This article is part of the Biblical Framework for Retirement Stewardship series. It was initially published in 2018 but updated in February 2026.
If you’re in your 50s or early 60s and feeling anxious about retirement savings, you’re not alone. In fact, you’re in the majority. Recent studies show that approximately 26% of Americans ages 50-64 have no retirement savings, and even those who have been saving often wonder, “Is it enough?”
Perhaps you’ve encountered setbacks—job loss, medical expenses, helping family members, or simply the challenge of balancing competing financial priorities. Maybe you started late, or life got in the way of the best-laid plans. Whatever the reason, you now face a sobering question: Can I still retire with dignity, or will I become a burden on my family?
This is precisely what the Self-Sustaining Principle addresses: planning wisely so you can “be dependent on no one” (1 Thessalonians 4:12) while maintaining the freedom to serve God’s purposes in your later years.
The good news? If you’ve fallen behind, there’s hope and a practical path forward. This article will show you why saving for retirement is biblical, help you understand your situation realistically, point you to God’s promises for provision, and offer practical steps to catch up or make what you have last.
Meet Mike and Debbie
Let me introduce you to a couple whose situation may feel familiar. Mike (60) and Debbie (60) represent a fairly average middle- to upper-middle-class family. They’ve worked hard, tried to stay out of debt, been consistent with giving, and saved when they could. But life happened.
Mike’s mid-career layoff during the 2008 recession forced him to tap retirement savings. Debbie’s illness created medical bills and kept her out of the workforce for several years. Their children’s education expenses were higher than expected. Market volatility made Mike nervous, so he moved investments to “safe” money market funds during the 2020 COVID crash and missed much of the recovery. The result? They have approximately $240,000 saved for retirement—not terrible, but probably not enough for their goals.
Their situation:
- Combined income: $84,000 (Mike earns $78,000; Debbie recently returned to work part-time, earning $6,000)
- Emergency fund: $5,000
- Retirement savings: $240,000 (401(k) and Roth IRA)
- No pension
- Small debts totaling $6,000 (working to pay off within a year)
- Mortgage: $220,000 remaining (18 years left) on home worth $320,000; monthly payment $1,650
- Both are eligible for Social Security at 62; full retirement age is 67
- Dream of retiring at 62 for mission work—just two years away
- Good health; willing to work part-time in retirement if needed
Mike and Debbie have tried to be faithful stewards, yet they find themselves behind where they need to be. Using the conservative 3.3% withdrawal rate appropriate for early retirement, they need approximately $400,000 saved, leaving a $160,000 gap with just two years until their hoped-for retirement date. They trust God to provide, but sometimes become anxious, especially when they read articles suggesting they need far more than what they currently have.
Does any of this sound familiar?
The reality is that many aren’t saving enough
Mike and Debbie aren’t unusual—they’re actually somewhat ahead of the curve. Recent data shows:
- 36% of non-retired adults have no retirement savings at all (Federal Reserve, 2024)
- 20% of adults ages 50+ have no retirement savings (AARP, 2024)
- The median retirement savings for those aged 55-64 is approximately $185,000 (Federal Reserve Survey of Consumer Finances, 2023)
- Over half of American households (54%) report having no dedicated retirement savings (Federal Reserve)
If you have $200,000 saved, as Mike and Debbie do, you’re at the median. But that doesn’t necessarily mean it will be “adequate.”
Why are many behind?
Several factors contribute to low retirement savings:
1. Economic disruptions. The 2008 recession, pandemic-related job losses, and economic volatility have devastated many families’ savings. If you lost your job or had to tap retirement funds during a crisis, you’re not alone.
2. Healthcare costs. Unexpected medical expenses can quickly drain savings. Even with insurance, serious illness can create financial stress that derails retirement planning.
3. Family obligations. Supporting aging parents, helping adult children, or caring for grandchildren—while being faithful expressions of the Caregiving Principle—can make retirement saving difficult.
4. Conservative investing after losses. Like Mike, many who lost money in 2008 or at the start of the pandemic moved to cash and missed the recovery. Fear-driven decisions often hurt long-term outcomes.
5. Overspending and debt. Living beyond our means and carrying excessive debt reduces our capacity to save. As Dave Ramsey says, “Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest.”
6. Procrastination. Many people postpone saving, expecting they’ll have more disposable income “later.” But later often brings its own challenges, and money saved sooner has more time to grow.
7. Underestimating needs. Most people don’t realize how much they’ll actually need. That $100,000 seems like a lot—until you realize it might need to last 30 years alongside Social Security.
