Renata Kiss, FISM News
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If you are rethinking your retirement plans due to the current state of the economy, you are not the only one. A recent survey published by RetireGuide found that 57% of Americans now plan to work during their golden years.
The survey showed that 1-in-4 people fell behind on their retirement plans in the past two years. Meanwhile, half of those polled said that they are planning to work during their retirement years to uphold their standard of living.
According to RetireGuide, as adults approach retirement, their expectation to work goes up. Adults between the ages of 30 and 60 were 10% more likely to plan for employment during retirement than those between the ages of 18 and 29. Based on the survey, this is likely due to the fact that Americans are falling behind on their retirement savings plan.
But the study also dove deeper into the past two years to see how inflation rates and layoffs have affected people’s retirement plans. The report showed that only 3-in-10 people have stayed on track with their plans. Shockingly enough, 12% of survey respondents said that they have no plans to retire.
Along the same lines, The Daily Wire reported that with interest rates skyrocketing and housing prices on the rise, more retirees are going back to work. Paychex, another survey, found that 1-in-6 retirees are currently thinking about “unretiring.” The study credited the Biden administration’s ill-advised financial planning and reckless spending as major culprits in America’s recent economic downturn.
But in the midst of these uncertain and challenging times, it’s good to remember smart money habits and keeping things simple. FISM CEO Dan Celia said that “the only thing that matters is our spending rates and the income we have to offset some of that spending and consumption need.”
He believed that investing a portion of what people earn during their working years will serve as a form of protection against inflation. Celia advised coming up with a strategy that focuses on creating permanent income, instead of continued wealth accumulation during retirement years.
At the same time, believers should remember that everything they own belongs to the Lord, and that the Christian’s calling is to be a good steward of however much God has given to each person (Matthew 25:14-30).
Lastly, Jesus in Matthew 6:25-32 encourages believers this way:
“Do not be anxious about your life, what you will eat or what you will drink, nor about your body, what you will put on. Is not life more than food, and the body more than clothing? Look at the birds of the air: they neither sow nor reap nor gather into barns, and yet your heavenly Father feeds them. Are you not of more value than they? And which of you by being anxious can add a single hour to his span of life? And why are you anxious about clothing? Consider the lilies of the field, how they grow: they neither toil nor spin, yet I tell you, even Solomon in all his glory was not arrayed like one of these. But if God so clothes the grass of the field, which today is alive and tomorrow is thrown into the oven, will he not much more clothe you, O you of little faith? Therefore do not be anxious, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ For the Gentiles seek after all these things, and your heavenly Father knows that you need them all. “