Retirement Savings

[Andrew Battaglia]

Hi everyone,

I have a question regarding retirement savings plans for my mom as well as myself. Back in 2011, I was working in the finance industry and sold my mom a retirement plan (Roth IRA) to supplement her 401(k) from work, and now that we are where the Lord has us on this journey, we began to question it. We have already reduced insurance down to the minimum required and stopped the ones that weren't necessary but now this scenario came up and there were a few directions to go and we wanted some advice. Due to it being a retirement savings plan, there would be a penalty for taking the money out before 59 1/2 years old (10% I believe), so the question becomes should she take it out immediately and pay the penalty, wait until she reaches the proper age (approximately 7 more years), or any other option not mentioned.

I was also paying into a retirement plan at work so this is relevant for me as well, although I have taken the matter before the Lord and believe that I should be focusing on Him to keep me wherever He will have me at any time in my life, therefore, I am no longer contributing.

Regarding the matter with her retirement plan, we both feel that it should be stopped and just pay the penalty because we don't want to be investing in the stock market any longer but we wanted to bring the matter here before moving forward.

Thank You, Lord, for Your guidance and instruction.

[Isaiah Dillard]

Thanks for initiating with this post Andrew. These are a couple subject items I ponder as well.

With the knowledge given from TPOT, The Lord has granted the faith to make my required insurance the minimal amount, and I am in the process of cancelling life insurance policy (my job actually automatically provides a free one, which has helped give my wife comfort as she grows).

401k has been the one I've been double minded on. Initially my thought 2 months ago was stop completely, then after evaluating my stance has changed, and looking for Godly counsel. The reason is the company I work for matches up to 6%. We have a goal to get out of debt, and in times have borrowed from our 401k to pay back other debtors (from the massive debt we brought into our marriage), and to use as a savings account. I have made modifications to the allocation to where it's in the safest investment (no additional return outside of what is put in, and has lowest fee penalty, which turns out profitable). If it were a situation where my company wasn't matching, I'd have nothing to do with it, but due to the free money given (beneficial for them for tax write off and employer competition), I place an amount in there, never exceeding the 6%.

Thank you for your time and any wisdom and correction that can be given

[Lidia Hoar]

I'm glad this is being brought up too because I have also been trying to decide to cancel the life ins. Policy I have. I get a free one from my work, but purchased additional one from credit union a few years ago. My husband also has one at his job. If my husband wants to keep his, as his wife, should I say anything to him? He is not a believer so I don't think he would accept me saying to rely on the Lord. What should I do if he is not agreeable to me cancelling the policy I took out either? I am not looking for answers but more of understanding on how I should look at things and using scripture to begin to discern matters. I have not brought this up yet to my husband so he may very well agree. He has been ok with all changes till now. Thank you for bringing this up Andrew.

[Victor Hafichuk]

Each one must make their own decision on anything, including insurance. Marilyn and I have purchased only compulsory insurance for decades now.

I look at insurance in very simple terms. If God is against me, insurance will not save or help; if He is for me, HE is my Insurance; I don't need the vain help of man who sells me insurance, not for my sake but his own.

Does that mean you are trusting the Lord by not buying insurance? Not necessarily.

Does it mean you'll have expenses that insurance could have paid for if you decide not to buy it? Likely, but paying your own expenses is far cheaper than having someone sell you a plan. Save for "rainy days." In other words, do your own insurance.

And if you happen to be poor, but have faith and walk in obedience (no faith without obedience), God will take care of it should a need arise. "No good thing will He withhold from them that walk uprightly."

Do you think the widow who gave her two mites needed insurance? Do you think her needs weren't met? If you think either of these, you simply do not believe.

If you don't believe, fat lot of good your insurance will do you, no matter how comprehensive! You're dead.

[Paul Cohen]

Andrew, you wrote:

Regarding the matter with her retirement plan, we both feel that it should be stopped and just pay the penalty because we don't want to be investing in the stock market any longer but we wanted to bring the matter here before moving forward.

