By David Meyers – President, CBMC

As Christians, we often reflect on how our lives align with God’s purpose and the stewardship He entrusts to us. I recently experienced a milestone birthday that got me thinking about how well I was preparing for the next season of life with a desire to finish well.  Among the most significant aspects of stewardship is how we manage our finances. The question isn’t just about having enough to survive but rather thriving in a way that glorifies God, blesses others, and brings clarity to our choices.

One crucial step in financial stewardship is determining your “number” – the amount of money you need to retire and invest in the important things of life.  You might be surprised to know that there are very few people (working or retired) who know or have thought deeply about their number.  Spoiler alert: the number itself isn’t the ultimate goal. The goal is clarity: clarity that empowers you to make choices aligned with God’s will, improve your quality of life, and bless those around you. When you approach your finances with intentionality and prayer, you create the opportunity to live a life of abundance and eternal impact.  As you determine and seek God’s guidance to your number, please remember that it is as unique to you as a snowflake.

I believe if you answer eight key questions, you can determine your number and chart a path toward living abundantly and finishing strong:

1. How long are you going to live?

The Bible reminds us in Psalm 90:12 to “number our days, that we may gain a heart of wisdom.” While we don’t know the exact number of days God has granted us, tools like life expectancy calculators (e.g., Northwestern Mutual’s Lifespan Calculator) can provide a useful estimate. Knowing how long you might live helps you plan for resources that last. If you’re blessed with good health and longevity in your family history, you may need to plan for several decades of retirement. On the other hand, if health challenges are a factor, you might prioritize enjoying earlier years while still planning for potential medical expenses.

2. When do you want to retire or slowdown from the 9-to-5 work life?

Retirement doesn’t mean ceasing to work entirely; for many, it’s a shift to more meaningful or less demanding pursuits. I remember reading Bob Buford’s book “Halftime” where he described moving his mindset from “success to significance.”  While we should be pursuing significance throughout our lives, stepping out of the 9-to-5 could be an incredible opportunity to pursue significance.  Consider your gifts and God’s calling on how you want to spend these years. Are there ministries that you’ve been supporting financially that you can now support with your time; hobbies or passions you’ve put off while working full-time? I like the term “refire” vs. retire.  Knowing when you want to step away from full-time work is essential to calculate how much you’ll need to sustain your lifestyle. Your retirement age can also impact your investment strategies, with earlier retirements requiring more savings and later retirements allowing for extended income accumulation.

3. When do you want to start taking Social Security?

Timing is critical with Social Security. Claiming benefits early (at age 62) reduces monthly payments, while delaying until age 70 maximizes them. Your decision will depend on your health, other income sources which affect one’s tax strategy, if married their social security eligibility and long-term needs. For instance, delaying benefits may be a wise choice to minimize taxes if you have other income streams or plan to move to a lower tax state. Navigating this decision will have significant implications for your overall financial plan, so consult with a financial advisor to weigh the pros and cons.

4. Where and how do you want to live your life?

Define your lifestyle. Will you stay in your current home, downsize, or purchase a second property? Do you envision traveling extensively, exploring the world God created, or focusing on local community involvement through your church or favorite ministry? Do you live in the frozen tundra like me in winter and dream of spending a few months each year in a warmer place? Your location and lifestyle choices have a major impact on your financial needs. Proverbs 24:27 reminds us to “prepare your work outside; get everything ready for yourself in the field, and after that build your house.” Plan thoughtfully for where and how you’ll live. Additionally, consider practical factors such as healthcare access, cost of living, state income tax rates, and proximity to family especially one’s parents and the dessert of life – grandchildren!  A clear vision of your desired lifestyle will guide decisions about how much you need to save and what adjustments might be necessary.

5. What resources may be required to support aging parents?

Honoring our parents is a biblical principle (Exodus 20:12), and part of that honor may include supporting them as they age. Consider whether you might need to contribute to their medical care, housing, or other expenses. Will they require in-home care, assisted living, or financial assistance to maintain their independence? Recently, I had a friend contemplate going in with their parents to buy a larger home or adding on to their existing home to accommodate their aging parents – creating an incredible multigenerational blessing for their family.

