With the Dow Jones Industrial Average and the Standard & Poor’s 500 near all-time highs and prices for quality bonds equally high, it would seem that retirement account values are likely to decline. This is a difficult place for Baby Boomers (or anyone else) having retired or nearing the event. The natural reaction, and the advice some would offer, is to avoid the risks of the markets and protect the funds.

In the July 6, 2016 Forbes’ Jeff Reeves wrote that a Boomer’s “biggest risk isn’t losing money because of market declines, but running out of money altogether.” The simple fact is most individuals underestimate how much money they will need in retirement. It is too easy to forget to budget for many of the items we take for granted during our earning years. There is also the impact of longer life expectancies that we fail to calculate.

Saving for Longer Lives

The National Institute on Aging estimates that a 65-year-old woman today will live 20 or more years beyond retirement. While we often think about and discuss those who die “all too young,” we also know those living into their 90s.

How do we protect ourselves from the risk of running out of money in retirement?  For decades, the classic “gold standard” benefit plans included pension (defined benefit) plans providing guaranteed income for life.  Those plans have disappeared for many, because they were deemed to be too expensive for employers to provide.

Remove the Risk With CCPP

However, for ministers, missionaries, church employees, and employees of non-profit organizations associated with Christian Churches and Churches of Christ the defined benefit pension plan IS available. The Christian Churches Pension Plan is a simple means trusted by thousands to provide an income for life. Take the risk of running out of money out of your retirement picture. Doing so is stewardship for your future.