Thrivent Magazine Spring 2021
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Spring 2021
Thrivent Magazine
5 ways to make the Financial tips Smart money moves
most of your tax refund for women for home buyers
Page 5 Page 18 Page 24
In this issue Spring 2021
Volume 119, No. 698
Features
6
Thrive
4 Market outlook
5 Make the most of your tax refund
Images (clockwise from top left): David Saracino, Joshua Komer/Grand Forks Herald, Georgijevic/Getty Images, Westend61/Getty Images
6 Client spotlight
7 Generosity in action
8 How do home equity loans work?
9 Home improvement tips to
spruce up your spaces
14 10 Connecting art and faith
Blueprint for retirement 11 Good question
8 steps to consider long before your retirement date arrives.
12 Myth buster
29
What’s happening
at Thrivent
Faith Thrivent Mutual Fund wins
service award
“Now faith is confidence
Photo by Itai Minovitz/Getty Images
National board members elected
in what we hope for Manage your Thrivent account
and assurance about
32 Just for fun
what we do not see.”
18 24
Hebrews 11:1 Women and money Moves for home buyers
How to overcome financial Cut down the costs and headaches On the cover:
challenges and find clarity. of the home buying process. Illustration by David Saracino
Thrivent Magazine | Spring 2021 thrivent.com | 1
Welcome
Thrive
Insights and inspirations
The little things Board of Directors Thrivent ®
Bonnie E. Raquet Magazine Staff
Chair Callie Briese
add up to big things Williamsburg, VA
Deborah M.
Executive Editor
Donna Hein
Ackerman Editor
Wilmette, IL
Jon Goodrich
N. Cornell Boggs Editorial Assistant
As the short winter days slowly begin Ludington, MI
to grow longer, I’ve found myself Kenneth A. Carow
grateful for the extra minutes of light Greenwood, IN
at the end of every day. It’s still cold Bradford N.
Creswell Content
in Minnesota, but somehow adding Mercer Island, WA Strategy and
those few minutes before the sun Publishing
Lynn Crump-Caine
Anya Britzius
goes down in the evening makes Are you using money as a tool to live Sandy Springs, GA
Senior Content
me hopeful for the next day, and the a purposeful life? Strategist
Eric J. Draut
next, and the next…until before we Next, it helps to create discipline Arlington Heights, IL
Bret Ryan
Senior Art Director
know it, we’ll be celebrating long around preparing to accomplish your Kirk D. Farney
Hinsdale, IL
summer days. short- and long-term goals. What are Rebecca Lubecki
Associate Editor
Rev. Mark A. Jeske
Those extra minutes don’t seem your plans for the future? And what Milwaukee, WI
Molly Bennett
like much on their own, but when tools do you need to get there? Senior Content
Kathryn V. Marinello
Director
they accumulate, they add up to Finally, it can accumulate into Bonita Springs, FL
meaningful hours in the day. Time something much bigger. Just like Tina Gschlecht
Nichole B. Pechet
Senior Project
for gardens to grow, kids to play those few minutes at the end of San Francisco, CA
Manager
outside and long peaceful walks in every day add up to hours of extra Teresa J.
Jonathan Benson
Rasmussen
the sunset. sunlight in the summer, setting aside Production
President and CEO
Manager
Orono, MN
In our feature story “Women and money adds up, too. What may not
Money,” which starts on page 18, we seem like much can eventually be a Angela S. Rieger
Madison, WI
asked some of our women leaders down payment on a house, a family
at Thrivent to share the best piece of vacation full of memories, or travel-
financial advice they ever received. ing in retirement.
I was inspired by their thoughtful At Thrivent, we know the little Thrivent (ISSN 1539-0128) is the official
publication of Thrivent Financial for
answers and hope you will be, too. things can add up to big things. Lutherans, Appleton, WI 54919-0001/
There’s a piece of financial advice We’re grateful for the opportunity to Minneapolis, MN 55415-1624, a fraternal
benefit society. It is published quarterly by
I received when I was younger, help you make the most of all God the society.
and it’s always stuck with me: don’t has given you.
Periodical postage paid at Appleton,
forget to pay yourself. Wisconsin, and additional mailing offices.
Even if it’s not much to begin with, POSTMASTER: Send address changes to
Thrivent Magazine, Thrivent Financial for
this simple act of setting aside some Lutherans, 4321 N. Ballard Road, Appleton,
of your hard-earned income does WI 54919-0001. Phone: 800-THRIVENT
(800-847-4836). Copyright 2021 by
a few things. First, it creates space Thrivent Financial for Lutherans.
for you to stop to think about what
financial clarity means in your life.
Teresa J. Rasmussen
President and CEO
All rights reserved.
Investing in COVID-19 has changed many things in people’s day-to-day lives in the past
year, but it hasn’t been able to slow the determination of Thrivent clients to help
one another those in need.
“The creativity we’ve seen as clients continue to invest in one another
Connect with us Thrivent helps its clients
find new, creative ways
has been inspiring,” says Tricia Brown, director of Member Attraction and
Activation at Thrivent. “We provided match programs early on, and our clients
to continue giving gave in record numbers.”
Thrivent Magazine Thrivent In 2020, more than $208 million was raised and donated by Thrivent, clients
By Donna Hein
Thrivent Magazine
and supporters.
thriventmagazine@thrivent.com facebook.com/thrivent instagram.com/thrivent mail@thrivent.com
4321 N. Ballard Road “Within hours of new social distancing guidelines (Continued on page 5)
Appleton, WI linkedin.com/
thrivent.com/magazine twitter.com/thrivent 800-847-4836
54919-0001 company/thrivent
2 | Thrivent Magazine | Spring 2021 thrivent.com | 3
Thrive
“If inflation increases, (Investing in one another
continued from page 3)
investors may be less
willing to pay high going into place in many states, we
saw clients making creative adjust-
valuations for earnings ments—converting fundraising
far out into the future.” dinners to drive throughs and coming
up with innovative ways to continue to
serve,” Brown says.
