It seems that one should save funds for a financially independent retirement to the fullest extent possible.
Obj 1: All are responsible for providing for themselves if they are able to do so. There comes a time when one is too old to provide for oneself by one’s own labor and must retire. This retirement is likely to come when one’s children are themselves providing for their own children.
It would be unjust to presume support from one’s children or to fall back onto support from the state during retirement, as this would demand resources to fulfill a need that one should have provided for oneself through savings during one’s years of labor. Therefore one must save for a financially independent retirement.
Obj 2: Modern work is often degrading, producing profits for remote, wealthy shareholders, focused on tasks that are boring and unedifying, and sedentary to an unhealthy degree. It is virtuous to remove oneself from such work as early as possible, therefore one should save as much for retirement as possible.
Obj 3: The tax code allows for retirement savings in a way that decreases and defers money paid in taxes. The government tends to spend money in an immoral and wasteful manner. Therefore one should take advantage of the opportunity to place as many funds in accounts outside of the government’s reach, and these accounts are often retirement accounts.
Sed contra: Christ says: “Therefore, do not be anxious about tomorrow.” (MT 6:34)
Respondeo: In saving for retirement, it is necessary that one act virtuously (not merely without sin) in three aspects: firstly the mode of retirement, secondly the amount saved for retirement, and thirdly the manner in which funds are saved for retirement. The specific way in which these conditions are met must be at the discretion of one’s family after good faith discernment, cannot be dictated by a detailed set of rules, and should not be judged by others.
The mode of retirement: Many retire from all work when they remain capable of working in some capacity. However, Scripture says that our first parents were commanded by God to work prior to the fall. Therefore to work is a healthy aspect of human nature, and an open ended period of no work is against human nature and divine law. That this is true is seen in the heartbreaking physical, mental, social, and spiritual decline of many wealthy retirees.
The amount: Many save for retirement out of all proportion to real need. Doing so first harms one’s own soul, in that one becomes self centered and has a reduced capacity for charity. Doing so also harms the poor, who need real assistance here and now.
The manner of saving: One must save and invest one’s money in an intentional fashion in morally strong organizations who do not act contrary to the Gospel.
Rep Obj 1: The need to provide for oneself does not negate the mutual dependence of a healthy family and community. For many, there comes a time when they are no longer able to physically care for themselves. At that time, financial independence becomes an illusion that hides one’s dependence on paid strangers.
A healthy family that can care for an aging parent (or other relation) and in which the aging parent can help with children and certain household tasks can reduce the burden of daily life and cost of living on all parties while providing an opportunity for mutual self sacrifice and charity.
As to the state, most wealthy American retirees do not have a reduced dependence on the state, as they typically still rely on social security and Medicare. Strong family support is more effective at reducing state dependence than nominal individual financial independence.
Rep Obj 2: In many cases it is virtuous to retire from typical corporate work before the usual retirement age. However, retiring from such degrading work in favor of healthier work does not require investment-driven financial independence. In many jobs, one can reduce the required time commitment by working part time or as an independent consultant.
Such a move becomes easier if one avoids heavy but typical middle class expenses (multiple cars, private school, living in a high tax area, larger house, home remodels) and does not assume the need for an income-producing retirement investment before leaving an unhealthy, higher income job.
Rep Obj 3: Tax deferred investment accounts often invest in companies whose spending and activities are as wasteful and immoral as the government one seeks to avoid supporting. Examples include those with unethical business practices and oligopolies (Amazon, Alphabet), those who directly unborn harm human life (Johnson and Johnson), those damaging the natural environment (Exxon Mobil, BP), those promoting censorship and social engineering (Pfizer, Alphabet), and those whose business models are heavily based on usury (Visa).
Further, such investment accounts often direct money to the bond market, which enables government borrowing, overspending, and thereby overregulation.
