Poll

In What Way(s) Is It Acceptable For Orthodox To Prepare For Retirement?

Non-Interest Savings Account
0 (0%)
Interest Savings Account
0 (0%)
Investing (Stocks, Real Estate...)
0 (0%)
Only Option 1
0 (0%)
Options 1 & 3
0 (0%)
Options 2 & 3
5 (100%)
Other (Please Explain)
0 (0%)

Total Members Voted: 5

Author Topic: Retirement Savings and Orthodoxy  (Read 425 times)

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Offline GabrieltheCelt

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Retirement Savings and Orthodoxy
« on: March 06, 2011, 02:16:33 AM »
As someone who has a keen interest in this subject, I'd like to get all y'all's thoughts on this.  If you vote, would you please explain your reasoning so that others might benefit.  Additionally, Option #3 also contains retirement vehicles such as IRA's, 401(k)'s, 403(b)'s and mutual funds as well as Real Estate, Gold and other investments.

Thanks a million,

Gabriel
"The Scots-Irish; Brewed in Scotland, bottled in Ireland, uncorked in America."  ~Scots-Irish saying

Offline Basil 320

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Re: Retirement Savings and Orthodoxy
« Reply #1 on: March 06, 2011, 02:39:16 AM »
I've never seen the post New Testament Church prohibiting earning of interest.  My parish earns interest through savings accounts, so do the GOAA's endowments, such as Leadership 100.  Real Estate and stocks may be speculative, somewhat, but with sound professional advice, they are not forms of gambling.  I can't see why any of the options above would be prohibited by the Orthodox Church.  (I'm not a theologian.)
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Offline genesisone

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Re: Retirement Savings and Orthodoxy
« Reply #2 on: March 06, 2011, 04:17:48 PM »
Did the ancient world (i.e. New Testament and early Christian era) understand retirement as we do in our culture? Probably not. If you could work, you worked; if you couldn't work, family and friends cared for you, or you took up begging as a "second career". It's not surprising that little would be said. However, principles of good stewardship do come into play. It's all part of caring for one's material needs. We work and we save with a view to being responsible for what God has entrusted to us financially. Even a basic savings account may not keep up with ordinary inflation, so money deposited there will decrease in value. Not a wise use of what God has given. We should also strive to not be a burden to others. I'm not advocating a rugged individualism. We do need each other. But wise planning will make it possible for us to share the burdens of life and not just become a burden.