Saving enough, or saving too much?

You likely have asked yourself, “am I saving enough?” But have you ever asked yourself, “am I saving too much?”

Wall Street, the media and mainstream financial planning often prey on our fears and insecurities, generally fostering the belief that you can never have too much. Yet it is this attitude of accumulating and hoarding that actually gives rise to more fear and insecurity, because you can never accumulate enough to be “totally secure.”

Answering the question of how much is enough for retirement depends on a number of variables, factors and some assumptions – none of which we can have absolute certainty on. With good planning you can work towards answering the question of how much should I be saving and to help seek guidance (Proverbs 15:22), whether that’s a financial advisor or trusted friend seek someone who shares your beliefs and values.

No one can definitively tell you when saving tips over and becomes hoarding and trusting in self instead of trusting in God. The answer is between you and God. God’s Word does not prohibit saving for the future, rather it encourages having appropriate reserves, including for retirement. (Proverbs 6:6-8 and Proverbs 21:20). At the same time we must always have a healthy dependence on God and never rely strictly on our resources.

Learn more about our retirement planning and how we might be able to help.