How Much Do Christians Need to Retire Well?

By: Alex Cook

Five considerations to help calculate a real retirement number based on your actual life.

Start With Your Actual Expenses

Generic retirement targets, like a single round number everyone should aim for, ignore the fact that every family’s expenses look different. Start by listing what you actually spend now, then adjust for what will change in retirement, such as no longer having a mortgage or no longer commuting to work.

Account for Healthcare Costs Early

Healthcare is one of the most commonly underestimated retirement expenses. Costs tend to rise as people age, and this is an area where planning too little causes real strain later. Research realistic healthcare costs for your country and situation well before you retire, not after.

Factor In Giving and Ministry Plans

If generosity and giving are part of your life now, they are worth planning for in retirement too, rather than assuming giving will simply continue at whatever level is left over. Building giving into your retirement number, rather than treating it as an afterthought, keeps it a priority.

Simple Steps to Calculate Your Retirement Number

List your expected annual expenses in retirement. Multiply that number by the number of years you expect to be retired, adjusting for inflation over time. Compare that total against what you are currently on track to have saved, including retirement accounts and other assets, to see the actual gap.

Common Mistakes That Delay Retirement Readiness

Waiting too long to start saving is the most common mistake, since time and compounding growth matter more than almost any other factor. Underestimating healthcare costs, carrying high interest debt into retirement, and not adjusting the plan as life changes are the other frequent mistakes that push retirement further out of reach.