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LARRY BURKETT WAS one of my early financial influences. Burkett, who passed away from cancer in 2003 at age 64, had a daily program called Money Matters on our local Christian radio station. For years, it came on during my commute home from work, and I’d faithfully tune in.
Burkett was a prolific author, publishing more than 70 books. His final book, Wealth to Last, co-authored with Ron Blue, has been in my financial library for two decades. The subtitle is Money Essentials for the Second Half of Life and is targeted at those age 50 and older.
Burkett’s Christian faith and understanding of biblical principles informed everything he wrote and said about money. Two quotes from the introduction of Wealth to Last set the stage:
Many of Burkett’s themes—diversify your portfolio, be careful with debt, spend less than you make—should resonate with most HumbleDollar readers regardless of whether they share his Christian faith. What are some distinctive nuggets from Wealth to Last? Here are some that I think will be of most interest to the HumbleDollar community.
Chapter 4 is entitled Retiring Conventional Wisdom About Retirement. It’s subtitled A Retirement Is a Terrible Thing to Waste. It opens by contrasting the productive later years of S. Truett Cathy, the founder of Chick-fil-A who retired at age 92, with the life of a power plant retiree of the same age named Mr. Darton.
Darton kept a 10-year calendar in which he crossed off the days until his much-anticipated retirement at age 60. After retiring, he declined various service opportunities in his church, saying, “I’m retired now. I have a lot of things I want to do. Besides, we hope to do some traveling.”
The story continues: “After five years of retirement, Mr. Darton had seen all the TV he wanted, read all the books he wanted, kept his yard perfect, and was very bored. Still healthy and mentally sharp, he had considered ‘doing some consulting’ to increase his income and help his budget. But he was a bit proud that he was retired and didn’t want it to appear that he couldn’t make it on his own. Besides, no consulting opportunities came along.”
The book goes on: “Turning seventy, his ten years of retirement had evolved into a routine of reading the paper for an hour, having coffee with old coworkers, and griping with them about his pension and the cost of prescription drugs. The highlight of his day was getting the mail; the highlight of his week was mowing the lawn.”
When Darton turned 80, his doctor told him at his annual physical that he was in great shape and would likely live several more years. Darton’s response? “Ho-hum. I can’t imagine several more years like the last twenty years.” He tended to daydream about his career days while riding his lawn mower. Missing the feeling of contributing and the camaraderie from those days, he wondered why he had so looked forward to retirement.
The contrast between productive Truett Cathy and bored Darton is designed to support the authors’ prescription for a fulfilling retirement: “What’s our solution? It is a four-letter word: W-O-R-K. Keep working. Change careers and begin another. Work as a volunteer or work for pay. Work part-time. Work full-time intermittently at various jobs. Work in the winter, play golf and fish in the summer. Get attuned to the idea of continuing to work.”
One of the reasons continuing to work in our later years can be an attractive option is that most service and knowledge jobs these days don’t require as much physical stamina as they once did. Another reason is the increased longevity we enjoy. From the book: “After hearing of an acquaintance dying suddenly at age sixty, haven’t you said something like, ‘My! That’s young!’ Your great-grandparents would rarely have uttered such a remark.” A longer lifespan translates to increased financial needs for retirement. Working a bit can help with that.
Wealth to Last was written for a Christian audience. It addresses the question, “Is retirement scriptural?” The authors list three reasons Americans think they’re entitled to retirement:
The authors’ conclusion, supported by Bible passages, is that these premises are not biblical. In contrast to what they see as the typical American retirement dream, the authors present numerous examples of both secular and religious people who stayed engaged, accomplishing much in their later years.
The authors are careful to say that their message is not that all retirement is wrong or bad. Many retire because of health issues or disabilities. Others retire to take care of aging parents, an ill spouse or grandchildren. Some people are forced to retire because of the nature of their work or industry.
They also take pains to say they don’t want to imply that work is the most important activity in life: “We do not advocate a workaholic approach. We are simply saying that if a Christian has a good, full life and enjoys what he does, he will be useful throughout his entire life, not just in his early years.”
