How much is enough for retirement?
Let’s check a few conclusions.
Photo: Chartr
Greetings Prosperous Souls,
How much money do you need for retirement? According to a survey, the average American thinks they’ll need $1.46 million to escape the rate race.
What’s shocking is this desired amount has skyrocketed since 2020. Average respondents in 2024 are sitting on just $88.4k in retirement savings. That’s a bit shy of the coveted $1 million.
Now, before you panic, realize that Northwestern Mutual and Wall Street Journal are selling fear. It’s in their best interest to scare consumers into action. But the Bible is clear: “haste leads to poverty” (Proverbs 21:5). So, don’t panic.
Let’s check a few conclusions. How did Northwestern researchers determine an average respondent? What was the age of those surveyed? What was their income? Did they ask young adults just out of high school? Or did they ask middle aged graduates struggling with debt?
According to the study, Boomers claim they only need $990k to support their golden years. Gen Z and Millennials estimate their needs to $1.63 and $1.65 million.
How much retirement money do you need? It depends on your age, stage in life, and financial expectations. Financial advisors and annuity salespersons have prophesied doom for DECADES. Do you have enough to retire? is like a carrot forever dangling out in front, just beyond reach.
We all pray for strong economies, righteous stewardship, and God’s blessing when it comes time to retire. But financial security isn’t just about money. It’s also a matter of the soul.
Instead of wearing yourself down with perpetual bad news, apply the biblical model:
Ask God for what you need (John 15:7-8).
Seek advice from licensed experts (Proverbs 15:22).
Stick to a sound plan (Proverbs 21:5).
Trust in the Lord (Philippians 4:6-7).
I’ll leave you with this quote. When a reporter asked John D. Rockefeller how much money he needed, he responded, “Just a little bit more.” If Mr. R had been a Prosperous Soul, his answer might have been, I have enough money. I just need a little bit more of God.
God bless your Prosperous Soul,
Stephen K. De Silva
About: Stephen K. De Silva is an author, speaker, and financial mentor. From 1995 until 2017, he served as the CFO of Bethel Church, and a member of the senior leadership team. Stephen’s blend of experience, training, and gifting make him a pioneer in the subject of money. You can reach Stephen at hello@prosperoussoul.com