The Self-Sustaining Principle connection
This connects directly to the Self-Sustaining Principle. Paul wrote:
“Aspire to live quietly, and to mind your own affairs, and to work with your hands… so that you may walk properly before outsiders and be dependent on no one.” (1 Thessalonians 4:11-12)
Saving for retirement isn’t about greed or hoarding—it’s about:
Avoiding unnecessary dependence. Planning so you won’t burden your children or others when you could have prepared differently.
Maintaining dignity. Living independently for as long as possible rather than depending on family or government assistance unnecessarily.
Preserving freedom to serve. Having adequate resources frees you to serve the Lord, your church, and your community in your later years without financial anxiety consuming your attention.
Providing for family. “If anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever” (1 Timothy 5:8).
Leaving a legacy. “A good man leaves an inheritance to his children’s children” (Proverbs 13:22). This doesn’t mean you must leave millions, but having something to pass on honors this wisdom.
As Christians, we never retire from Christ’s service. Our vocation may change, but our life’s work of serving the Lord continues. Saving during working years gives you freedom to serve more fully in later years.
God’s promise to provide and our responsibility to prepare
If you’re behind in saving, you may feel anxious or even fearful. This may be the most important section of this article because it’s about the hope we have in God’s promises.
God has promised to care for us
One of the most important truths in Scripture is that God has promised to care for His children. This isn’t a possibility—it’s a promise, as certain as God’s character itself.
Jesus said:
Therefore I tell you, do not be anxious about your life, what you will eat or what you will drink, nor about your body, what you will put on. Is not life more than food, and the body more than clothing? Look at the birds of the air: they neither sow nor reap nor gather into barns, and yet your heavenly Father feeds them. Are you not of more value than they? (Matthew 6:25-26, ESV)
And Paul wrote:
And my God will supply every need of yours according to his riches in glory in Christ Jesus.(Philippians 4:19, ESV)
These promises should give us profound peace. God knows our situation. He knows what’s in our bank accounts—and what isn’t. He knows our needs before we ask. He will provide for His children.
But He expects us to do our part
As my pastor once said, “Sovereignty does not mean passivity.” God typically uses human action and agency to accomplish His will—including our provision.
Consider these verses:
Proverbs 10:4-5: “A slack hand causes poverty, but the hand of the diligent makes rich. He who gathers in summer is a prudent son, but he who sleeps in harvest is a son who brings shame.”
Proverbs 8:19-21: Speaking of wisdom: “My fruit is better than gold, even fine gold… granting an inheritance to those who love me, and filling their treasuries.”
God cares for us partly by giving us wisdom about how to prepare. He feeds the birds—but notice they still gather food. He provides for the ant, but the ant still works in summer to prepare for winter.
Balancing faith and responsibility
This creates a tension we must navigate carefully:
We must trust God’s promises – Financial fear comes from misunderstanding God and what He’s promised. He’s assumed responsibility for our needs. We’re His children, and He will care for us.
We must take wise action – But trusting God doesn’t mean presuming on His grace by failing to prepare when we can and should. Faith without works is dead (James 2:17), and this applies to retirement planning too.
The key is this: We plan and prepare not because we’re anxious or faithless, but because we’re faithful. We’re stewarding the resources, time, and abilities God has given us. Then we trust Him with the results.
As Ecclesiastes 7:14 reminds us: “In the day of prosperity be joyful, and in the day of adversity consider: God has made the one as well as the other, so that man may not find out anything that will be after him.”
In other words, no matter how much you save, there will always be uncertainty in this life. Those who have prepared well and those who haven’t can both be tempted to worry. The only real antidote for worry is faith and trust in God.
But we also must take responsibility. Worrying is playing God (assuming responsibility for what God said He’ll handle). Passivity is presuming on God’s grace. Neither is faithful stewardship.
What this means practically
So what does this balance look like?
If you’re behind, don’t panic—but do act. Trust God’s promises while taking wise steps to catch up. He will provide, but He typically provides through our diligent efforts combined with His blessing.
If you’re unable to save much, trust God more. Some genuinely cannot save significantly due to circumstances beyond their control. If that’s you, trust that God will provide through other means—whether that’s working longer, living more simply, or receiving help from family or church when needed.
If you’re doing well, stay humble. Those ahead in savings shouldn’t assume their security comes from money. “Whoever trusts in his riches will fall” (Proverbs 11:28). Your security is still in God, not your portfolio.