At the same time, Thrivent was
inspiring clients by sharing more
ideas of how to make an even
harmed less by an increase in rates bigger impact.
than longer maturity bonds. With “When clients apply to lead
respect to stocks, an increase in Thrivent Action Teams, we see
inflation could adversely affect the all their ideas,” says Katie Welch,
large technology stocks that have manager of Member Attraction and
performed so well in recent years. If Activation at Thrivent. “We want to 5 ways to make the most of your
inflation increases, investors may be
less willing to pay high valuations
make sure others can see them, too.”
Those creative stories and photos tax refund
Market outlook for earnings far out into the future. are available on the Thrivent Discover ways that you can make the most out of your cash influx
More economically sensitive cyclical Action Teams hub (thrivent.com/
Potential for inflation continues to rise stocks, such as banks and industri-
als, could outperform.
actionteamshub).
Thrivent offers an option to make
By Rebecca Lubecki
By David Royal
With interest rates still low but the personal donations online through
risks of inflation potentially rising, the Thrivent Choice® (thrivent.com/ 1. Share, save, spend
it can be a particularly challenging thriventchoice) giving platform Divide your tax return so that some goes into your savings, another portion
Six months ago, I wrote about the over the past year may increase time to generate income without to all Thrivent Choice enrolled goes to a cause your family is passionate about, and another goes toward
possibility that we could see signifi- their spending. More money chasing taking excessive risk. Your Thrivent organizations. This is available to some fun money.
cant inflation in the economy. Back fewer goods could be a recipe financial professional can help you everyone, and Thrivent pays the
then, I felt a little sheepish raising for inflation in an economy still navigate through this economic online payment processing fees* 2. Shop local
the topic, since the consensus view producing goods at a rate below its environment. so 100% of the donation goes to If you’re thinking of treating yourself, consider shopping local (online or
was that inflation would remain tame long-term potential due to COVID. the organization, Brown says. in-store) and give back to your community at the same time. Take a break
for the foreseeable future. These So which investments could Thrivent Member Networks from cooking and pick up food from a local restaurant. Or get those new
days, however, we’re hearing more make sense if we see a pickup (thrivent.com/tmn) have been shoes from your local neighborhood boutique.
and more commentators discuss the in inflation? Within fixed income, David Royal is chief offering a range of virtual events.
potential for inflation. one would look to bonds with investment officer at Thrivent. “For those able to give, we 3. Assess your investment options
Between asset purchases by shorter maturities, which would be want to help make their dollar go If you’re looking to invest a tax return, connect with your financial professional
the Federal Reserve and stimulus further,” Brown says. “And for and see what your options are to help you get closer to your investment goals.
spending by the federal government, those unable to give financially,
trillions of dollars have been injected we want to continue to provide 4. Tackle needed repairs
The views expressed are as February 15, 2021, and may change as market or other
into the economy. We’ve also seen ways for them to be engaged in Have you put off a much-needed car or house repair because you’re not
conditions change, and may differ from views expressed by other Thrivent Asset
the savings rate spike over the past giving back.” looking forward to the dent it will put in your wallet? Now may be a great time
Illustration by David Saracino
Management associates. Actual investment decisions made by Thrivent Asset
year, perhaps driven by more cautious Management LLC will not necessarily reflect the views expressed. This information to get any needed repairs done—before damages get more costly.
consumers or maybe there are just should not be considered investment advice or a recommendation of any particular
fewer things to spend money on security, strategy or product. 5. Give yourself some breathing space
*
Thrivent will pay up to $100,000 in online
during a pandemic. As the economy In addition to knocking out a chunk of debt, build up some cushion in
Asset management services are provided by Thrivent Asset Management, LLC, a processing fees per calendar year for
reopens, people who have delayed registered investment adviser and subsidiary of Thrivent, the marketing name for personal donations made through the emergency reserves, so you’ll be ready for any unexpected expenses that
consumption and increased savings Thrivent Financial for Lutherans. Thrivent Choice giving platform. may pop up.
4 | Thrivent Magazine | Spring 2021 thrivent.com | 5
Thrive
“Her purpose and meaning came Generosity in action
from her career, her family and faith.
A life of She joined and participated in church
inspiration activities wherever she lived.”
Thrivent’s oldest client, –Jane Lukens
115-year-old Iris Westman, dies
Supplies for re-entry
By Donna Hein
Sugar Land, Texas
Westman didn’t tell others what replacement at age 106. Even Debra and Bruce Lacy, with
Iris Westman lived a life of purpose, to do, but her family knew the though she fully recovered she help from their friend Melissa
meaning and gratitude. Her zest expectations she held for them— stayed at the residential health Erickson (pictured), wanted
for life showed in how she cared whether it was education, family, center after, making it her home, to provide supplies to those
for family, thrived in her career, faith or finances. She lived what Lukens says. She used a walker for being released from prison.
prepared for her retirement and she believed. balance, calling it her friend. After receiving a wish list from
gave back to her church and “Iris was generous, but she Thrivent financial professional Prison and Re-Entry Ministries,
community. handled her savings and invest- John Halstenson remembers the Lacys led a Thrivent Action
At 115 years old, Westman was ments carefully and thoughtfully,” Westman as being pleasant and Team to shop for and assemble
Thrivent’s oldest client when she Lukens says. “She was deliberate in easy to work with. She had a good 60 bags of materials. They
died on Jan. 3 in Northwood, North her financial decisions.” understanding of her financial included items like grooming
Dakota. She became a client 93 products, even after Lukens started kits, winter gloves and hats,
years ago when she purchased Living simply helping Westman with her finances. hand sanitizer and face
an endowment contract at age 22. Growing up, Lukens remembers “She planned well for her retire- masks. The team called local
Westman also holds the record as always getting a birthday card with a ment,” Halstenson says. “She lived store managers and asked
longest-lived person documented in $5 bill in it from her great-aunt. “My conservatively and always set extra for volume discounts, which
North Dakota. children received savings bonds money aside. She lived 115 years stretched their funds.
