When it comes to retirement, statistics tell us that most of us are in trouble.

The Bible tells us the importance of preparing for the future: Idle hands make one poor, but diligent hands bring riches. The son who gathers during summer is prudent; the son who sleeps during harvest is disgraceful (Proverbs 10:4-5).

We are starting too late and saving too little. Some are acting as if everything will somehow work itself out when retirement hits. But the man or woman who has reached the age and desire for retirement, but did not save enough to make it a reality will tell you otherwise.

Hope does not get you to retirement. Habit does.

One of the reasons why people postpone saving for retirement is fear. And this fear can look different from person to person.

Here are five fears that may be costing you, and many others, your retirement:

1. Fear of Complexity. You think that investing is for those with finance degrees. And while I do have one of those, I can tell you that there are many men and women who are successfully setting aside money in mutual and index funds every month who do not have a financial background. Investing does not have to be overly complex. Just a basic understanding can go a long way toward achieving your retirement goals.


2. Fear of Losing Money. Markets go up, and markets go down. There will be times of great financial gains and times of financial losses. Don’t fear losing money—expect it. But also expect a future gain. If you diversify your investments well, you should expect an overall healthy, long-term growth of your retirement funds.


3. Fear of Wrong Timing. I have seen this fear creep up on several people since 2008. They wonder if they should wait to invest until the market conditions are perfect. Here’s the reality—you nor I know when that may be. Those who wait for optimal conditions tend miss out on gains in their retirement account. Timing the market is difficult. The best practice is to habitually invest every month, whether the market is up or down.


4. Fear of the Wrong Investment. I understand the reason for this fear. The last thing you want to do is invest in a mutual fund that has subpar performance. First of all, I do recommend discussing your investment selections with a financial advisor. Here is a good article about that. Second, you can do your own research as well. As you look at investments, consider their long-term performance and fee structure. There are plenty of sites like Morningstar.com to help you with it.


5. Fear of Missing Out. Many choose not to invest simply because they want to spend the money on something now. They don’t want to miss out on certain lifestyle that limits their ability to save. Unfortunately, this fear will catch up to them and become reality. Eventually, they will not longer be able to support their lifestyle, especially when retirement hits.

Don’t let fear deter you from saving for retirement. Try setting aside 15% of your gross monthly salary each month. While some may need more (particularly if retirement is approaching quickly), 15% is a great place to start.

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Written by Art Rainer, member of the Summit Stewardship and Generosity Ministry Leadership Team.

The Summit offers a variety of stewardship classes to help equip you to become a faithful steward.

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