Having these conversations early is essential. Discuss plans with your parents to understand their needs and expectations, and ensure your financial strategy includes resources for their care. Balancing this responsibility with your own financial goals requires prayer, wisdom, and careful planning.

6. How much money do you want to leave behind to loved ones?

Proverbs 13:22 says, “A good man leaves an inheritance to his children’s children.” What legacy do you want to leave? Consider not just financial inheritance but also the spiritual and relational impact you’ll have on your family. Leaving an inheritance isn’t solely about accumulating wealth; it’s about passing on values, faith, and the means to support future generations. There’s a wonderful book on the subject called “Splitting Heirs” by Ron Blue.  One of the memorable quotes is “If you love your children equally, you will treat them uniquely.” Think about how your resources can bless your children and grandchildren without creating dependency, and ensure your plans align with biblical principles of generosity and stewardship. 

7. What are your plans to support your children or grandchildren with college or schooling?

Will you help fund college tuition, private schooling, or enrichment opportunities for your children or grandchildren? These investments in education can make a profound difference in their lives but require careful planning to ensure you balance this generosity with your other financial goals. Consider options such as 529 college savings plans or education trusts that can grow over time. We created a 529 account when each child was born and added to it monthly.  You would be amazed at how quickly the value increases after 18 years. Now that our children are adults, I am thinking of something similar for my grandchildren.  Pray for wisdom in determining how much support to provide and how to teach your family about responsibility and gratitude.

8. How much money do you plan to give to help fund weddings for your children?

Celebrations like weddings are significant milestones. Determine what role you’ll play in financially supporting these events and how it aligns with your overall financial picture. Weddings can be a joyful expression of love and family unity, but they can also become a source of financial strain if not planned carefully. Establish clear expectations with your children and align your support with your budget and values.

The Path to Clarity and Abundance

Once you answer these eight questions, you can develop a financial plan that brings clarity to your present and future. With clarity comes the power to make decisions that align with your faith and priorities. Consider the adage: “Do your giving while you’re living.” By thoughtfully planning, you may discover that you have more resources than you imagined. If so, consider these options:

1. Increase Giving: If you’ve been blessed with surplus resources, prayerfully consider how you might give more to ministries, charitable organizations, or causes that advance God’s Kingdom. Generosity is a reflection of God’s heart, and your giving can transform lives and expand your eternal impact.  Go to the Generous Giving website www.generousgiving.org  or Read Randy Alcorn’s book called the Treasure Principle to explore transformational generosity.
2. Bless Your Family: Additional resources can provide meaningful gifts or support for your children and grandchildren, whether through education, housing, or memorable experiences. Consider investing in their spiritual growth and well-being, leaving a lasting legacy of faith and love. You might establish a fund to send your grandchildren to Christian camps such as Summit Ministries, where we sent out kids after they graduated high school or create a family trust that unites your loved ones in deciding how to distribute the funds. This not only passes on your values but also allows them to experience the joy of giving firsthand.
3. Pursue a Dream: Perhaps you’ve always wanted to go to the Holy Land or take a trip of a lifetime, write a book, or embark on a project that brings you closer to God and others. Prayerfully consider how these dreams align with God’s purpose for your life and use your resources wisely to pursue them.
4. Prepare for the Unexpected: Life often brings unforeseen challenges, from medical emergencies to economic downturns. Having a well-thought-out financial plan gives you the flexibility to navigate these challenges with confidence and peace of mind.

Eternal Investments

Money, when combined with clarity, gives you choices. Whether you are 30 years old or 60, as you plan for retirement and beyond, ask yourself: Are you living a life of abundance and making investments that are eternal? Matthew 6:20 reminds us to “lay up for yourselves treasures in heaven.” Use your resources not only for personal enjoyment but to glorify God and leave a lasting legacy.

Through prayer, wise counsel, and careful planning, you can determine your number and live with confidence and purpose. Steward your finances well, and you’ll find yourself thriving — not just for the years you’re given on earth but for eternity. With clarity and faith, you can finish strong and hear the words, “Well done, good and faithful servant” (Matthew 25:23).