Retiree Debt and Church Voice

"Sixty-four percent of retirees carry debt into retirement and among these, more than one in four (28 per cent) don't feel comfortable with their amount of debt. More than two thirds (68 per cent) of pre-retirees expect to carry debt into retirement." - BMO Financial Survey

The impact of debt can be devastating at any age, but consider the prospects of entering into retirement with debt. The expected norm is for a large percentage of those facing retirement to retire with debt in place. Without a stream of income to pay-off the debt, retirees will enter the period of their life in which they are suceptible to depression with the looming threat of losing their electricity, verbal abuse by collectors and the shame of not meeting their obligations. The paradigms involved can be complex, but the church can serve as a voice of clarity during these times.

Churches with a high percentage of aging adults in their congregation should consider providing financial counseling as well as emergency funds for assisting retirees in times of utility loss or lack of food. With funds in short supply, basic home upkeep will be ignored providing a ministry opportunity to retirees through home improvement efforts particularly those involving security measures such as exterior lighting and locks.

God's command to "honor" our parents should be taught and lived within our congregations to ensure that our desire for more does not ignore the needs of parents during these trying times. Conferences within the church to prepare adult children for the care of their parents will help them plan for the future with long-term care insurance, basic understanding of Medicare drug plans and estate planning resources.

The church must become the protector of the aged as the continued escalation of health care cost may sway some families to consider withholding care for purely economic reasons. The establishment of Ethics Advisory Teams by churches in the community would be a welcome voice of reason and support for families struggling with the complexity and emotions of these decisions.

Courtesy of Trend Ping