Everyone: avoid the extremes. Don’t hoard anxiously, and don’t presume carelessly. Walk the path of faithful stewardship—planning wisely while trusting completely.
Avoiding fear-based decisions
If you’re behind in saving, you’re probably bombarded with messages that increase your anxiety:
- “You should have X amount saved by age Y or you’ll be in trouble!”
- “Most Americans are facing a retirement crisis!”
- “Without $1 million, you can’t retire comfortably!”
Some of this comes from genuine concern. Financial professionals want to help. But some amount to fear-based marketing designed to motivate you to buy products or services.
Fear is not from God
“For God gave us a spirit not of fear but of power and love and self-control.” (2 Timothy 1:7)
Anxiety and fear are enemies of wise stewardship. They cause us to:
- Make emotional rather than rational decisions
- Take inappropriate risks chasing “too good to be true” opportunities
- Become paralyzed and take no action at all
- Trust in money rather than God
Don’t make financial decisions out of fear. Not ever. Not when you’re behind. Not when markets crash. Not when someone tells you you’re in crisis.
You don’t need millions
While having more is better than having less, most people don’t need $1-2 million to retire. Mike and Debbie certainly don’t need that much. What matters is:
- What Social Security will provide (often 30-40% of expenses)
- Whether you have a pension or other guaranteed income
- How much you actually spend (not hypothetical “lifestyle” budgets)
- Your willingness to work part-time if needed
- How long must your savings last
- Your flexibility to adjust spending if necessary
We’ll explore this more in the next article, but remember: The goal isn’t maximum wealth—it’s adequate self-sustainability with margin for service and generosity.
They have time, but…
Mike’s and Debbie’s situation isn’t hopeless, but it will require honest conversation, difficult decisions, and possibly adjusting their timeline. As you’ll see, the closer you get to retirement, the fewer options you have.
But if you’re in your 50s with 10-15 years until retirement, you still have meaningful leverage to change your outcome. None of the paths forward is easy, but all of them can significantly improve your situation.
When you’re 10-15 years from retirement, time is both your ally and your enemy. You still have enough runway to make dramatic improvements, but the clock is ticking loudly. Every year you delay action, your options narrow.
The math of aggressive saving
Consider what happens when Mike and Debbie realize they need to get more serious about saving. Currently, they’re putting away 6% of their combined income of $84,000, about $5,000 annually. That’s better than nothing, but nowhere near enough to close their gap.
What if they increase their savings rate to 20%? That’s $16,800 annually, bringing their retirement contributions to $11,800 each year. Over ten years, assuming a 6% average return, this additional saving accumulates to approximately $155,000. Suddenly, their seemingly impossible gap becomes manageable, but it does mean working and saving longer than they may have planned.
But finding an extra $11,800 per year to save isn’t simple. It requires a fundamental shift in how they think about money coming in and money going out. When Mike gets his annual raise, instead of upgrading their lifestyle, every dollar will have to go straight to retirement savings. When Debbie receives her year-end bonus, it doesn’t fund a vacation; it funds their future freedom to do whatever God calls them to do.
Since both are over 50, they can make catch-up contributions that younger workers can’t. In 2026, that means an additional $7,500 annually in their 401(k) plans and $1,000 more in IRAs. Even if only one spouse works, both can leverage these higher limits. The key is setting up automatic increases so that saving more becomes the default rather than something they have to remember to do each year.
Finding money to save
Of course, Mike and Debbie might look at their budget and wonder where they’ll find an extra $11,800 per year. This is where honest assessment becomes painful but necessary.
Americans typically spend 25-35% of their income on housing. For Mike and Debbie, earning $84,000, that’s potentially $21,000 to $29,000 annually just for their house. What if they downsized now rather than waiting until retirement? Moving from a three-bedroom house to a smaller two-bedroom or relocating to a town with lower property taxes could save them $600 or more each month. That’s $7,200 annually, potentially more than half of what they need to find.
Transportation is usually the second-largest expense. They’re driving two relatively new cars, with combined monthly payments of $750. What if they paid off one car and drove it for another five years instead of trading it in? What if they bought a certified used car instead of a new one next time? Even eliminating one car payment frees up nearly $9,000 annually.
Then there are all the smaller expenses that quietly drain resources: streaming services, gym memberships they rarely use, and dining out three times a week. None of these is wrong in itself, but when retirement security hangs in the balance, everything must be evaluated.
Some financial planners suggest the 50/30/20 budget framework: 50% for needs, 30% for wants, and 20% for savings. For someone behind on retirement, who might need to shift to 50/20/30, cutting wants to 20% of income so they can direct 30% to savings. It’s not forever, just for the crucial decade when catching up matters most.
