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Your Choices  
  To get started saving for retirement, you really only have a few important, but fairly easy, choices to make:   white space Picture of retired couple
 
   

Should I start saving now … or later?
We’ll let the numbers do the talking.

Say you start saving today. You decide to put $200 a month into an investment with a 8% annual return. In 20 years, you’ll have more than $118,000 in that account.1

But what if you start saving 10 years from today? In another 10 years (20 years from now), with the same return, you’ll see only $36,833 in your nest egg. 

By starting today, the value of your account could be $81,756 more.  That’s a big advantage for getting an early start.  Invest a larger amount, like $300 or $400 a month, and that advantage becomes even more dramatic.


Where should I put my money?
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.
  • Other savings. Brokerage accounts, mutual funds, CDs and annuities can all play important roles in your retirement savings strategy.


Will Social Security be there for me?
Most financial experts agree that Social Security will play less of a role in retirement savings in the near future.

In general, it’s smart to save as much as possible. You can start by taking advantage of employee-sponsored retirement plans or setting up a personal IRA (if eligible). Because in the end, it’s up to you.

1This hypothetical example is for illustrative purposes only. It is not intended to represent the performance of any particular Thrivent Financial product.
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Arrow2008/2007 IRA Retirement Plan Limitations (PDF, 47K)
 
       

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Thrivent Financial for Lutherans, its affiliates, Financial Representatives and employees do not provide legal, accounting, or tax advice or services. This summary information is provided for your education, and to help you start preparing for retirement. It is not intended to be tax or legal advice. We strongly advise that you consult your legal and/or tax advisor before making any tax-related financial decisions.

Thrivent Financial for Lutherans, Appleton, WI 54919-0001, is authorized to conduct business in all 50 states and the District of Columbia. NAIC # 2938-56014. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Not all products described are available in all states. Thrivent Financial representatives are licensed insurance agents. Insurance and retirement products, where available, are individual contracts, (not group coverage), and issued by Thrivent Financial for Lutherans. Investment products are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc.

Bank products and trust services are offered through Thrivent Financial Bank, 2000 E. Milestone Dr., Appleton, WI 54919-0006 (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, investment products, securities, trust, and investment management services and accounts are not deposits, are not FDIC insured, are not insured by any federal government agency, and are not guaranteed by Thrivent Financial Bank. Variable insurance contracts, investment products, trust, and investment management accounts may go down in value.
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This document was last updated on Monday, January 21, 2008 at 2:41 PM