The supercentenarian always said and later cash gifts from her with the and didn’t run out of money.” With COVID-19 restrictions
her long life was God’s business, assumption—she never said it—that When Westman died in January, in place, the team held four
says Jane Lukens, Westman’s the University of North Dakota. and visiting others where they lived you might need this some day so Halstenson sent in the notice of smaller events to assemble
great-niece who still lives near the Westman was teaching English across the country. you better save it,” Lukens says. her death to Thrivent, knowing the items. Participants also heard
family farm that Westman grew up when she earned a degree in library She shared her love of education Westman, like her father, loved organization is going to deliver on educational talks about prison
on in Aneta, North Dakota. science in 1946. She was a librarian and books with both her family and to travel. She went on many trips the promise made to her—and her ministries at each event. They
“Iris never wanted credit for her until her retirement in 1972. her students. “She always gave us with friends, including at least two family—when she took out her first finished with a prayer, and the
long life; she said the Lord had “At the time, farm families often books as gifts,” Lukens says. And European trips. “Once she took a contract in 1927. bags were then transported to
Photo by Joshua Komer/Grand Forks Herald
decided how long she’d live,” pooled their resources for one in recent years, some of her former driving trip to Florida, then took a “What comes through the most in those in need.
Lukens says. daughter or son to go to college students reached out to Westman plane from Miami to Havana, Cuba, Iris’s life,” says Lukens, “is that living Melissa was an inspiration
and be educated,” Lukens says. with cards and letters, affirming the for dinner. All in one evening,” a simple, purposeful, thoughtful through her generous heart and
Career, family and faith “Education was emphasized in impact she made in their lives. Lukens recalls. “She was thrifty, life is so valuable. And it can yield energy. Her enthusiasm and
Westman was one of six children. her family.” “Her purpose and meaning came but she wasn’t miserly. She wonderful results.” love of service shined brightly.
She grew up with her three brothers; Westman chose career over from her career, her family and enjoyed her life.” “We had a great time serving,”
two sisters died as children. After marriage, but she had close ties with faith,” Lukens says. “She joined Westman lived on her own until she says. “And, with a bit of
graduating from high school, her four generations of nieces and and participated in church activi- 2012, when she fell and broke The client’s experience may not be the
creativity, everyone should
Westman earned a bachelor’s nephews, spending holidays with ties wherever she lived. She always her hip. With no underlying health same as other clients and does not indicate serve and help somehow.”
degree in education in 1928 from family at the farm where she grew up joined the choir.” issues, she had a successful hip future performance or success.
6 | Thrivent Magazine | Spring 2021 thrivent.com | 7
Thrive
Generosity in action
How do home
equity loans work?
By Eric Best
Homemade sanitizing
stations
For homeowners that have a specific Chicago, Illinois
need or project to pay for, a home
equity loan is an option to accomplish Owen Devine wanted to
your financial goals. There are two help United in Faith Lutheran
ways to use home equity—as a term Church for its reopening during
loan or as a line of credit. COVID-19. As a Life Scout
in Scouts BSA Troop 963, he
What is a home equity term loan? decided to build hand sanitizing
Traditionally written as a second payment or refinanced. HELOCs can based on market conditions, stations for the church entrances
Bright ideas as his Eagle Project. Through his
mortgage, a home equity term loan is be more flexible, Seldon says, and whereas term loans typically have
mom, Janeen, Owen co-led a
a similar loan where your lender uses
the equity you have in your home as
are most likely used for short-term
financial needs.
a fixed rate.
“If you’re using [the loan] to Home improvement tips to spruce Thrivent Action Team to help buy
PVC pipe and glue. He formed
collateral. Loan rates are typically
lower for shorter term loans; however, Which is best for me?
make home improvements, then
pay it down, and use it again
up your spaces and led a team of volunteers and
scouts to build the stations.
payments will be higher. There are It’s about your preference, says for another reason, HELOCs Whether you’re looking to sell or just want to freshen up
many payment and term options Karen Gajeski, senior vice president are great,” she says. “If there’s your home, here are some ideas.
available to correspond with your of Mortgage Banking for Thrivent something you need to purchase, By Rebecca Lubecki
individual financial plan. Credit Union. The differences come and pay off over a longer time
Jeremy Seldon, vice president of down to when you need your money, frame, then term is your solution.”
Residential Real Estate for Thrivent how much debt you’d like to take
Credit Union, says this may be a on, and what payments you’d like 1. Repaint the walls 3. Give old cabinets new life
good option if you are planning a big to make. The interest rates can be Adding new coats of paint will Resurfacing cabinets can add
home improvement project or are in very similar between the two, Gajeski Learn more about home freshen up any room. Light, neutral wow to your kitchen. In addition to Museum rejuvenation
need of a specific amount of money says, but rates with HELOCs can equity loans and other hues reflect light and help make a cleaning, painting and repairing Minot, North Dakota
to be paid over time. adjust over the term of the loan services at thriventcu.com. space feel more open. To add a fun them, consider adding glass panels
pop to the room, try an accent wall to some of the existing doors. Evelyn Hildebrand is one of
What is a home equity line of credit? in a bold color. And with the power Choose new hardware to finish off the 200 Ward County Historical
Think of a home equity line of credit, or of technology, many paint manufac- the look. Society members helping to
HELOC, like a credit card. It’s a revolv- Thrivent Credit Union is an Equal Housing Lender. NMLS ID 1012971 turers let you upload photos of your maintain the county’s history
ing line of credit that you can use, Photo by Cavan Images / Getty Images room to test out a color virtually— 4. Update small bathroom details by rejuvenating buildings in
Deposit and lending services are offered by Thrivent Credit Union, the marketing name the Pioneer Village Historical
pay off and reuse. That makes it ideal for Thrivent Federal Credit Union, a member-owned not-for-profit financial cooperative
before you start painting. You don’t have to do a total
for a short-term need or an additional bathroom remodel to make Museum. Twelve buildings
that is federally insured by the National Credit Union Administration and doing business
Illustration by David Saracino
source of emergency reserve. 2. Raise the curb appeal it look stylish. Little changes experienced flood damage
in accordance with the Federal Fair Lending Laws. Insurance, securities, investment
advisory and trust and investment management accounts and services offered by in 2011. Evelyn led a Thrivent
With a HELOC, you’ll only pay Strategically plant trees native to your go a long way. Swap out the
Thrivent, the marketing name for Thrivent Financial for Lutherans, or its affiliates are not Action Team to do building
interest each month, plus any principal area. Add some shrubs and annual light fixture, faucet and shower
deposits or obligations of Thrivent Federal Credit Union, are not guaranteed by Thrivent restoration. She used the seed
you are able to pay down. The remain- Federal Credit Union or any bank, are not insured by the NCUA, FDIC or any other
plants or flowers. Landscaping is one head. Accessorize with color by
money to buy the materials.
