Living in Retirement
These days, there's no such thing as a typical retiree. Maybe you plan to spend more time with your family and friends. You may choose to live somewhere new. Or simply pursue an interest or your passion at home or far away.
Check out the tabbed section below to learn more about some important considerations to your financial security and well-being during your retirement years, including:
- How to live a generous life.
- Income considerations of Social Security benefits and Required Minimum Distributions (RMDs).
- Important legal documents.
- Consider and income analysis.
You can make a difference for causes you care about. You may wish to donate your time, resources or both. There are a number of volunteer opportunities sponsored by Thrivent Financial, including:
Or, get involved with your local Thrivent chapter and participate in a number of philanthropic and social events while you engage with other members.
Wondering how to give to the charity of your choice? Simply check out our list of charitable giving options.
Contact a Thrivent Financial Representative to help you determine how much you can give financially while staying in your means for retirement.
Social Security
For most people, Social Security income is the centerpiece of their retirement income. See typical sources of retirement income. You may have other income considerations too.
If you have a house, a car or a savings account, you have an estate – an estate that becomes an important part of your legacy. It only takes a little bit of planning to make sure it will be protected and passed on according to your wishes.
What’s a Required Minimum Distribution (RMD)? Why Should You Care?
Because your retirement accounts were tax-deferred, you are required by law to begin taking required minimum distributions (RMDs) at age 70½ for most qualified plans. An RMD is simply the minimum you must withdraw from your account each year after age 70½ to avoid a heavy tax penalty.
To better understand Social Security benefits or RMDs, please contact your Thrivent Financial Representative, visit the Social Security Administration’s website or see IRS Publication 590 (PDF).
It's important to have all your legal documents in order, including your:
- Will (Thrivent members, review the Will Planning Guide).
- Advance directive (living will).
- Other important documents, including insurance and investment contracts and power of attorney.
Be Sure To:
- Review the beneficiary information you have selected for accuracy.
- Make sure your loved ones know the location of your important legal documents.
Proper preparation is essential in ensuring your loved ones receive what you intend to be left to them and that your wishes are carried out.
To ensure proper legal preparation, please contact your legal professional, Thrivent Financial Representative, or visit the Thrivent Estate Planning page.
Making sure your retirement assets can provide you with the income you need as long as you need it is a primary concern for most people. Consider a retirement income analysis. Your Financial Representative can help you to maximize your retirement income stream while helping to minimize overall investment risk. Best of all, the analysis is free.
For more information contact your Thrivent Financial Representative or call the Financial Advice Center at 888-834-7428 between 8 a.m. – 9 p.m. Monday – Thursday, and 8 a.m. – 6 p.m. Friday (Central time).
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