In the Q&A section at the end of the chapter, Burkett answers a question about saving for retirement with some thoughts that might seem jarring to readers: “I do have a concern though. Some in America have developed a mania about retirement savings and the necessity for storing large amounts of assets. People often save 10 to 15 percent of their income in a retirement plan but then say that they cannot afford to give 10 percent to God’s work.”
He goes on: “Some think they need to retire with a vast amount of assets and then spend much more than they did during their working years. That is not true. Once you set a pattern for living, it will not change substantially after retirement, except in many cases it may go down. If you have learned to adjust your standard of living during the working years, then retirement will be a comfortable adjustment. The Christian who hoards money to be used for retirement is being deceived.”
Burkett continues: “There is nothing wrong with saving in moderation for retirement. But there is something wrong with storing unnecessarily, believing that is the only way to provide for later years. Whatever its guise, living for retirement and hoarding is the wrong approach…. This pressure to have enough resources to begin and sustain retirement lifestyles results in stress, worry, and an earthly focus rather than a Kingdom focus.”
The key to understanding Burkett: His faith was fundamental to his being. His views on money reflected that paradigm. Unlike some these days who “peddle the word of God for profit,” Burkett was in the game to spread the message, not to enrich himself.
Ken Cutler lives in Lancaster, Pennsylvania, and has worked as an electrical engineer in the nuclear power industry for more than 38 years. There, he has become an informal financial advisor for many of his coworkers. Ken is involved in his church, enjoys traveling and hiking with his wife Lisa, is a shortwave radio hobbyist, and has a soft spot for cats and dogs. Check out Ken’s earlier articles.
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In this context there is an interesting contrast between Christianity and Islam. Burkett is advocating tithing – 10% of income – which is typically given to a church rather than to people in need. In some countries it was or is a legal requirement. Alms-giving is one of the Five Pillars of Islam, but it is a percentage of assets over and above what is needed for support, given as direct help rather than to an institution. See: https://religionsfacts.com/the-meaning-and-significance-of-alms-in-islam/
(Note – I am not an adherent of either religion.)
Thank you for writing. It was interesting to read such a different perspective from my own. I do disagree with Burkett’s comments on “over-saving” for retirement.
I guess if you already know you’ll have a willing, capable adult child or sibling stepping in as caregiver should you need partial or 24/7 help, you’ll be ok. Or if you don’t mind settling for a poorly-rated facility that accepts Medicaid.
I don’t have the former and the latter scares me as I’ve seen several of these facilities. So it will require “over-saving” or an expensive LTC plan to avoid this.
Thank you for contributing. HD is always so interesting!
Relying on the adult child seems iffy. She might die, move away or become unable or unwilling to help. A sibling would be even more likely to predecease you, or need help themselves. I chose a CCRC over the LTC insurance, but it’s not cheap either.
The notion that expenditure will go down in retirement ignores health care costs.
I discovered Larry Burkett’s books in the early 1980’s and followed his “get out of debt plan” to eventual debt freedom. Thanks for your article and a happy reminder that we are here to glorify God and help others.
As I read through many of the comments posted here, I was struck by the posts that disparaged faith, Burkett’s ideas, how others decide to follow their understanding of their faith…and other posts simply portraying negativity.
It reminded me of a saying of mine that is appropriate here…
“Christians without money can offer prayers. Christians with money can help God answer prayers.”
Thanks for a great article Ken.
Ken…I was a former Larry Burkett counselor and had the privilege of meeting him personally…many of his biblical financial concepts were and still are applicable to everyone regardless of beliefs…many thanks for a great article and the memories.
I like the way you reflect on Burkett, Cutler! May your remaining days be filled with every good thing–adventure, meaning, purpose, relationship, and all those good Christian “fruits.” Finally, whatever is good, whatever is noble, keep that rolling around in your upstairs 🙂
Thanks, Ken. I never heard Mr. Burkett. I suspect much of his commentary is as timeless as those items you shared here.
