Preparing for Retirement: Latter‑day Saint‑Friendly Planning for a Purposeful Life

Retirement is more than a financial milestone—it’s a new chapter of service, family, and faith. For members of the Church of Jesus Christ of Latter-day Saints, it’s also a time to deepen purpose, strengthen relationships, and prepare spiritually for what’s ahead.

At Deseret First Credit Union, we believe retirement planning should reflect both your values and your vision. Here’s how to do it thoughtfully.

1. Start with a Vision, Not Just a Number

Before crunching numbers, reflect on what retirement means to you.

• Will you serve a mission or support loved ones on theirs?
• Do you hope to volunteer, travel, or relocate?
• Will you support children, grandchildren, or charitable causes?

Tip: Write a short “retirement mission statement” with your spouse. It clarifies your goals and informs every financial decision.

2. Build a Retirement Plan That Reflects Your Faith

A retirement plan aligned with Latter-day Saint principles prioritizes stewardship, modesty, and service. That doesn’t mean you can’t enjoy your later years—but it means preparing in a way that frees you to focus on what matters most.

Include:

• Emergency savings (6–12 months)
• Tithing as part of all retirement income
• Long-term care and health expenses
• Estate planning with charitable giving

DFCU offers:
✓ IRAs and savings tools
✓ Retirement planning consultations
✓ Mission savings and distribution planning

3. Maximize Tax-Advantaged Accounts

Whether you’re just starting or nearing retirement, use every opportunity to grow your savings tax-efficiently.

• 401(k)/403(b): Max out employer-matched contributions
• Roth IRA: Grow money tax-free for the future
• Traditional IRA: Get tax deductions today
• HSA: Save pre-tax for future healthcare costs

Over 50? You qualify for catch-up contributions—an easy way to accelerate your progress.

4. Plan for Purpose, Not Just Comfort

The happiest retirees stay active—not just physically, but spiritually and socially.

Ideas for a purposeful retirement:

• Serve a couple’s mission
• Volunteer in the temple or community
• Mentor youth or teach financial literacy at church
• Travel with intent: visit historical sites or family roots
• Spend intentional time with grandchildren

5. Stay Debt-Free and Flexible

Debt in retirement can limit your freedom. As you approach retirement:

• Pay down credit cards and car loans
• Reevaluate your mortgage or consider downsizing
• Build flexibility into your budget for rising costs

Living simply enables you to give freely and act boldly.

6. Give Back—Now and Later

Tithing doesn’t end with retirement—it transforms into legacy.

Ways to give meaningfully:

• Donate appreciated stock or assets to reduce taxes
• Include the Church or family foundations in your estate
• Set up a donor-advised fund for strategic giving
• Support missionary grandchildren or temple building funds

Ask us how to integrate charitable giving into your estate plan.

7. Talk Openly with Family

Retirement planning is also family planning. Discuss with loved ones:

• Your healthcare wishes
• Financial accounts and access
• End-of-life preferences
• What “legacy” means to you

These conversations may feel difficult—but they’re an act of love.

Begin with Stewardship. End with Service.

Retirement isn’t the end—it’s a sacred opportunity to refocus your life around what matters most: family, faith, and purpose. With wise preparation and inspired goals, your later years can be your most fulfilling yet.

Let's Plan It Together

Speak with a retirement specialist at Deseret First today. We’ll help you align your money with your mission.