For Thrivent clients Larry and Nancy Thueme, staying active is the key to a fulfilling retirement. Since Larry retired from his job as an engineer in the auto industry in 2010 and Nancy retired from teaching in 2013, they spend their time pursuing all the hobbies and projects they didn’t have time for when they were part of the workforce.
The Thuemes, who have been married for 53 years, bike the trails around their home in East China Township, Michigan. They participate in a kayak group and country line dance twice a week, including when they spend three months in Florida with their RV. Nancy refers to herself and Larry as “Viking cruise enthusiasts” who enjoy traveling internationally, as well as to Boston and Houston to visit their two children and grandchildren.
“We keep busy,” says Larry. “Our objective is to keep as busy as we can, as long as we can keep moving.”
Another endeavor the Thuemes are passionate about is giving back to their community. They serve on the building committee for their church, taking part in projects like the construction of a new pavilion and cemetery restoration. Since 2010, they also have been active in Operation Injured Soldiers, a volunteer organization that engages veterans by taking them hunting and fishing and to sporting events.
“We feel that, because we have been blessed, we should be giving back,” Larry says. “It helps the community, it helps our church and it’s a very rewarding experience. We worked all our lives. We were able to establish some retirement income, and we’re at the time of life where we can give back, so we do.”
Larry and Nancy exemplify how many people are approaching retirement today—not as the end of a financial journey but as a reward for a lifetime of preparation. It can be an opportunity to align money with meaning, faith and personal passions.
“I think more and more people are realizing that retirement is not just ‘a date where I stop working,’” says Tony Watson, a Thrivent Advice Services consultant. “It’s more of ‘a date where I stop doing what I am currently doing and change paths.’”
Whether you’re dreaming of travel, picking up new hobbies or giving back, retirement is your chance to build a life full of purpose and possibility. Here, Thrivent financial professionals offer their advice for making the most of your next chapter.
We feel that, because we have been blessed, we should be giving back. It helps the community, it helps our church and it’s a very rewarding experience.
Make sure you’re emotionally ready to retire
Many people worry about having enough money to retire—or outliving their savings. But being emotionally ready is just as important as being financially prepared. And there’s also the challenge of transitioning from routine to no structure at all.
“I see a lot of people who end up going back to work, doing charitable stuff, donating their time or whatever it may be, because, while they can retire from a monetary standpoint, they can’t from a mental standpoint,” says Jason Rogoff, a Thrivent financial advisor in Westbury, New York.
A few years before leaving your 9-to-5, start imagining the
“Clients come to financial advisors and think it’s all about the money,” Watson says. “We can help them create a plan for how they’re going to fill their time, too. I call it the softer side of retirement planning. What do they plan on doing in retirement?”
Start with what matters most
If you're unsure what retirement looks like for you, start by identifying what matters most: your core values. Thrivent financial advisors have an activity to identify your top five values—like security, relationships or wealth—to help you prioritize and jumpstart your planning.
If family tops your list, for example, think about how that could shape retirement, such as living closer to loved ones or planning annual getaways. If you value philanthropy, your retirement plan might include volunteering for organizations close to your heart or setting up a donor-advised fund to support a cause you’re passionate about.
“It’s great to talk about
For many, retirement planning also could include continuing to work. In Thrivent’s
“Retirement doesn’t have to be an abrupt end to working,” Kusch says. “It can be a transition from working long hours, to normal hours, to fewer hours. They may just start by trying to take a two-week vacation, and then maybe taking summers off.”
However you decide to spend your time in retirement, make sure to account for contingencies, says Watson. You might have a goal of traveling the world, but if you get sick or injured, backups should be included in your financial plan.
“You don’t put all your eggs in one basket for investing,” he says. “You also should diversify your expectations and what you want to do in retirement, because life happens.”
Retirement doesn’t have to be an abrupt end to working. It can be a transition from working long hours, to normal hours, to fewer hours. They may just start by trying to take a two-week vacation, and then maybe taking summers off.
Connect your values to your finances
Once you’ve spent time thinking about what you want your retirement to look like, the next step is to connect those goals and values to your financial plan.
Kusch says during a retirement analysis, she divides factors into
- What do you need? You need a reliable, guaranteed income stream for essentials like housing, food, transportation and taxes.
- What do you want? Your wants encompass the things that would enhance your quality of life in retirement, such as home improvements, vacations or a new car.
- What do you wish? Your wishes are the big dreams you have for retirement, whether it’s spending a month in Florida every year or leaving a meaningful gift to your kids or a charity.
After you’ve defined your buckets, your Thrivent financial advisor can help you map out how to fund your ideal retirement. For example, you might have an annuity or money market account to pull money from for everyday living expenses, while the earnings on your investments can be used to pay for your wants and wishes.
“We really want to make sure that the likelihood of success is very strong before people retire,” Kusch says. “We have a lot of different things we can change—when they collect Social Security; how risky their investments are; whether they want to save more, work longer or live on less. There are all of these options, and when those options fit in line with their values, they’ll have a solid retirement plan.”
Lean on your financial advisor for support
Your relationship with your financial advisor, while always important, becomes even more significant when you retire.
Saving can be a bit more straightforward and involves consistency, Watson says. “But turning your savings into predictable income throughout retirement involves extra attention and planning. It’s like climbing a mountain. Going up requires different skills and challenges than coming down.”
Once you’re in retirement, your
Kusch feels the most important part of her job, however, is helping her clients, like the Thuemes, make the most of every opportunity: taking the trips, spending time with family and giving money to charities they care about now, not just when they’re gone.
“It’s our job [as financial advisors] to make sure that we identify strategies within their financial plan that give people the confidence that they can go on vacation and go out and do these things they planned on doing,” Rogoff adds. “It’s really important to treat themselves in retirement, because we just don’t know how long we have on this planet.”
Taylor Hugo is a writer in Colorado.
How do you know if you’re saving enough for retirement?
Not having enough money for retirement is a concern for many pre-retirees. In Thrivent’s Retirement Expectations Survey,* 44% of non‑retirees said they lacked confidence that they’d have enough money to retire at their planned age, and half were skeptical they’d even be able to fully retire.
Knowing you’re on track with saving and investing can help ease these anxieties. Here’s what to look for:
- Your savings are on track. Meet with your financial advisor to come up with a strategy to hit your targets. If you have some catching up to do, they have tools and resources that can help you get back on track. You also can use Thrivent’s online
retirement income planning calculator to see whether you’re being aggressive enough with saving. - You’re actively saving. Ideally, you want to max out your retirement account contributions every year, but if that’s not possible, aim for 10% to 15% of each paycheck.
- Your portfolio is diversified. Spread your wealth among a
variety of investments , such as retirement accounts, life insurance, annuities and mutual funds. That way, in retirement, you’ll have different buckets of money with varying risk tolerances to pull from when needed. - You have little to no debt. Eliminate as much
debt as possible to boost your retirement savings. - Your plan includes consideration for health care costs.
Health care expenses are your biggest risk in retirement. Make sure you have enough to cover these expenses with your own savings and assets. Also consider working with your financial advisor on a long‑term care strategy.
FAQs
What does it mean to plan for a purpose driven retirement?
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Ready to shape your future?
No matter if retirement is years away or right around the corner, your Thrivent financial advisor can help you turn your goals into a plan, so you can make the most of life after work.
