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Does the thought of retirement fill you with excitement or dread? Tune in to this episode of the Ask Ralph Podcast with Ralph Estep Jr. as he addresses common fears retirees face, such as outliving savings, healthcare costs, inflation, and loss of purpose. Learn how to overcome these fears with faith-based guidance and practical financial strategies and live a fear-free retirement.
In this episode of the Ask Ralph Podcast, host Ralph Estep Jr. discusses the significance of addressing the fear of retirement. He covers the common worries retirees face; outliving savings, healthcare costs, inflation, and loss of purpose. Ralph shares actionable steps and spiritual encouragement to help you face the future with confidence and faith. Tune in to understand how to overcome these fears and take charge of your retirement planning.
00:00 Episode Overview
00:29 Welcome To Tax Talk Thursday And Show Announcements
01:31 Bible Verse
02:28 Fear of Retirement
03:48 Actionable Step #1: Start with Prayer and Gratitude
04:46 Actionable Step #2: Create a Budget and Track Your Spending
05:18 Actionable Step #3: Start Saving Early and Consistently
05:46 Actionable Step #4: Explore Different Retirement Savings Plans
06:14 Actionable Step #5: Consider Part-Time Work or a Side Hustle
06:33 Actionable Step #6: Seek Professional Advice
07:27 Closing Prayer and Encouragement
09:15 Outro
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Ralph Estep Jr.:
Does the thought of retirement fill you with excitement or dread? Do visions of peaceful days and financial security dance in your head, or are you haunted by worries about outliving your savings?
Ralph Estep Jr.:
If you resonate more with the latter, trust me, you are not alone. The fear of retirement is incredibly common. But the good news is this. It's a fear that we can overcome together with faith as our guide. That's our topic on today's show.
Ralph Estep Jr.:
Hey everyone. Welcome back to the show where we tackle your financial questions through the lens of our Christian faith. I'm your host. And let me tell you, I'm fired up for today's episode.
Ralph Estep Jr.:
We're diving deep into a topic that weighs heavily on many of us, especially as we navigate those uncertain economic times.
Ralph Estep Jr.:
I'm so glad you're joining me today. For those tuning in for the first time, welcome. And for my loyal listeners, Thank you for your continued support. It means the world to me.
Ralph Estep Jr.:
Yesterday, we had a really practical episode about what to do when your auto lease ends. We talked about the pros and cons of buying out the lease, leasing a new vehicle, or exploring used car options.
Ralph Estep Jr.:
If you're facing that decision soon, be sure to check out yesterday's episode. And tomorrow, get ready to become a credit card ninja.
Ralph Estep Jr.:
We're diving into the world of maximizing credit card perks. We'll uncover hidden benefits, learn how to avoid those pesky fees, and use our cards strategically to boost our financial well-being.
Ralph Estep Jr.:
But for now, let's shift our focus to today's topic and that's overcoming the fear of retirement.
Ralph Estep Jr.:
Today's wisdom comes from Isaiah chapter 46, verse 4, and this is what it says. It says, "even to your old age and gray hairs, I am He. I am He who will sustain you. I have made you and I will carry you. I will sustain you and I will rescue you."
Ralph Estep Jr.:
In summary, Isaiah 46:4 encourages us to replace fear of the future with faith in God's presence and provision. He knows our needs in retirement. And He promises to sustain us, to carry us, and to rescue us.
Ralph Estep Jr.:
This verse is so reassuring. It reassures us that with God, we can face retirement with confidence rather than with any anxiety at all.
Ralph Estep Jr.:
Now, let's talk about the elephant in the room. That's that fear of retirement. Many of us, myself included, have experienced this fear at some point.
Ralph Estep Jr.:
We work hard our entire lives providing for our families and the thought of stepping away from that active income can be daunting. We might worry about things like outliving our savings. Will our nest egg be enough to sustain us for 20, 30, or even more years.
Ralph Estep Jr.:
We worry about healthcare costs. As we age, medical expenses can become a significant burden. I see this every day in my practice. We worry about inflation.
Ralph Estep Jr.:
The rising cost of living can erode the value of our savings over time. And we finally worry about not having a purpose. Many of us find identity and purpose in our work. What happens when that's gone?
Ralph Estep Jr.:
Now, these are all valid concerns and it's important to acknowledge them. But however, letting fear paralyze us into inaction is not the answer.
Ralph Estep Jr.:
Remember this, God calls us to be good stewards of what He's given us. And that includes planning for our future. So how do we move from a place of fear, to a place of faith and confident expectation when it comes to retirement?
Ralph Estep Jr.:
You know, I like to give you actionable steps. So here we go. Here's some actionable steps that we can each take.