The mortgage question
Mike and Debbie owe $220,000 on their home with 18 years remaining on their mortgage. Their monthly payment of $1,650 represents about 24% of their budget. Imagine if they entered retirement with that paid off; they’d need substantially less income to maintain their lifestyle.
If they refinance to a 15-year mortgage, their monthly payment might increase to $2,000. That’s painful now, but it forces faster payoff and saves tens of thousands in interest. Alternatively, they could keep their current mortgage and add an extra $250 per month toward principal. Even this modest acceleration shaves years off the loan and saves substantial interest.
Here’s why this matters so much: Using the 4% rule, every $1,000 in annual expenses requires $25,000 in savings. Of course, they’ll still have property taxes and insurance, but the impact is enormous.
The hard decisions
After running the numbers, Mike and Debbie face a hard truth: retiring at 62 for mission work might not be realistic. But what if they work until 64? Or 65?
Working even 2-3 extra years creates compound benefits that can help significantly. First, their portfolio continues growing with contributions and returns rather than beginning withdrawals. Second, they need to fund fewer years of retirement—27 instead of 30 —reducing the total savings needed by roughly 10%. Third, delaying Social Security from 62 to 65 increases their monthly benefit by approximately 20%, permanently.
For Mike, who expects to receive $2,600 monthly at age 67 (his Full Retirement Age), claiming at 62 reduces that to about $1,820. But waiting until 65 provides roughly $2,310. That extra $490 per month equals nearly $5,900 per year. Using the 4% rule, that higher benefit is equivalent to having $147,500 more in savings. Of course, waiting until age 67 would be better, and deferring until age 70 would be optimal, though perhaps unrealistic.
The temptation is to view working longer as failure. But reframing it helps: Those extra years are an investment in greater security and longer-term financial freedom. Mike and Debbie might do their mission work from 65 to 80 instead of 62 to 77. The total years serving are the same, but the financial foundation is much stronger.
The generosity paradox
One danger of playing financial catch-up is becoming so focused on saving that any margin for generosity disappears. Mike and Debbie have been giving 8% of their income to their church and other ministries for years. As they calculate what they need to save, the temptation arises: “Maybe we should temporarily reduce giving to 3% until we’re caught up.”
This thinking violates biblical principles and potentially harms spiritual health more than it helps financial health. Scripture teaches a sowing and reaping principle: “Whoever sows sparingly will also reap sparingly, and whoever sows bountifully will also reap bountifully” (2 Corinthians 9:6). Some retirees who gave generously throughout their working years report greater peace and provision than those who saved every penny while giving minimally.
A better approach: Set a giving floor—perhaps 10%—regardless of the urgency of savings. Give first, save second, then live on what remains. As they give faithfully, trust God to provide for both present needs and future security. This requires faith, but that’s appropriate. Our security ultimately rests not in our portfolio but in God’s faithfulness.
Next steps
The path forward begins with honest assessment and decisive action.
Start by calculating your specific number using the process we’ve outlined in this series. Don’t rely on generic rules—calculate your situation based on your expected expenses, time horizon, risk tolerance, and specific circumstances.
Then assess your gap honestly. Where are you now, and where do you need to be? How large is the gap? Is it closeable with aggressive saving, or does it require working longer? Be ruthlessly honest here.
Choose two or three action steps from the strategies above. Don’t try to implement everything simultaneously—that leads to paralysis. Pick what’s most impactful for your situation and start there. Maybe it’s increasing your 401(k) contribution by 5%. Maybe it’s listing your house to downsize. Maybe it’s having the conversation with your adult children. Maybe it’s scheduling a consultation with a financial adviser.
Pray for wisdom. James 1:5 promises, “If any of you lacks wisdom, let him ask God, who gives generously to all without reproach.” This journey requires wisdom beyond what any article can provide.
Seek godly counsel. Talk with trusted advisors who know your situation—a financial planner, your pastor, mature Christian friends who have navigated similar challenges. Don’t make major decisions in isolation.
Take action this week. Not someday, not when you feel ready, not after you’ve thought about it more. This week. Do something tangible and specific. Increase your contribution percentage. Call a mortgage broker. List out expenses to cut. Schedule appointments. Movement creates momentum.
Finally, trust God completely. Your retirement security doesn’t ultimately rest on your savings—it rests on God’s faithfulness. He has never failed His people. He will not fail you.