ing balance at the end of the loan’s federal government agency, and involve investment risk, including possible loss of the of the best and most affordable ways updating soft surfaces, such as
term will be paid off as a balloon principal amount invested. Must qualify for membership. to make your home feel inviting. rugs and towels.
8 | Thrivent Magazine | Spring 2021 thrivent.com | 9
Thrive
Connecting Generosity in action
art and faith
By Joanna Reiling Lindell
Two women stand near an empty
sarcophagus, with their heads tilted
down as they peer into the open Food and thought
tomb made of pink marble. Faithful to Reynoldsburg, Ohio
the scriptural text referenced in this
image, an angel, clothed in white, is Good question: Janet Douglass regularly
perched on the edge of the sepulcher,
thus emphasizing his, and Jesus’s,
What did you learn in 2020 supplied food to the
Reynoldsburg Helping
real presence on earth (Matthew
28:3). His raised hand points up,
that you’ll carry forward to 2021? Hands Food Bank. And when
COVID-19 hit, she used her
indicating the triumphant resurrection free time to volunteer there.
about which he tells the women: Christ Janet led a Thrivent Action
is risen. He is no longer to be found in Emergency funds are not wasted giving and living in love. Above all, Team to assemble 100 personal
protection equipment bags
the tomb. assets. They are a necessary to do the right thing and putting the
that included 400 adult colorful
Women figure prominently in financial insurance investment. “first thing first.”
masks, 100 kid-themed masks,
Jesus’s life and were among his Andrew and Suzanne Cox Reich, Taiyelolu Adesina, Appleton,
hand sanitizer bottles and an
earliest and most dedicated disciples. Arlington, Virginia Wisconsin
inspirational note.
Details differ, but each of the gospels
relate that the revelation of the halos, adds brilliance. Such exquisite Circle of Maestro degli Antifonari Be prepared for a sudden loss The theme of God’s sovereignty has
Resurrection to Christ’s followers was hand-painted miniatures with rare di Padova (Italian, active in Padua of income. surfaced in many conversations that
first announced to women close to pigments and metals were intended to and Bologna in the first quarter of John Svec, North Arlington, I have had this year. I am glad that
Jesus. The presence of two figures illustrate and revere God’s word. The the 14th century). New Jersey we can be at peace in the midst of
in this image specifically indicates burnished gold had another benefit— all this turmoil.
that the artist references Matthew’s these areas would catch light from Two Marys at the Tomb, When you have the time (like during John Fortunato, Stow, Ohio
account. The first woman is Mary candles or the sun and shine. The c.1320-1330. COVID-19), use the time to get your
Magdalene; she wears her traditional emanation brought a fitting result to details organized for now and the The value of family. This year was
color in art, red. The woman accompa- inspire the readers at their task. Illuminated manuscript, ink, future. It’s easy to say I can do that a great opportunity for me to save Give a can, take a can
nying her is identified simply as “the gilding on vellum. tomorrow, but why not do it today? even more for my retirement but be Sequim, Washington
other Mary.” The artistic tradition for Shelly E. Halverson, Maple Grove, generous with my grown boys’ families
this episode adorns the women, along Joanna Reiling Lindell is the director 6 1/4 x 6 9/16 inches. Minnesota at the same time. It’s the small things Jean Pratschner saw people in
with the angel, with gleaming halos, and curator of the Thrivent Collection of in life that warm your heart…and this her community having trouble
signifying importance and holiness. Religious Art (thriventcollection.com). Thrivent Collection of Religious Art. I learned resilience, greater faith in year was just a reminder. getting food. She led a Thrivent
The decorated initial “A” is a cutting God and his word. His abundant Lori Jasperson, Platte Woods, Action Team of volunteers to
from a choir book created by a group grace, the power of praise, prayers, Missouri design and paint a Little Free
of 14th-century illuminators, disassem- Pantry, a space for people to
bled long ago, which introduced the help meet neighborhood food
Reflecting
Illustration by David Saracino
first response at the first nocturne of needs during gap days at the
local food bank. The project is
Easter Sunday with the chant Angelus Question for next issue:
What emotions does supported by the state depart-
domini descendi de caelo (“The angel What’s an innovative way you’ve found to manage debt?
the artwork illuminate ment of agriculture extension
of God descended from heaven”).
inside you? service.
The burnished gold along the sides Tell us in 50 words or fewer at thrivent.com/share or email
of the letter “A,” and on the figures’ thriventmagazine@thrivent.com.
10 | Thrivent Magazine | Spring 2021 thrivent.com | 11
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Having individual disability
income insurance puts you in
control, Sperka says.
“We all make
“You can have it at the level you
want for you and your family,” he
up the fabric of
says. “And it’s portable—it goes with
you to the next job.”
Thrivent–and
Typically, you can purchase
individual disability income
we are all in
insurance that wraps around your
current employer plan, covering
this together.”
up to 75% of your total income. —Paul Johnston
And the money from your personal
Myth buster
contract likely wouldn’t be taxable,
Myth: I don’t need additional Sperka says.
If you stay at home to take care of
disability income insurance. your family, Thrivent offers disability
income insurance coverage for you • Well-being support: Free
By Donna Hein also. If you get injured or ill, you may On my mind counseling services through our
need to find someone to cook or employee assistance program,
Your benefits package through your employer plans don’t cover your
care for children, which could add a
financial burden to your family.