And, thanks to those who already commented – great insights.
I wanted to offer this post – my effort to reconcile outcomes with incomes in retirement
https://401kspecialistmag.com/maximize-outcomes-not-incomes-die-with-zero/
Best to you.
The universe is a process. It presents us with lessons that are learning opportunities – if we choose to embrace them. If we fail to learn from the lessons presented, they will be presented again and we will have another opportunity to learn whatever it is the lesson is trying to show us. But it is all part of a process, and we are as much a part of it as the earth, the rocks, the trees and animals, and every human being.
Listening to your inner voice and paying attention is how you determine what to do next. For some, that could be working full time until they drop. For others, that could be volunteering at a soup kitchen. Or gardening. Or brewing craft beer. Doesn’t matter. All that matters is that you pay attention and be true.
When I was much younger I remember thinking how strange (and un-Biblical) the mainstream mindset was – i.e to save up a huge pile of money while you are working, and then at an arbitrary age in your 60s to stop working and then live off your pile the rest of your life. I was a hotshot IT contractor and I loved my work, and I figured I would keep doing it forever. However I did save for retirement anyway in 401K accounts. Later as I approached 60 a change in my attitude occurred – I still liked my IT work but I was tired of it consuming so much of my life, and I wanted more time for other things too. Now I am 68 and recently retired from my last employer – but also doing part time contract work for that former employer. I’m glad I saved in the 401Ks so I could reduce to time now!!
jeff
I hope Truett Cathy is not the paradigm of Christianity. Chick-Fil-A is known for discrimination of all kinds–gays, blacks, women. Not the kind of service to which I aspire. I also think that his comments about hoarding money for retirement shows a lack of understanding of the average American workers economic struggle.
That’s what I was thinking when I commented that I know atheists who are more Christian like than many Christians.
I do wonder whether some of the people calling themselves Christians in this country have actually read the New Testament. Personally, I prefer the modified Golden Rule: Do unto others as they would have you do.
Would you mind stating your source(s) on this, for all three targets of discrimination you mentioned here?
https://www.yahoo.com/lifestyle/why-are-people-mad-chick-fil-a-anti-lgbtq-controversies-205302238.html
https://www.mashed.com/926455/the-disturbing-reason-chick-fil-a-is-under-fire-for-discrimination/
Any search engine will pull up multiple sources and examples of these types of discrimination by the entity in question. Here are two (of many) examples:
https://www.forbes.com/forbes/2007/0723/080.html?sh=6163b2b55971
https://www.facingsouth.org/2012/08/chick-fil-as-history-of-workplace-discrimination
Thanks Ken. Larry Burkett had a big impact on me in my early years. Thanks for the reminder. I need to locate his books again. Larry impacted Dave Ramsey as well though Dave chose another path. My aunt knew Truett Cathy and he was my cousin’s Sunday School teacher at church as a middle school boy. Truett always invested in others.
I used to listen to Larry Burkett’s show while commuting, too. I agree that his approach would be mostly relatable to HD readers, even if they do not share his religious beliefs. He also came across as very mild-mannered and, well, humble, unlike the big-name guy, who is way too much for my tastes.
Since I don’t accept the Bible as an authority I doubt I would find much of Mr. Burkett’s writings useful.
Work is an activity for which you are paid. If you work, save and invest prudently during your early and middle years you can choose whether to continue to work as you age.
Volunteering is an activity which you choose for any of a variety of motives for which you are not paid. You can certainly fill your retirement years with voluntary service activity if that’s what you want.
I took early retirement so I could travel. This was neither work nor volunteering but the years I spent traveling in no way resembled the straw man Mr. Burkett creates in Darton. Thanks to Covid and my immuno-compromised status I then spent two to three years home alone with a lot of books and my computer. I am an introvert and I was perfectly content.