Just as a piece of information that may clarify things or call for more clarification: Usually retirement plans offer money market accounts, which are similar to having money in a bank account. That means you aren't investing in the stock market and your funds aren't at risk of losing value, except through inflation. I think this kind of fund is what Isaiah is referring to here:

I have made modifications to the allocation to where it's in the safest investment (no additional return outside of what is put in, and has lowest fee penalty, which turns out profitable).

[Andrew Battaglia]

Thank you for the clarification, Paul. I will look into it further and see what it is being invested in. Maybe a phone call to discuss it as well sometime tomorrow.

[Mark Pearson]

I'm aware that many investment vehicles, where a consumer puts in money, and an account manager invests the money best he can, will usually put part of the money into investment avenues which gain the most & fastest, which usually include investments in high yielding companies like Planned Parenthood, and others that promote abortion, pornography, and entertainment drugs and alcohol?

I wonder how much we are unintended contributors with our money market accounts and savings accounts?

Mark

[Paul Cohen]

I'm aware that many investment vehicles, where a consumer puts in money, and an account manager invests the money best he can, will usually put part of the money into investment avenues which gain the most & fastest, which usually include investments in high yielding companies like Planned Parenthood, and others that promote abortion, pornography, and entertainment drugs and alcohol?

I wonder how much we are unintended contributors with our money market accounts and savings accounts?

Hi Mark,

There are thousands of different kinds of investment vehicles with different orientations and goals. High risk funds can be invested in high-tech, for example.

What investing comes down to for most people is a form of gambling – they have little idea what they’re invested in or what is going on behind the scenes.

Money market accounts are generally in Treasury Bills and very short term commercial loans and other low risk financial instruments. Bank savings accounts (which are federally insured) are used by the banks for mortgages, car loans, commercial loans and possibly short term CDs and other financial instruments.

None of these things are entirely safe or secure in the truest sense:

Matthew 6:19-21 MKJV
(19) Do not lay up treasures on earth for yourselves, where moth and rust corrupt, and where thieves break through and steal.
(20) But lay up treasures in Heaven for yourselves, where neither moth nor rust corrupt, and where thieves do not break through nor steal.
(21) For where your treasure is, there will your heart be also.

Regarding putting money in banks, money markets, and CD's, I'm reminded of the Scripture:

"I wrote to you in the letter not to associate intimately with fornicators; yet not altogether with the fornicators of this world, or with the covetous, or extortioners, or with idolaters; for then you must go out of the world" (1 Corinthians 5:9-10 MKJV).

You cannot be made clean if your cleanliness depends on not being involved with the world in any way. It’s our responsibility to be faithful with what God has given us where He has us.

By the way, Planned Parenthood is a nonprofit organization, under the same 501(c)(3) status as churches.

[Dan Long]

Lest you forget:

27 Well then, you should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest.

Though the point is to use what God has given you (all things) for His increase, not yours.


and by the way Planned Parenthood is NOT under the same status as churches, churches have no requirement to be under the jurisdiction of 501(c)(3), evil men pushed that falsehood.....

[Brandon LaBerteaux]

Dan Long, what you are quoting is a parable regarding spiritual matters, not a literal commandment by the Lord Jesus Christ to invest in the banks to receive interest. How is it that you don't understand the nature of these parables?

Regarding tax exemption statuses, while there is no law requiring that man-made churches be tax-exempt, many if not all register to be tax-exempt. And yes, Planned Parenthood and religious institutions fall under the same tax exemption status 501(c)(3) in the United States.

Sources:
https://www.irs.gov/charities-non-profi ... anizations
https://www.plannedparenthood.planyourl ... torney.php

[Dan Long]

Brandon, who said I don't understand the "nature" of Jesus parables except you? I understand that you all are hamstrung by your devotion to the Mosaic law of which you have no part, but what is that to me.

Obviously, if all you can come up with is a link to the IRS, then you haven't studied the tax law regarding churches which are Constitutionally exempt. The 501(c)(3) was created by Lyndon Johnson to gag pastors from saying anything political from the pulpit... study a little, you might learn something....