Thrivent’s pandemic response access to online wellness
programs, and support networks for
employer may include disability
income insurance. You don’t need
entire salary,” Sperka says. “They
cover a portion, and that portion
illustrates the heart of our organization parents navigating remote learning.
• Virtual connections: Hosting
any additional personal coverage— typically will be taxable because your By Paul Johnston a virtual holiday celebration,
or do you? employer is paying the premium.” Thrivent and its financial professionals bingo tournament, and offering
If you’re unfamiliar with disabil- A key question to consider: If do not provide legal, accounting or tax opportunities for virtual volunteering
advice. Consult your attorney or tax
ity income insurance, it’s a type of something were to happen to you, I’ve been reflecting lately on the us, our employees and financial and generosity.
professional.
insurance that kicks in if you get sick would you be comfortable living on anniversary of moving our workforce professionals transitioned to a new
or injured and are unable to work for 40% or 50% of your salary? Disability income insurance contracts to a primarily remote work environ- way of working with resilience, At Thrivent, we invest in people.
a period of time. Essentially, it helps Second, it’s important to recognize have exclusions, limitations and terms ment. I’ll never forget our early commitment and grace. Our clients and our workforce
you pay the bills. that coverage from your employer under which the benefits may be reduced, conversations about the pandemic As it became clear that the remote are invested in their families, their
or the contract may be discontinued. For
It’s common for people to believe is only connected to that employer, as a cross-functional group of work environment would be with us communities and each other. We are
costs and complete details of coverage,
their coverage through their employer Sperka says. contact your licensed insurance agent/ leaders gathered daily to try to for many months, we specifically proud to do work that matters, which
is enough. But Steve Sperka, vice “If you decide to change employ- producer. solve for the potential impacts on focused on engaging, supporting includes doing our best to provide
president of Health Insurance ers, you’ll likely lose your coverage,” our organization. Even then, it was and connecting our workforce during support and stability to our workforce
Products at Thrivent, encourages he says. “You’ll then have to count Thrivent is the marketing name for Thrivent clear that Thrivent’s commitment these unusual times. Over the past in challenging times. As a workforce,
Financial for Lutherans. Insurance
you to think about two things as you on the coverage of the next employer to supporting and caring for our year, we introduced several programs we are safe, well and more energized
products issued by Thrivent. Not available
review your financial strategy. or purchase your own. And you in all states. Thrivent.com/disclosures. workforce was forming the founda- to maintain the safety, well-being than ever to serve you and help you
“First, how familiar are you really can’t guarantee your health or that tion for the decisions we would make and morale of our workforce. To achieve financial clarity during these
with the amount of coverage you you’d even be eligible to purchase in the months that followed. meet individuals where they need the challenging times. We all make up
have from your employer? Most coverage on your own.” We knew that in order to fulfill most support, we offered a variety of the fabric of Thrivent—and we are all
Correction: In this space in the Winter our purpose as an organization—to programs, including: in this together.
Illustration by David Saracino
issue, the disclosure should have help people make the most of all
stated the value of a CD is guaranteed they’ve been given—we needed to • Financial support: Providing
Send us your ideas up to $250,000 per depositor, per take care of our workforce so they assistance for unexpected childcare
Do you have a personal finance myth you want busted? insured institution, by the Federal could care for you. or remote work costs, paid time off Paul Johnston is executive vice
Send your ideas to thriventmagazine@thrivent.com and Deposit Insurance Corp. (FDIC). While the shift to working for employees who must quarantine, president, chief legal officer, general
we’ll consider your myth. It incorrectly stated $25,000. remotely was a major change for and flexible work options. counsel and secretary at Thrivent.
12 | Thrivent Magazine | Spring 2021 thrivent.com | 13
Blueprint
for retirement
8 steps to consider long before
your retirement date arrives
By Donna Hein / Illustrations by David Saracino
What do you want your retirement “It’s really a simple calculation
R
etirement is one of the to look like? Do you want to travel? with your financial professional to
biggest life decisions Volunteer more? Find a new hobby? determine if you’ve saved enough, are
you’ll ever make. Work part-time? Visualizing an on track to save enough, or if you’ll
And it comes with unknown future can be a challenge, need to save more,” Hussian says.
plenty of questions. The first is the but your financial professional can Don’t forget your pension, if you
most obvious: when do I want to guide you. have one. And make sure you have
retire? But that’s quickly followed with: “I’ll often ask my clients about their your Social Security statement. “You’ll
How much money do I need? parents’ retirements and what they want to check if both spouses qualify
While many say the ideal time to looked like,” Green says. “And I’ll for Social Security benefits, or if you’ll
start visualizing and firming up your follow that up with: is that what you be short on credits. There’s still time
retirement strategy is five to 10 years want yours to look like, or what would to change that,” he says.
ahead of when you want to retire, it’s you change?” Also, reassess your risk tolerance.
actually a lot earlier than that. She’s received answers like: “my As you get closer to retirement, you
“Honestly, you should be thinking parents didn’t save; they’re living want to make sure you’re comfortable
about it at all points in your life,” says off Social Security,” or “my parents with the level of risk you’re assuming
Tom Hussian, advanced markets wanted to travel, but one got sick.” with your retirement accounts.
consultant at Thrivent. “But by your “This really opens up the conversa- If you’re on track, keep running the
mid-40s, you should begin gather- tion in terms of planning now for what course. But if you’re not on track or
ing information, seeking advice and they want to do later,” Green says. “It’s you need to make some changes,
preparing for what many consider one not just about your financial picture; it’s you can work with your financial
of the most significant phases of life.” also what’s important to you—whether professional to address it.
