An IRA offers convenience, opportunities and benefits that other savings vehicles don't. Explore how one can help empower your retirement.
The concept of living comfortably in retirement looks different for everyone. That's why no two people can answer this question the same way. In trying to set your retirement savings goal, consider your spending habits and the kinds of activities you'd like to fill your time with. Will you need to save a little – or a lot more – to sustain that lifestyle?
For a better understanding of what you'll need to thrive in retirement, try our. A Thrivent Financial professional can also help you envision your dream retirement – and embark on a plan to help you get there.
When it comes to saving for retirement, the earlier you can start, the better. But the good news? It's never "too late." Saving later in life is better than not saving at all. If you find yourself needing to play catch-up, options like annuities – and even life insurance – may help. Working with a Thrivent Financial professional can guide you toward a retirement you can feel good about – whether you're just starting out or want to strengthen your existing plan.
While it may seem like a wise idea to get more money as soon as possible, keep in mind that the earlier you begin receiving your benefits, the lower your monthly income will be. To determine your best option, you'll want to look at your financial strategy. Pay especially close attention to your assets, your need for a guaranteed income, and how you can expect taxes and inflation to change over time.
A Thrivent Financial professional can help you get a holistic view of your finances, so you can take Social Security when it makes sense for you.
In most cases, Americans 65 and older can begin receiving health insurance through a federal program called Medicare. But Medicare alone won't cover all your medical expenses. You may be responsible for paying out-of-pocket costs associated with deductibles, copayments, coinsurance and more. A Thrivent Financial professional can help you explore solutions to make sure you have all your (medical) bases covered.
You can't necessarily call unexpected expenses "unexpected." They arise for all of us. If you're not prepared for such pitfalls, they can quickly derail your financial life. Having an emergency fund in place can provide valuable protection.
Your insurance strategy can help provide protection and flexibility for you and your family. In particular, cash value life insurance can provide a range of options. And getting cash out of your life insurance may be easier than you think.
Change is inevitable. When it happens, life's big events – the celebrations and the disappointments – may be ideal times to consider if the life insurance you have is what you want. And what you need.
1 Distribution of earnings are tax-free as long as your first Roth IRA contribution or conversion was at least five years prior and one of the following requirements is met: 1) you are at least age 59½; 2) you are disabled; 3) you are purchasing your first home ($10,000 lifetime maximum); or 4) the money is being paid to a beneficiary.
Thrivent and its financial professionals do not provide legal, accounting, or tax advice. Consult your attorney or tax professional.
If a taxpayer is younger than 59½ at the time of distribution, a 10% federal tax penalty will apply to the taxable portion of the distribution unless a penalty-tax exception applies.
Thrivent Financial and its financial professionals and employees have general knowledge of the Social Security tenets; however, they do not have the professional expertise for a complete discussion of the details of your specific situation. For additional information, contact your local Social Security Administration office.