I don’t know about this. I think relying on faith, whether it be Christian, Muslim, Jew and etc. is great when it helps people to live a better life. I also know atheists and agnostics who seem more Christian than some Christians do. I personally don’t connect the dots between God and money, so I appreciate this sentence from the article; Many of Burkett’s themes—diversify your portfolio, be careful with debt, spend less than you make—should resonate with most HumbleDollar readers regardless of whether they share his Christian faith.
I think this type of philosophy is risky at best. It sends the wrong message to many people some who see it as justification for not saving or minimal saving for the future. We need a reasonable balance without extremes in either direction.
I also think it unfair to compare saving for retirement with tithing.
Scores of HumbleDollar life stories about reality before and after retirement are far more helpful than what I see as a rather naive philosophy.
On the surface it would be easy to agree with you RQ, since most of us here are go-go people who likely think too much about money and more than likely have substantial savings.
I know I find it refreshing to be around people who attain spiritual homeruns by tangibly living their faith and not fretting about money. I have a sister-in-law who comes to mind, she couples her love of teaching both her faith and soccer to youngsters in Texas, and does various outreaches abroad at various military bases and underserved countries like Guatemala. I find it a refreshing change, a life well-lived, & she has my respect and a bit of envy because she does it so well.
Nothing wrong with any of that, a good example in fact, but there needs to be a balance IMO.
It’s my view we need to take care of our needs now and in future so we don’t become a burden on others or society.
I don’t see that as hoarding money and I don’t think living or retiring with just enough is responsible. Stuff happens and we need to be prepared. If a person accumulates more than needed, there are many ways to eventually help others, but cutting it too close and hoping for the best is not responsible.
Saving 10 to 15% is hardly selfish in my view.
Not saying savings is selfish–I’m guilty as charged right here. The spirit of my reply is the world’s inhabitants could be much better off if we all cared and acted upon that caring, more than we currently are.
That’s the story of human history.
I had a couple clients who gave amounts of money to the church that were detrimental to their family and to their future financial security.
I had an uncle, who undoubtedly suffered from dementia in his waning years, forget about his POD -designated savings account being left to a church he hadn’t attended in decades. That was a bitter pill to his remaining two siblings.
Thanks for the article, Ken. I used to catch Larry on the radio, and am familiar with his writing. I like that his work reflected a balance between the extremes of our thinking about money. Some of us think of money or wealth as evil, while others make it an idol. There’s a middle way that’s closer to the truth.
Mr. Cathy is a local legend where I live. Numerous people have personal stories about his generosity and humble personality. The night after attending a large benefit dinner where he supplied the meal, my wife and I saw him eating at our local barbecue joint. My gregarious wife thanked him for buying us dinner the night before, and he later stopped by our table for a short chat. With him at his table were a couple teenagers, presumably from a program for wayward boys that he sponsored.
How to best use our finite personal resources should be a primary focus of the thinking of thinking people.
Amen to that! We’re eager to step up our participation in our local Habitat for Humanity this year. At this week’s kickoff meeting we learned that 17 energy-efficient homes will be built in their newly-attained neighborhood in my original hometown. I’m excited to learn a new skill, as hanging siding has been mastered, lol. Great people can be found on these projects, give it a try if you’ve been searching for some new way to help humanity.
My cousin’s husband in Birmingham has a successful commercial real estate business. Habitat is his natural choice for service.
A wise man. Change one life and you start to improve the world!
Ed, nice story about Mr. Cathy. He was a great example of a man who lived life with integrity. And I sure love his Chick-n-Minis. Thanks for reading and commenting.
Agree, if you listen to the financial industry we will never have enough to retire.
Hi Ken, this is Chris. Loved what you wrote, thanks for mentioning Larry to the HD readers. Spouse and I were not taught about finances from our families and I also discovered Larry Burkett in the 1990s. Learned so much from him. The biggest thing we learned was that it all belongs to God and we are just the stewards. Being good stewards of what we have been given is how we try to live. Spouse retired at the first of the year. God is still in charge.
Hi Chris, thanks for reading and commenting. Happy to hear Mr. Burkett had such a positive influence on you.