And if the mid-40s already are in your it’s your family, faith or giving back.”
rear-view mirror, don’t worry. It’s not too And if you’re married, it’s key 3. Make a Social Security plan
late, but the time to start is now. Here that you and your spouse are on Social Security is the biggest asset
are eight steps to consider to help you the same page with your retirement for many people in retirement, and it’s
move confidently toward retirement. dreams. Or at least that you find a important to have a game plan, says
way to compromise. Austen Wilson, a financial associate
1. Dream big in Bellevue, Washington.
The first step is understanding your 2. Evaluate your assets It may make sense for you to claim
goals and dreams, says Amy Green, You may want to retire at age 65, or Social Security immediately when
Thrivent financial consultant in Crystal you may want to travel, but will you you retire, especially if you’re ill,
Lake, Illinois. be able to afford to? unemployed or have no other sources
14 | Thrivent Magazine | Spring 2021 thrivent.com | 15
of income. “But claiming early can classes you have. “Ideally, you want
reduce both your benefit and survivor to have a mix of assets that fall into all
benefits,” he says. three tax buckets—tax now, tax later How Thrivent can help
In most cases, it’s better to review and tax never,” Wilson says.
the different claiming options to see For many savers, the majority of Thrivent financial professionals have a variety of advice tools and
which fits your lifestyle and retirement their assets fall in the tax later basket, worksheets that can help you achieve financial clarity as you prepare for
strategy the best, he says. Always and that can have a big impact on retirement. One of those tools, MoneyGuidePro®, is an interactive and
include your spouse, if you have one, your retirement strategy when it collaborative tool that can help you understand your current financial
in the review. comes time to pay taxes. situation and identify strategies and solutions you can feel confident about.
“It impacts both of you, not only Some options to consider: Connect with your financial professional. To find the name of your
when both are living, but when one rolling over a 401(k) and looking at financial professional, visit thrivent.com and click on “Connect with us.”
dies,” Wilson says. “Health is a big annuities, traditional or Roth IRAs.
factor. If you’re healthy or have “There are steps we can take to
longevity in your family, it looks differ- make sure there are no surprises
Information generated by MoneyGuidePro regarding the likelihood of various
ent than if you have a disease or a for you in retirement,” Wilson says. investment outcomes are hypothetical in nature, do not reflect actual investment
shorter life expectancy. ment. You’ll be on a fixed income, so younger and healthier, therefore more “We need to pay our fair share, but results, and are not guarantees of future results. MoneyGuidePro results may
“And remember, until you actually just like during your working years, active, he says. In the slow-go years, we also want to be aware and not vary with each use and over time. MoneyGuidePro® is a registered trademark of
Envestnet MoneyGuide. All rights reserved.
claim, you always can call an you’ll need to follow some discipline activities begin to change and spending overpay and put your retirement
audible,” he adds. “If a change needs around what you spend. on those activities tends to decrease strategy in jeopardy.”
to be made because of employment “We often think about retirement as as well. Finally, in the no-go years,
or health, it’s still possible.” having three phases—the go-go years, spending often changes around living 7. Get your paperwork in order
slow-go years and the no-go years,” arrangements and healthcare expenses, Do you have all your legal documents,
4. Prepare a budget Hussian says. “We’d advise you to plan which can be significant for retirees. such as will, health care directives, owner’s death. Eligible designated Thrivent and its financial professionals do
It’s also a good time to think about your budget with this in mind.” powers of attorney, etc. in place, beneficiaries include: a surviving not provide legal, accounting or tax advice.
Consult your attorney or tax professional.
what your budget will look like in retire- In the go-go years, you may be 5. Review insurance coverage Hussian asks, and are they current? spouse, a disabled or chronically ill
Oftentimes, as the children leave home Also, double-check the benefi- individual, an individual who is not Thrivent financial professionals have general
and the home mortgage gets paid off, ciaries on life insurance contracts, more than 10 years younger than knowledge of the Social Security tenets. For
complete details on your situation, contact
life insurance decreases, Green says. retirement accounts, etc., to make the IRA owner, or a child of the IRA
the Social Security Administration.
A term life insurance contract may sure they are up-to-date. owner who has not reached the age
expire without you knowing or consid- “You want to make sure your life is of majority. Once age of majority is There may be benefits to leaving your
Already retired? ering the options. laid out the way you want it, so that reached the balance of the assets account in your employer plan, if allowed.
You will continue to benefit from tax
“This is where we walk through what your wishes will be met,” he says. must be distributed within 10 years. deferral, there may be investment options
If you’re already retired, here are some considerations for you to discuss you would want to happen for your An option is to leave the taxable unique to your plan, fees and expenses
with your financial professional. family if something should happen 8. Think about your legacy dollars in these accounts to your may be lower, plan assets have unlimited
protection from creditors under Federal
to you,” she says. “We often think Preretirement planning also should favorite nonprofit, since these are law, there is a possibility for loans, and
• Survivor gap: You’ve started to • Social Security claiming about life insurance as covering the include a conversation about how non-taxable entities, and look at other distributions are penalty free if you
take your retirement distributions. strategy: If you’ve recently mortgage, but we forget that it can you want to transfer your assets and options for family. terminate service at age 55+. Consult
“There are many ways to leave your tax professional prior to requesting a
Do you have a strategy in place retired, you should verify that serve as income replacement as well.” leave a legacy, Hussian says.
rollover from your employer plan.
for when you or your spouse dies? your strategy is the right one for And what if you or your working “It’s never too early to think about your legacy,” Hussian says. “You can
you. There is a one-time option spouse become disabled? Disability legacy planning, both for family and do annual gifts to charity. You can Thrivent is the marketing name for
• Required minimum distribution: to change, but it must be in the income insurance can be important increasing your impact with your bequeath a life insurance contract Thrivent Financial for Lutherans. Insurance
products issued by Thrivent. Not available
At 72, you’re required to start first 12 months of claiming. as well, Green says, to protect your favorite nonprofits,” he says. that will pay out to a family member in all states. Securities and investment
taking withdrawals from your income. One of the provisions of the or charity. advisory services offered through
retirement accounts, and that • Beneficiaries: Review the SECURE Act, which went into effect “The only questions you really Thrivent Investment Management Inc., a
registered investment adviser, member
could impact your taxes. It’s best beneficiaries on any accounts 6. Maximize tax diversification Jan. 1, 2020, changed how inherited need to answer are: How do I want to
FINRA and SIPC, and a subsidiary of
to make changes before age 72, you have to make sure they are You’ve already reviewed your assets. retirement accounts are treated. be remembered and who do I want Thrivent. Licensed agent/producer of
but there still are options after 72 up-to-date. But this is where, along with tailored Instead of stretching withdrawal to impact?” n Thrivent. Registered representative of
guidance from your financial profes- of assets over the beneficiary’s Thrivent Investment Management Inc.
that can help you reduce taxes
Advisory services available through
and live generously. sional, you need to do a 10,000-foot lifetime, most beneficiaries must now Donna Hein is editor of Thrivent investment adviser representatives only.
view and categorize the different asset withdraw assets within 10 years of the Magazine. Thrivent.com/disclosures.
