Saving for retirement might seem like a daunting task. Packed full of twists and turns, every discovery brings either confusion or clarity.
But it doesnât have to be a frightening foray. In fact, this is an exciting time to dream big and make plans. Letâs dive into a few questions as you calculate and save. As we lean on God, Heâll give us wisdom and understanding for the journey ahead.
How much do I need to retire?
The age-old question is often âHow much should I save for retirement?â But financial planning for retirement isnât a âone size fits allâ 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, itâs 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?
- Whatâs 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. Theyâll 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.
Retiring from your career doesn’t mean that you’re retired from God’s purpose. Being prepared puts you one step ahead.
What to do in retirement
After thinking about your big-picture vision, itâs 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 âliving comfortablyâ look like to you?
- What does it mean to live a healthy lifestyle or pursue good nutrition?
- Are there any new adventures youâd like to pursue?
- Is there a ministry opportunity or God-given dream youâve wanted to chase?
- What priorities matter most to you?
God has given each of us unique gifts and talents, and retirement planning doesnât leave those behind! Retiring from your career doesnât mean that youâre retired from Godâs 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, itâs 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, itâs a wise idea to set aside savings dedicated to your physical care.
Look at your Medicare options and talk through your needs. Itâs important to know, too, that while Medicare Parts A and B (or a Medicare Advantage Plan) typically covers most of your healthcare costs, itâs 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. Thatâs why CHM created a program just for retirement-age members: CHM SeniorShareâ˘.
If you have Medicare Parts A and B (or a Medicare Advantage Plan), youâre eligible for our comprehensive CHM program at a senior-friendly price. Itâs a great way to lift the burden of eligible medical bills not paid by Medicare. Plus, itâs 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, itâs time to calculate what works best for you!
Itâs not one-size-fits-allâitâs always a good idea to consult with a professional for advice thatâs 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 youâre evaluating Medicare options or another cost-sharing service, youâll be able to see how the savings stack up against CHM. Itâs 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 youâre 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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