Stewardship Well Done Journey

Step 5 – RETIREMENT

Roadblock #1 – Am I missing out?

This step has seemingly caused some confusion on the Stewardship Well Done Journey. At this point, we are not talking about a fully funded retirement plan. Because many travelers still have consumer debt, we are only talking about taking one small easy step regarding retirement:

Make sure you are aware of all retirement benefits offered by your employer and that you are taking full advantage of them.

For instance, does your employer offer a 401(k) retirement plan? If so, does your employer make matching contributions? If the answer is yes, make sure you are making your monthly contributions at a level that will capture all the matching contributions available to you.

Although it is becoming increasingly rare, you will also want to know if your employer participates in a pension plan. If so, what contributions are being made on your behalf, if any? At what point are you vested (eligible to receive full pension benefits)?

As you investigate job opportunities throughout your lifetime, it is important to look at the full benefits package, including retirement benefits, and not just compensation. Be aware of what you have accumulated through previous jobs and what transfers with you. This can make a huge difference as you continue on your Stewardship Well Done Journey.