16 | Thrivent Magazine | Spring 2021 thrivent.com | 17Women
and money
Women face unique challenges when it comes
to managing their personal finances. Here’s how
to overcome them and find financial clarity.
By Kathleen Childers
T
hrivent clients Breanna what’s holding you back. Then you differences in pay scales. But it’s also
Wallace, Monique Moniz can take the necessary steps that will because women often spend more
and Sarah Cheesman enable you to make informed money time out of the workforce caring for
don’t know each other, decisions and gain what Wallace, others, whether it’s their children,
but they share something in common: Moniz and Cheesman have achieved: aging parents or a spouse.
Each is knowledgeable about and financial clarity. After starting a family, Moniz,
takes an active role with her finances. 63, from Davis, California, and her
Their interest and involvement with Identify your challenges husband, Rick, wanted to have
their finances isn’t the norm. A recent Ricky Jackson, a regional develop- one parent at home with their
Kiplinger study shows that women’s ment director for Thrivent in kids. Because her husband had
confidence around financial security Lexington, South Carolina, has the greater income and the best
was only 62%.1 helped many women with their benefits at the time, they agreed
Why isn’t it higher? Women tend to finances over the years, including that she would stay home. But it
face unique challenges that can keep Cheesman. has cost her financially. “I don't Photo by Westend61/Getty Images
them from learning about and being “I’ve seen the challenges women have any credit for those years with
involved in money matters. And that face and they tend to fall into three Social Security,” she says, “and no
can have serious consequences, areas: an income gap, a confidence credit for it in a pension.”
including not having enough money gap and an age gap,” Jackson says.
to sustain them in retirement. Confidence gap. Whether intentional
Whether you’re married or single, if Income gap. Women typically or not, historically when it comes
your financial confidence could use earn less money than men during to the delineation of household
a boost, you first need to understand their lifetime, which is partly due to responsibilties, women often aren’t
18 | Thrivent Magazine | Spring 2021 thrivent.com | 19What’s the best
financial advice 6 things you can do right now
you’ve ever received?
Ricky Jackson, regional development director for Thrivent in
Several women working at Thrivent Lexington, South Carolina, suggests six tasks to help get your
share their best financial advice. finances on track.
“I was a recently divorced 1. Create a budget and stick to it to ensure that you have a purpose
single mom just starting out for every dollar.
in my career when a financial 2. Open an account and save three to six months of expenses for
advisor told me to consider buying life the unexpected.
insurance. I only had a small amount 3. Contribute to your employer-sponsored retirement account. If
through my employer. I always knew your employer doesn’t offer this, look into options where you can
my big, loving, Italian family would automate monthly contributions.
take care of my young daughter if 4. Review all of your insurance contracts to make sure you have the
something happened to me, but I correct coverage at an appropriate cost to protect you and your
hadn’t considered whether they would family. Also, make sure your beneficiaries are up-to-date.
have enough resources to give her the Breanna Wallace is
5. Write down your goals and put strategies into place to reach them.
life I dreamed about for her.” committed to learning
about managing her 6. Review your status regularly, at least once each year, and make
—Mary Jane Fortin money. She often plans any necessary adjustments.
Chief Commercial Officer from her backyard.
“My best financial advice
came from observing my
dad. He never talked about
money publicly. And as a dairy farmer, the ones managing a family’s refers to that difference as an Crunched for time. It’s no secret that often don’t have personal finance as
there wasn’t much wealth. We had as finances, says Jackson. age gap and believes a woman’s women often feel pressed for time. “I part of their required curriculum. And
many cows as could feed a family with Moniz saw this with her mother. financial strategy should reflect think women typically have a bit more it’s still considered a bit of a taboo
five kids. My dad also taught me that When Moniz was 10 years old, her that gap. But often that’s not to juggle when it comes to their daily subject in many families.”
I couldn’t take it with me. So it wasn’t mother left an abusive marriage and taken into account, he says. As a lives,” says Cantrell. “Not only do Wallace, 36, from Vacaville,
about accumulation, but rather it was became a single parent to Moniz and result, women can find themselves many women work outside the home, California, grew up not really being
about using money and what I was
blessed with to do good for others.”
her younger sister. “My mother was
a homemaker until that point and
without enough funds to cover their
full lives.
but we also help run our households.
We’re natural caregivers. And we try
aware of her family’s financial
situation. She always felt like she had “If you go years
—Lisa Flanary
Chief Growth Officer
took care of the family,” says Moniz,
“but she was really dependent on my
Cheesman, 70, from Leesville,
South Carolina, is grateful her
to maintain a social life with friends or
as an active member of our church
what she needed, and her parents
didn’t talk about money with her. She
without saving,
father for anything financial.” husband, Jim, encouraged her or community.” assumed they were financially secure. you may not have
“My mom told me when I got
my first job as a teenager to
Her mother took a job but
struggled with budgeting and
partnership in their finances.
