Now that you've retired, the day is yours – to rest, to play, to serve. You now have more time to do what you want and live how you want.
Perhaps you'll choose to share your gifts with your church, spend more time with family or travel the world.
For all the great plans you have for retirement, Thrivent Financial can help you make sure your financial strategy keeps up.
Life insurance at retirement age?
Life insurance isn't just about protecting your loved ones if you die. You can also use the cash value of your contract to supplement your retirement income.1
Retire with life insurance
Explore volunteer opportunities
With more time for your church and community, how will you share your God-given gifts? Look to Thrivent for exciting ways to make the most of your time, talents and treasures.
Discover Thrivent generosity
Empower your retirement
You've spent a lifetime working hard. And you've done a lot of planning to get to this point of being able to retire. Now it's time to refocus and reprioritize so you can enjoy this time of life. You can count on us for committed support and guidance along the way.
Make your money last through retirement
There are two sides to retirement planning: accumulation and distribution. You've already spent decades in the accumulation stage. And now that you're retired, you're in the stage where you'll need to have a distribution plan in place. Knowing how and when to take withdrawals is crucial to making your money last, talk with a Thrivent Financial representative to explore distribution options and discover ways to avoid the retirement income gap.
- Optimize sources of lifetime income.
- Understand your investment options.
Revisit your estate & legacy strategy
You may already have an estate strategy and all necessary legal documents in place, but it's a good idea to check that your strategy still aligns with the legacy you want to leave. Take the time to revisit your estate and legacy strategy so you can be sure that your valuables – as well as your values – pass on to the people and causes that matter most.
- Designate beneficiaries, which can include loved ones and charities.
- Leave a lasting legacy for your family, church or others.
- Align your estate strategy with your legacy wishes.
Understand required minimum distributions
Required minimum distributions (RMDs) are withdrawals that the IRS requires you to take from your individual and employer-sponsored qualified retirement accounts each year once you reach age 70½.
However, if you're still working at 70½ and your employer-sponsored retirement plan allows, you can delay taking your first RMD until April 1 of the year after your retire.3
Generally, RMDs are taxed as ordinary income in the years you receive them. It's also important to note that if you take out less than the RMD, you may be subject to a 50% IRS penalty on the remaining amount you didn't withdraw.
- RMDs are calculated by dividing the previous year-end account value2 by a life expectancy factor, and adjusting for transfers, rollovers and recharacterizations.
- Taking RMDs can be complex, so talk to your Thrivent Financial representative for guidance.
- Download an RMD distribution request form (PDF).
"I know when we complete the planning for our retirement, I'm going to feel very confident. There's not going to be any surprises 20 years down the road."*
* The member's experience may not be the same as other members' and does not indicate future performance or success.
Guarantees are backed by the financial strength and claims-paying ability of Thrivent Financial.
This is a solicitation for insurance. A Thrivent Financial representative may contact you.
1 Loans and surrenders will decrease the death proceeds and the value available to pay insurance costs, which may cause the contract to terminate without value. Surrenders may generate an income tax liability and charges may apply. A significant taxable event can occur if a contract terminates with outstanding debt. Contact your tax advisor for further details. Loaned values may accumulate at a lower rate than unloaned values.
2 Variable annuity contracts use the actuarial year-end contract value, which may include living and death benefits, when determining the RMD amount.
3 If you are a 5% or more owner of the business you must begin RMDs at 70½.