down first and count the cost, whether he has enough to finish it.” Carefully estimating future needs and expenses is prudent.

Based on these and other passages, we can conclude that it is wise and biblical to save and invest money gradually over time with an eye towards the future. Reasonable retirement savings plans fit well within scriptural principles of stewardship.

At the same time, our trust and security must remain in the Lord, not our own retirement savings. We acknowledge that life on earth is temporary. Our true hope is in heaven!

Avoiding Get-Rich-Quick Schemes

While steady saving over long periods is wise, the Bible warns against get-rich-quick schemes or trying to attain wealth hastily without work.

For example, Proverbs 28:22 (NKJV) cautions, “A man with an evil eye hastens after riches, And does not consider that poverty will come upon him.” Quick money often disappears quickly.

Proverbs 13:11 (NKJV) says, “Wealth gained by dishonesty will be diminished, But he who gathers by labor will increase.” There are no shortcuts to stable financial growth.

Ecclesiastes 5:13-14 (NKJV) warns about failed schemes leading to loss rather than gain: “There is a severe evil which I have seen under the sun: Riches kept for their owner to his hurt. But those riches perish through misfortune.”

While we should invest and allow money to compound over time, get-rich-quick investment “opportunities” often turn out to be scams. Slow and steady saving tends to win the race.

Avoid Worshiping Retirement Savings

One potential pitfall to avoid is worshiping retirement savings or making it into an idol. Our ultimate security and identity is in Christ, not our bank account balance.

Matthew 6:24 (NKJV) warns, “No one can serve two masters; for either he will hate the one and love the other, or else he will be loyal to the one and despise the other. You cannot serve God and mammon.” We should be wary if retirement saving ever becomes a “master” we serve.

Similarly, 1 Timothy 6:17 (NKJV) says, “Command those who are rich in this present age not to be haughty, nor to trust in uncertain riches but in the living God, who gives us richly all things to enjoy.” Our trust belongs in God, not retirement savings.

Philippians 3:19-20 (NKJV) reminds us, “Their destiny is destruction, their god is their stomach, and their glory is in their shame. Their mind is set on earthly things. But our citizenship is in heaven.” Our focus should be on heaven, not earthly wealth.

Principles of biblical stewardship should shape our retirement saving goals. Wise saving over time can be godly and prudent without becoming an idol. Our true security is always in the Lord.

Seeking Balance in Saving and Giving

Since complete trust belongs in God, biblical saving principles also remind us to be generous and avoid going to extremes. Seeking balance is important.

Jesus said in Matthew 6:19-20 (NKJV), “Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal; but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal.” While saving for retirement is wise, we should also invest in heavenly treasures by giving generously.

Proverbs 30:8 (NKJV) says, “Give me neither poverty nor riches; Feed me with the food allotted to me.” Too much savings and too little can both be problematic. Moderation and balance are key.

Ecclesiastes 7:17 (NKJV) cautions, “Do not be overly wicked, Nor be foolish: Why should you die before your time?” Stinginess can lead to poverty just as overindulgence leads to waste.

1 Timothy 5:8 (NKJV) reminds us, “But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and is worse than an unbeliever.” We should save enough to cover future needs without neglecting present duties.

The Bible does not provide a cookie-cutter retirement savings plan or percentage of income to save. Wisdom, faith and balance are necessary as we steward what God has given us.

Retirement: A Season to Enjoy but Not Worship

Biblical principles on money lead us to conclude that retirement can be a blessed season to enjoy. After a lifetime of labor, rest and leisure are biblical concepts God intends for us to appreciate.

Ecclesiastes 3:1 (NKJV) affirms there are seasons for everything: “To everything there is a season, A time for every purpose under heaven.” Retirement can be a fruitful season God has granted us.

Isaiah 65:21-23 (NKJV) describes blessings of longevity including enjoying work and community:

“They shall build houses and inhabit them; They shall plant vineyards and eat their fruit. They shall not build and another inhabit; They shall not plant and another eat; For as the days of a tree, so shall be the days of My people, And My elect shall long enjoy the work of their hands. They shall not labor in vain, Nor bring forth children for trouble; For they shall be the descendants of the blessed of the Lord, And their offspring with them.”

Retirement is not purely about ceasing work but entering a new season of life. Service to God and others continues even after retiring from a career. We can enjoy fruitful labor and the blessings of community in this stage of life as well.

However, our ultimate hope remains in heaven and eternity with Christ. Revelation 21:4 (NKJV) promises: “And God will wipe away every tear from their eyes; there shall be no more death, nor sorrow, nor crying. There shall be no more pain, for the former things have passed away.” As much as we may enjoy retirement, our citizenship and home remain in heaven with the Lord.

Conclusion

In summary, the Bible supports saving diligently for retirement as an act of wisdom and stewardship. At the same time, our true security rests in God rather than earthly wealth. Retirement savings should enhance our lives without becoming an idol or hindering generosity. Though retirement can be appreciated as a blessed gift from God, our ultimate hope is found in eternity with Christ. May these biblical principles guide us as we make financial plans with our temporary earthly resources!

Pastor Duke Taber
Pastor Duke Taber

Pastor Duke Taber

All articles have been written or reviewed by Pastor Duke Taber.
Pastor Duke Taber is an alumnus of Life Pacific University and Multnomah Biblical Seminary.
He has been in pastoral ministry since 1988.
Today he is the owner and managing editor of 3 successful Christian websites that support missionaries around the world.
He is currently starting a brand new church in Mesquite NV called Mesquite Worship Center, a Non-Denominational Spirit Filled Christian church in Mesquite Nevada.