“He’d say, ‘I want you to sit down
As a result, saving money, budget-
ing and retirement become a lower
So when her parents divorced when
Wallace was a teenager, she was enough money set
‘always pay yourself first,’
then proceeded to discuss having a
paying bills. So she asked Moniz
to help her with it. She was only 10,
here to see how this works,’” says
Cheesman. He died two years ago,
priority. “That can be pretty detrimen-
tal for meeting long-term goals,” says
surprised to discover they hadn’t
planned at all for the future. That was
aside when you
savings plan in detail with me. Years but Moniz wrote checks and learned when he was 76. His death was Cantrell. “If you go years without a defining moment for Wallace. need it.”
later I understood she was talking to cook so the family could live on a shock, but she knew she’d be saving, you may not have enough “I had no idea that my parents
about savings and investments for my a very small budget. The experi- OK because the two of them had money set aside when you need it.” actually had substantial debt and —Erica Cantrell, Thrivent financial
Photo by Saroyan Humphrey
future, and that simple advice directed ence taught her the importance of worked together on their finances. almost no savings,” she says. “After professional
me financially throughout my life.” understanding finances. Thrivent financial professional Kids have fewer learning they divorced, my mother took on
—Lynn Crump-Caine Erica Cantrell, from Vacaville, opportunities. “There’s definitely a sending my brother and me to college
Member, Thrivent Board of Directors Age gap. Statistically, women live California, who serves both Moniz lack of financial education out there with no savings or plan of how to pay
longer than men so they need to fund and Wallace, has observed a few to teach children about finances,” for it. Seeing that really motivated me
(Continued on page 22) more years in retirement. Jackson additional challenges: says Cantrell. “Our school systems to be knowledgeable and think about
20 | Thrivent Magazine | Spring 2021 thrivent.com | 21“Pick up a book on finances or listen to a
podcast in order to start familiarizing yourself
with basic financial terms.”
—Erica Cantrell, Thrivent financial professional
going to replace all that they had you. Then take action and seek change course, if needed, as life
(Continued from page 20) finances, and not just brush it under
the rug.” “Setting goals is lost. Their goals suddenly shifted
as they had to focus on rebuild-
financial guidance in order to
develop a strategy specific to you,
circumstances shift.
“My mother always said:
Make decisions that lead Steps to empowerment
important, but it’s ing their home. “It set us back
financially,” said Moniz, “and took
Cantrell adds.
Wallace is always in learning
Becoming an active participant in your
finances doesn’t happen overnight.
to financial independence The challenges may seem daunting, equally important us about 12 years to get back on mode when it comes to finances. You have to start with the basics and
so you can live your life on your
own terms.”
but they also should inspire action.
These are some steps you can take to be willing to track financially, but we did.” She reads books about managing
money as well as blogs and
go from there. But as you’re building
your knowledge and comfort level,
—Sarah Jansen
Chief Information Officer
to put you on the path to financial
clarity and empowerment.
make adjustments Educate yourself. Information on
finances is widely available, and
articles. The knowledge she’s
accumulated doesn’t just help her
you’re also building toward financial
empowerment so you can make the
when necessary.” it can be overwhelming. “Start by family. Her friends now often seek most of all you’ve been given. n
“Don’t spend more than 30% Take an interest. The only way getting some basic information,” out her advice.
of your income on housing. to start getting comfortable with —Ricky Jackson, regional says Cantrell. “Pick up a book on Kathleen Childers is a writer in
Watch out for the trap of too financial matters is to get involved. development director for Thrivent finances or listen to a podcast in Make a commitment to Minnesota.
much house, too much car. Habitat If you have a partner, commit order to start familiarizing yourself communicate. When it comes
for Humanity’s approach to getting to learning and working on your with basic financial terms.” to finances, give yourself the
1
homeowners ready to own a home finances together. If you’re single, If you prefer a more structured same advice a teacher might https://www.kiplinger.com/article/
confirmed this lesson for me.” pull all of your financial information setting, take a class or a workshop give a child: No question is a retirement/t037-c032-s014-the-
complicated-relationship-of-women-and-
—Nikki Sorum together so you can get a full picture on budgeting, saving for college bad question. Ask your partner
finances.html.
Senior Vice President, of where things stand. or another subject that interests or a financial professional
Thrivent Advisors college for our two kids,” she says. for clarification when there’s
Set goals. Do you want to start “Setting goals is important, but something you don’t understand. The clients’ experiences may not be
“Advice from my dad on my investing? Have you been dreaming it’s equally important to be willing to If you and your partner are the same as other clients and does not
indicate future performance or success.
wedding day: It’s not about about taking an extended vacation make adjustments when necessary. working together on finances,
how much you make. It’s next year? Are you wanting to It’s really about managing life How Thrivent discuss your goals individually Thrivent is the marketing name for Thrivent
about how much you give and save.” contribute more money to your events around the plans you have can help and as a couple. And make a Financial for Lutherans. Insurance
—Sheri Cooper church? No matter the size of the in place,” says Jackson. “Then commitment to each other that products issued by Thrivent. Not available
Vice President, goal or how much time you have to when changes occur, like you want Your Thrivent financial you’ll be good listeners and will in all states. Securities and investment
advisory services offered through Thrivent
Thrivent Career Network meet it, the best way to achieve it to work longer or retire early, you professional can help you keep the conversation going.
Investment Management Inc., a registered
create a financial strategy that
Photo by Sean Locke/Stocksy
is to plan for it. Figure out what you can adjust your strategy.” investment adviser, member FINRA
“From my mother: When want and set some deadlines for Moniz and her husband lost puts your goals and priorities Ask for help. This is not something and SIPC, and a subsidiary of Thrivent.
you have no debt, you working toward it. everything when their home was at the center. To find your you have to do alone. A financial Licensed agent/producer of Thrivent.
have freedom.” Wallace and her husband set goals destroyed by fire 15 years ago. financial professional’s contact professional can help you priori- Registered representative of Thrivent
information, visit thrivent.com Investment Management Inc. Advisory
—Karen Himle with deadlines. And they’ve stuck That was devastating enough, tize and strategize as you go, so
services available through investment
Senior Vice President, to them. “We’ve already paid off our but then they discovered their and click on Connect with us. that you can set goals that reflect adviser representatives only. Thrivent.
Corporate and Government Affairs house and have saved enough for homeowner’s insurance wasn’t what matters most to you but also com/disclosures.
22 | Thrivent Magazine | Spring 2021 thrivent.com | 23You can also read
