Retirement planning: Calculating and saving

Saving for retirement might seem like a daunting task. Packed full of twists and turns, every discovery brings either confusion or clarity.

But it doesn’t have to be a frightening foray. In fact, this is an exciting time to dream big and make plans. Let’s dive into a few questions as you calculate and save. As we lean on God, He’ll give us wisdom and understanding for the journey ahead.

How much do I need to retire?

The age-old question is often “How much should I save for retirement?” But financial planning for retirement isn’t a “one size fits all” approach. How much you need depends on multiple factors, the most important being your current financial state and future long-term goals.

Every individual will have a different definition of what success looks like. As you consider how much you need to retire, it’s necessary to evaluate your goals before making any big decisions.

Here are a few quick questions to write down and answer:

• What does financial wellness look like in my life?
• What’s my big-picture vision for retirement?
• Have I considered all my healthcare options?
• How should I plan for any medical bill costs that might arise?
• What retirement benefits do I need?
• How much do I currently have in retirement savings?

Evaluating these questions is a great first step to deciding how you can reach your financial retirement goals. As you write out your answers, consider connecting with a professional financial advisor. They’ll be able to speak into your specific situation and provide you with advice for practical next steps. You can also learn more about financial stability for retirement through outlets like Dave Ramsey.

What to do in retirement

After thinking about your big-picture vision, it’s important to nail down your practical goals and consider what you want to do in retirement. Opportunities are endless!

Here are a few quick questions to get your brainstorm going:

• What does retirement mean in terms of rest?
• What does retirement mean in terms of vocation?
• What does “living comfortably” look like to you?
• What does it mean to live a healthy lifestyle or pursue good nutrition?
• Are there any new adventures you’d like to pursue?
• Is there a ministry opportunity or God-given dream you’ve wanted to chase?
• What priorities matter most to you?

God has given each of us unique gifts and talents, and retirement planning doesn’t leave those behind! Retiring from your career doesn’t mean that you’re retired from God’s purpose. In fact, now is a great time to devote talents and resources to what matters most.

As you consider what to do, remember that life is an adventure meant to be lived in step with Christ. God knows what dreams are in your heart, and He is faithful to guide you in wisdom. You have unique opportunities to serve your family, friends, and church with the insight, perspective, and encouragement He provides along the way.

Healthcare in retirement

After deciding on your vision and goals, it’s important to consider healthcare options. While retirement planning does involve the typical day-to-day finances, healthcare costs are a major factor for financial well-being. Being prepared puts you one step ahead.

With inflation and the increasing cost of healthcare, medical bills can add up. No matter what your current health status is, it’s a wise idea to set aside savings dedicated to your physical care.

Look at your Medicare options and talk through your needs. It’s important to know, too, that while Medicare Parts A and B (or a Medicare Advantage Plan) typically covers most of your healthcare costs, it’s not uncommon for seniors to find themselves with large amounts of unpaid medical bills. Consider additional options that can take care of extra medical costs in case an illness or injury were to arise.

Here’s a few questions to consider:

• How much do I have set aside for healthcare costs?
• Would an additional option be beneficial for me?
• Can this option work well with my Medicare coverage?
• Is it comprehensive enough for my needs?
• Will it help take care of any large medical bills that I might not anticipate?
• Does this option provide me with a solution that aligns with my faith?

With so many voices in the healthcare marketplace, it can be hard to decide what makes sense for you and your needs. That’s why CHM created a program just for retirement-age members: CHM SeniorShare™.

If you have Medicare Parts A and B (or a Medicare Advantage Plan), you’re eligible for our comprehensive CHM program at a senior-friendly price. It’s a great way to lift the burden of eligible medical bills not paid by Medicare. Plus, it’s a fantastic complement that gives extra peace of mind in your retirement planning.

Retirement calculator

After identifying your vision, setting up a plan for your goals, and selecting healthcare options, it’s time to calculate what works best for you!

It’s not one-size-fits-all—it’s always a good idea to consult with a professional for advice that’s specific to your needs. Additionally, comprehensive retirement calculators can give you a big-picture look at your finances as you step into discussions with your financial advisor, friends, or family.

As you figure out how your healthcare costs might look, CHM has a nifty new tool! Check out our comprehensive cost calculator and compare traditional insurance costs to CHM programs. Whether you’re evaluating Medicare options or another cost-sharing service, you’ll be able to see how the savings stack up against CHM. It’s a great way to look at how a program like CHM SeniorShare™ can equip you with flexibility in finances.

Calculators can save you time spent crunching the numbers on your own. Suppose you’re looking to evaluate savings and explore what your investments could look like in the future. In that case, Dave Ramsey provides a retirement calculator that can help you analyze the numbers and think about the next steps.

No matter where your journey to retirement takes you, you can rest easy knowing that God is with you every step of the way. Take heart and embrace the adventure ahead!

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