Generosity for the Second Half of Life
What will your Legacy be?
I hear it every week. Church members asking, “What do I need to do to be ready for retirement? Can we afford to retire? I want the next part of my life to be the best. I want to make a difference.
One couple sat in my office recently debating about what they would need in income to live in retirement. Their discussion came down to evaluating pension and Social Security benefits. They also weighed what they wanted to leave their children and grandchildren. Then I asked them: ‘What would you like your LEGACY to be? How do you want to benefit kingdom interests?” They grew quiet and pensive – struggling to answer. I asked if they have given faithfully and charitably to support key ministries close to their hearts. They quickly affirmed their ‘tithing’ habits. Then I asked, ‘What about the assets that you have built up over a lifetime?’ The conversation opened the door to a whole new discussion about their ultimate’ gift giving’ day – when they will give it all away.
Upwards of 10,000 men and women are retiring each day, but many dislike and are anxious about the idea of retirement. They would like to be redirected or redeployed to a life in retirement years that is meaningful and significant. Yet transitioning into retirement without adequate planning can be very frustrating. Every church should consider ‘LEGACY PLANNING’ as a vital need for ministry with the Boomers!
For too many, there may be an unfortunate lack of purpose, significance and identity in retirement. We have seen a large number of people who really are in the prime of their lives miss out on opportunities that bring fulfillment and joy. They do not think seriously about their potential legacy and what a difference they can make for their family and church.
While some of the greatest challenges of retirement are emotional and relational, the financial stewardship challenges that many face are often unknown. Lots of people don’t have a spending plan for retirement and enter into the unknown with financial anxiety. We may not be able financially to retire, so we will keep on working. We may even want and need an “encore” job. Having an annual spending plan in retirement is the foundation for a legacy plan that directs your bequests.
In any case, most people plan to live more modestly than before. People downsize and find ways to cope with less money – but with more joy. Scripture says that fulfillment is not determined by finances alone. Contentment happens when you understand your financial situation clearly and live within your means. Yet doing so and leaving a legacy covers much more than just finances. Pastors who care for families when a loved one dies know that if the deceased has planned his or her legacy, grief heals, joy increases and family members are able to celebrate a life that was filled with love, faith, hope and charity.
If you have not retired, how long do you expect to work? If you have retired from a career or have a spouse who has retired, how are you spending your time?
John Wesley, the founder of our Methodist movement, lived and died as a generous man of God. He left a legacy of faith and love that informed and inspired the Methodist movement in England to give birth to a new church in America. As a result, Christians today know that good stewardship makes great generosity possible.
Wesley knew that safeguarding one’s legacy was an important consideration for all times of history. Over the years, you may have learned how to better manage your money. You may also have learned the painful consequences of financial failure. As people approach retirement, money management and good stewardship are essential to ensure a significant and successful road ahead.
In his sermon “Toward the Tithe and Beyond: How God Funds His Work,” John Piper gives the example of John Wesley and his generosity:
This so baffled the English Tax Commissioners that they investigated him in 1776 insisting that for a man of his income he must have silver dishes that he was not paying excise tax on. He wrote them, “I have two silver spoons at London and two at Bristol. This is all the plate I have at present, and I shall not buy any more while so many round me want bread.”
When he died in 1791 at the age of 87, the only money mentioned in his will was the coins to be found in his pockets and dresser. Most of the 30,000 pounds he had earned in his life had been given away. He wrote, “I cannot help leaving my books behind me whenever God calls me hence; but in every other respect, my own hands will be my executors. In other words, I will put a control on my spending myself, and I will go beyond the tithe for the sake of Christ and his kingdom.”
Wesley’s example is a challenge as you seek to honor Christ with your money over your lifetime. It helps to remember, however, that it is all God’s money anyway. Hold it with open hands. Give with the grace that has been given to you.
Good stewardship is planning well and managing well with purpose in mind: as an expression of our generosity in response to God!
To learn more and talk with one of our staff about your personal planning options, call 804-521-1121 or email foundation@vaumc.org. We will be glad to listen and help you explore your options to meet your goals!
Plan ahead! Create a legacy of lasting ministries into the future!
