Here are some considerations about paying tithing during retirement:
· Your income sources. In retirement, your income may come from a variety of sources, including Social Security, pensions, retirement savings, and investments. You will need to decide how you want to tithe on these different sources. Some people choose to tithe on their gross income, while others tithe on their net income after taxes. You may also want to consider tithing on the earnings from your investments, even if you have not yet withdrawn them.
· Your financial situation. Your financial situation may also affect your decision about how much to tithe. If you are on a tight budget, you may need to adjust your tithing amount. However, if you are financially comfortable, you may want to consider increasing your tithing. Ultimately, the decision of how much to tithe is a personal one.
· Your beliefs. Your religious beliefs will also play a role in your decision about tithing. Some people believe that tithing is a biblical mandate, while others believe that it is a personal choice. If you believe that tithing is important, you may want to continue tithing in retirement even if your income is reduced.
Here are some additional tips for tithing in retirement:
· Talk to your financial advisor. Your financial advisor can help you determine how tithing will affect your retirement budget. They can also help you set up a tithing plan that fits your needs.
· Be flexible. Your financial situation may change over time, so you may need to adjust your tithing amount accordingly. Be prepared to make changes as needed.
· Don't forget the spiritual benefits. Tithing is not just about money. It is also about giving back to your community and supporting your faith. Don't forget the spiritual benefits of tithing when you are making your decision.
Ultimately, the decision of whether or not to tithe in retirement is a personal one. There is no right or wrong answer. However, by considering your income sources, your financial situation, and your religious beliefs, you can make a decision that is right for you.
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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.