Enter a search term.
line drawing document and pencil

File a claim

Need to file an insurance claim? We’ll make the process as supportive, simple and swift as possible.

Action Teams

If you want to make an impact in your community but aren't sure where to begin, we're here to help.
Illustration of stairs and arrow pointing upward

Contact support

Can’t find what you’re looking for? Need to discuss a complex question? Let us know—we’re happy to help.
Use the search bar above to find information throughout our website. Or choose a topic you want to learn more about.

3 steps to plan financially for a long life

Laraina Hase

No one knows for certain how long they’ll live, what expenses they’ll have and how much money they’ll need, says Ron Lutes, advice services consultant at Thrivent. Factor in additional uncertainties about future health care needs, inflation and taxes, and you may begin to wonder if you’ll have enough money to outlive you. Consider these three steps:

1. Create a secure income stream.

You need a strategy that, no matter what happens in the market, Lutes says, you’ll have income to help cover your base needs. “One option is a variable annuity with a guaranteed lifetime withdrawal benefit. Your balance could be zero; you could have lived so long that you depleted the account. But you’ll still get paid,” he says. The good news is that the payment can’t ever go down. But on the flip side, there’s no guarantee it ever would go up, he adds. It’s dependent on the market.

2. Keep some money in the market.

Social Security and your pension aren’t going to keep up with inflation, and your spending power may decrease. Even in retirement, Lutes says, you need to be in the market with a portion of your money in order to grow your principal.

3. Create a strategy for extended care & health care needs.

Medicare is a staple of most retired Americans’ insurance for medical expenses, hospitalization and prescriptions. Medicare supplement insurance can fill the gap between what Medicare pays and the total cost of the expense. It’s essential to understand what role each plays and even more important to have a strategy in place to manage any potential extended care or other health care needs.

Get professional guidance

According to the 2022 Thrivent Retirement Readiness Survey,* only two in three adults nearing retirement have spent serious time thinking about their future health care needs in their retirement planning. Only 15% said they had spent a great deal of time focusing on this and felt comfortable in their level of understanding. Learn more about planning for health care costs in retirement.

With the right solutions in place, you can feel confident knowing you'll have what you need to fund your goals, no matter how long you live. Contact a Thrivent financial advisor to help you create your plan.

*Methodology: This research was conducted in June 2022 among a national sample of 1,500 adults in order to measure their sentiments, financial planning, knowledge and issues regarding retirement. The interviews were conducted online and the data was broken into three sample groups; Saving, Nearing and Retired. Results from the full survey have a margin of error of plus or minus 3 percentage points.

Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.

Thrivent is not connected with or endorsed by the U.S. government or the federal Medicare program.

Investing involves risk, including the possible loss of principal. The product prospectus, portfolios' prospectuses and summary prospectuses contain more complete information on investment objectives, risks, charges and expenses along with other information, which investors should read carefully and consider before investing. Available at