By Dr. David Ripley … My wife and I, both pastors, began our retirement in August 2019. We started our ministry so young, believing that we likely would never need to retire because of the soon coming of Jesus. Should we further our education or save for retirement in the light of this imminent second coming? Would saving for retirement be a lack of faith in the message we were preaching? Jesus is coming!

As we began our pastoral ministry, we had no resources to administer. Without any financial training or modeling, we were not always the best money managers. We slowly learned and even purchased our first house. When we were moved, as pastors are, the economy took away all our investment in that home. For another home we put $35,000 down, then we had to add $7,000 to sell the house. Pastoral moving is hazardous!

We ended up in our mid 40’s, tens of thousands of dollars in debt with nothing saved for retirement. We knew something had to change. If Christ delayed a few more years, we would need resources. We had witnessed too many aged pastors who could not retire and were struggling every day.

While we were still confident of our message of the soon coming of our Savior, retirement was a clear probability. As recent empty nesters, we began our climb out of debt and preparation for this likelihood.

The first step was to eliminate consumer debt. Researching several strategies, we chose one and worked through it till we were debt free. We took vacations visiting different parts of the country to determine where we would like to retire. After choosing, we purchased land in our selected location. That mortgage we were determined to pay off quickly; we eliminated the debt in about 10 years. We built a home on the property debt free.

We started a savings account and conservative investments to grow our cash. We also took advantage of the matching towards retirement offered by the church to increase our percentage over time.

Even starting later in life, we were able to retire comfortably, and we have not paid any interest for 10 years. When needed, we paid cash for our car. We travel to our grandkids scattered across the country. We are so glad that while preaching the soon coming of Jesus we still prepared for the tarrying of the bridegroom.

Not being a financial management expert, or early on a good role model, I can simply tell you what we intentionally did to prepare for retirement. Here are some suggestions, whether you are in your 20’s or your 50’s.

-Get out of debt. Determine that you will not accumulate consumer debt. Do not pay high interest rates in perpetuity. If you have consumer debt, research plans to eliminate it, choose a strategy, and stick to it.
-Start a savings account for a car. Instead of paying interest, earn interest. When it is time to buy your next car, you can pay cash or a large portion of the cost.
-Start a retirement savings account. Even if it is a very small amount each month, increase it slowly over time. Find a professional financial advisor you trust and begin a conservative diversified investment portfolio.
-Maximize matching towards retirement. Increase your percentage over time. While in conference administration, I was amazed at how many pastors do not take advantage of the church’s matching investment.
-Do not opt out of Social Security. I know the theory that if you invest for yourself you will be ahead, but I have seen too many who opted out and then the pressures of life and emergencies left very little for retirement. Spending a significant number of years struggling is not a scenario you want.
-Determine where you would like to retire, perhaps 15 years out, and purchase a home, lot, or land. Work to pay it off.
-Monitor regularly all the moving parts of your retirement plan. Be ready to adjust as needed. It takes discipline and sacrifice to stay on track.

Preach the soon coming of the Lord while you prepare for the possibility of retirement. If Jesus appears before you retire, you have not lost anything. You have gained the ultimate retirement! If Jesus tarries, then you will be ready to retire and continue to be a voice for His second coming. God will bless you as you seek to be responsible with your plans.

–Dr. David Ripley currently resides in Fredricksburg, Texas

This article was originally published on the NAD Ministerial Association website