Saving for Retirement

It's never too early or too late to start saving for retirement. It's easy to put it off, but the sooner you get started, the more money you'll be able to invest in your future. You'll need to set goals and develop a strategy to meet them, and Thrivent Financial for Lutherans can help you every step of the way.

Visualize Your Future Self

Imagine yourself in retirement, and picture what you'd like for your day-to-day lifestyle:

• How old will you be when you retire?
• Will you continue working part-time?
• Do you want to spend time volunteering?
• Are you considering a new career after retirement?
• How do you want to spend your free time?
• Where do you want to live? Will you want a second home?
• Will you be caring for a family member?
• Will you still have children in school?

Based on how you answered the above questions, start putting some shape around your goals. For example, if you want to retire at age 55, you'll need to save far more aggressively than if you wait to retire at a later time.

Consider the Options

When you start saving for retirement, you have important choices to make. Depending on your age, the number of years left until you retire, your risk tolerance and other factors, some investments may make more sense for you.

As you get closer to retirement, you'll need to keep reviewing those choices and your progress toward your goals. Most financial experts recommend prioritizing savings vehicles as follows:

• Workplace retirement plans – If you can't max out your 401(k) or 403(b) plan, at least put away enough to qualify for the full employer match.
• Personal IRA – Whether you choose a traditional or a Roth IRA, you'll enjoy tax advantages that other savings plans may not offer. You may also want to consider consolidating your retirement accounts with an IRA rollover.
• Other savings – Mutual funds, CDs and annuities can all play important roles in your retirement savings strategy.

Protect Your Savings

A part of saving for retirement, is making sure your savings are adequately protected against unexpected life events, such as death or disability. Thrivent Financial offers a range of insurance product solutions to help protect your retirement savings.

Understand Social Security & Medicare

You'll need to apply for Social Security three months prior to the month of your 65th birthday, or three months before you want to start collecting benefits. At the earliest, you may apply at 61 years and nine months of age. Benefit reductions will apply depending on your full retirement age and personal situation.

Because the rules can be complicated, it's a good idea to speak with a Social Security representative in the year before you retire.

Also, depending on your age and whether you're receiving or plan to receive Social Security benefits, the rules around applying for Medicare will vary. Visit the Medicare website for detailed information.

Ask the Experts

When it comes to your retirement, you have many decisions to make – and we're here to help. Contact a Thrivent Financial representative for assistance evaluating your choices and finding solutions that can help you thrive in retirement.

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