Ralph Estep Jr.:
And this one is the first one and the greatest one. And that is start with prayer and with gratitude. Before we even touch a calculator, or open a spreadsheet, let's start with prayer.
Ralph Estep Jr.:
Bring your anxieties and fears to God, ask for his guidance and wisdom as you plan for the future. T
Ralph Estep Jr.:
The book of Philippians chapter 4, verses 6-7, reminds us this. "Do not be anxious about anything, but in every situation by prayer and petition with thanksgiving, present your request to God.
Ralph Estep Jr.:
And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus."
Ralph Estep Jr.:
You've got to take time to be grateful for what you have right now. This gratitude shifts our perspective from scarcity to abundance.
Ralph Estep Jr.:
The second thing. Create a budget and track your spending. You've heard me say this before, and I'll say it again. A budget is not about restriction. It's about freedom.
Ralph Estep Jr.:
It's about being intentional with your money so you can achieve your financial goals, including a comfortable retirement.
Ralph Estep Jr.:
Track your income and expenses to see where your money's going. Identify areas where you can cut back and redirect those funds towards your retirement savings.
Ralph Estep Jr.:
Number three. Start saving early and consistently. The truth is this folks, the power of compound interest is incredible. The earlier you start saving, even if it's just a small amount, the more time your money has to grow.
Ralph Estep Jr.:
You need to aim to save at least 15% of your income for retirement. If that seems impossible right now, start with a smaller amount and gradually increase it as you're able to do it.
Ralph Estep Jr.:
Number four. Explore different savings plans. There are various retirement savings plans available, such as 401(k)s, IRAs, and Roth IRAs.
Ralph Estep Jr.:
The truth is each plan has its own rules and benefits, but you've got to research and choose the option that best suits your needs and your financial situation.
Ralph Estep Jr.:
If your employer offers a 401(k) match, contribute at least enough to get to the full match. It's free money.
Ralph Estep Jr.:
Number five. Consider part-time work or a side hustle. Retirement doesn't have to mean complete idleness.
Ralph Estep Jr.:
Many retirees find fulfillment in part-time work or pursuing passions that they didn't have time for during their careers. This can provide extra income and a sense of purpose.
Ralph Estep Jr.:
Number six and I can't stress this enough. Seek professional guidance. Don't be afraid to seek guidance from a financial advisor. Especially one who shares your faith-based values.
Ralph Estep Jr.:
They can help you create a personalized retirement plan, answer your questions, and provide you with peace of mind.
Ralph Estep Jr.:
You know folks, overcoming the fear of retirement is not just about crunching numbers and maximizing our savings. I can do that for you. I can show you all that. But it's about trusting in God's provision, and living with a spirit of generosity.
Ralph Estep Jr.:
The book of Proverbs chapter 11:25 reminds us, "a generous person will prosper; whoever refreshes others will be refreshed."
Ralph Estep Jr.:
Even as we plan for our own future, let's not forget the importance of giving back to our communities and supporting those in need.
Ralph Estep Jr.:
Well, please allow me to close in prayer. Heavenly father. We come before you today with hearts full of gratitude for the faithfulness and our provision.
Ralph Estep Jr.:
We acknowledged that the future can seem uncertain. And we may feel anxious about retirement. Help us to surrender our fears to you and trust in your perfect plan.
Ralph Estep Jr.:
Guide us as we make wise financial decisions, save diligently, and seek professional advice. Remind us that the true security is found, not in our bank accounts.
Ralph Estep Jr.:
But in our unwavering love and grace. Fill us with your peace that surpasses all understanding, knowing that you will never leave us, nor forsake us.
Ralph Estep Jr.:
We pray for all those who are struggling financially.
Ralph Estep Jr.:
Especially those approaching retirement age. Please provide for their needs and give them hope for the future. We pray all these things in Jesus name, Amen.
Ralph Estep Jr.:
Well, folks, I hope this episode has equipped you with practical steps and spiritual encouragement to face the future with confidence.
Ralph Estep Jr.:
Knowing that God has gone before you and will walk with you every step of the way. Remember to visit our website.
Ralph Estep Jr.:
That's at askralphpodcast.com for additional resources, including all kinds of information about how to improve your finances.
Ralph Estep Jr.:
Now, while you're there, also join our email list so you never miss an episode or an opportunity to grow in your financial journey.
Ralph Estep Jr.:
And Hey, if this episode resonated with you, do me a favor and share with a friend or family member. In fact, share with 10 friends and family members.
Ralph Estep Jr.:
They might also benefit from this message of hope and practical advice. So until next time. Stay financially savvy, and God bless you on this Sunday.
