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Insights

I've got valuable information and resources to share. Explore away! And check back often.

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403b vs IRA (1/4) If you’re currently a professor, or a retired one, it’s important to know how your 403(b) account may differ from an IRA managed by a local advisor. The differences mainly boil down to 1) investment options, 2) fees, 3) employer control, and 4) tax efficiency. 1) Investment Options: A 403(b) is usually limited to investing only in mutual funds. In an IRA, you have access to a greater array of investment options, including individual securities such as ETFs, stocks, or bonds. Having a sound investment strategy is important to avoid reverse dollar cost averaging, which can negatively impact your portfolio. This is when you take withdrawals from your account systematically, even when the market is down, which can lead to selling more shares than necessary and reducing the return on your account. Have questions? Let’s chat. See Thrivent.com/social for important disclosures.

403b vs IRA (1/4) If you’re currently a professor, or a retired one, it’s important to know how your 403(b) account may differ from an IRA managed by a local advisor. The differences mainly boil down to 1) investment options, 2) fees, 3) employer control, and 4) tax efficiency. 1) Investment Options: A 403(b) is usually limited to investing only in mutual funds. In an IRA, you have access to a greater array of investment options, including individual securities such as ETFs, stocks, or bonds. Having a sound investment strategy is important to avoid reverse dollar cost averaging, which can negatively impact your portfolio. This is when you take withdrawals from your account systematically, even when the market is down, which can lead to selling more shares than necessary and reducing the return on your account. Have questions? Let’s chat. See Thrivent.com/social for important disclosures.

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Job loss can come with a lot of stress—especially with your finances. Not sure what money moves you should make after getting laid off? This article covers immediate, short- and long-term steps you can take: https://bit.ly/3Vi3z7S If you’re considering an adjustment to your financial plan due to a change in employment, let’s talk.

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Job loss can come with a lot of stress—especially with your finances. Not sure what money moves you should make after getting laid off? This article covers immediate, short- and long-term steps you can take: https://bit.ly/3Vi3z7S If you’re considering an adjustment to your financial plan due to a change in employment, let’s talk.

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"...And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus." - Philippians 4:67

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"...And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus." - Philippians 4:67

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Making sense of Social Security (opinion)

I’m excited to share that an article I wrote for professors about timing Social Security was published today on Inside Higher Ed. I guess the old adage is true: You can take the professor out of the academe, but you can’t take the academe out of the professor. (Or something like that 🤪.) Check it out, and let me know what you think! https://www.insidehighered.com/opinion/career-advice/2025/03/07/making-sense-social-security-opinion See Thrivent.com/social for disclosures.

Timing is critical in deciding when to draw Social Security benefits, Alexander Aldrich writes.

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Hoping for an early retirement? You may be able to access funds from your retirement account without any penalty from the IRS. There’s a catch, of course. Usually, you must wait until at least age 59 ½ to access the funds in your retirement account in order to avoid a 10% penalty from the IRS. However, if you separate from your employer the year you turn age 55 or older, you can access your retirement dollars and bypass the 10% penalty before you turn 59 ½. You’ll still have to pay income taxes on the pre-tax dollars, of course. In other words, this is an example of when keeping your funds in your old employer 401(k) may be in your best interest. Have questions? I’m happy to help. See Thrivent.com/social for important disclosures.

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Hoping for an early retirement? You may be able to access funds from your retirement account without any penalty from the IRS. There’s a catch, of course. Usually, you must wait until at least age 59 ½ to access the funds in your retirement account in order to avoid a 10% penalty from the IRS. However, if you separate from your employer the year you turn age 55 or older, you can access your retirement dollars and bypass the 10% penalty before you turn 59 ½. You’ll still have to pay income taxes on the pre-tax dollars, of course. In other words, this is an example of when keeping your funds in your old employer 401(k) may be in your best interest. Have questions? I’m happy to help. See Thrivent.com/social for important disclosures.

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A proactive approach

If you want to avoid tax surprises in retirement, it helps to implement tax efficient strategies into your financial plan. George and Judy became Thrivent clients in 1968 to prepare for their financial futures. Learn more about their proactive approach and the different ways you can be more tax efficient.

Implementing tax efficiency into your financial plan will help you avoid tax surprises in the future.

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"When you pass through the waters, I will be with you; and when you pass through the rivers, they will not sweep over you..." - Isaiah 43:2

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"When you pass through the waters, I will be with you; and when you pass through the rivers, they will not sweep over you..." - Isaiah 43:2

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Here's an example of why I love the work I do here at Thrivent and why I am proud to be a Thrivent financial advisor: I recently met with a potential client who is single and has no kids living at home. They are struggling with day-to-day expenses even though they have a sustainable income and reliable job. They have < $1,000 cash on hand in checking and savings. They came seeking advice, so we sat down and developed goals together. 🎯 Goal 1: Save more money for emergencies. ✅ Recommendation: Get their savings account to $1,000. This psychological win will give them momentum to continue saving to hit the next milestones, which are cash savings sufficient to cover 1 month, 3 months, and lastly 6 months of expenses. Together we walked through the concept of the Financial House and the importance of saving cash for a “rainy day” emergency fund as a buffer. 🎯 Goal 2: Save for an eventual retirement. ✅ Recommendation: Reduce or even pause retirement contributions. This is a tough recommendation to give and it isn't for everyone. However, this person's cash on hand was so low that a small reduction or temporary pause on retirement contributions in order to funnel that money into building up their cash savings would be a tremendous win. There's no sense in putting all our savings into long-term goals (the "Grow" floor of the house) if there are serious issues with our short-term financial position (the "Foundation" of the house). Based on their age, they will have time for catch-up contributions and investing aggressively for greater compounding growth to help achieve a meaningful retirement once the foundation of their Financial House is in order. 🎯 Goal 3: Set up a budget and stick to it. ✅ Recommendation: Enroll in Thrivent’s free one-on-one money coaching program, Money Canvas. https://bit.ly/3EExFMS As the individual left my office, they thanked me for giving advice that no other advisor they had ever met with had previously. They had always been told to invest money, and were always offered some kind of retirement account or mutual fund to invest in. They felt it refreshing to know that someone was listening to their concerns and offering advice based on what they really needed. I recognize that I'm tooting my own horn here. But this is just an example of how our model of advice and the amazing resources we have at Thrivent can help people achieve financial clarity for a purpose-driven life. See Thrivent.com/social for important disclosures.

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Here's an example of why I love the work I do here at Thrivent and why I am proud to be a Thrivent financial advisor: I recently met with a potential client who is single and has no kids living at home. They are struggling with day-to-day expenses even though they have a sustainable income and reliable job. They have < $1,000 cash on hand in checking and savings. They came seeking advice, so we sat down and developed goals together. 🎯 Goal 1: Save more money for emergencies. ✅ Recommendation: Get their savings account to $1,000. This psychological win will give them momentum to continue saving to hit the next milestones, which are cash savings sufficient to cover 1 month, 3 months, and lastly 6 months of expenses. Together we walked through the concept of the Financial House and the importance of saving cash for a “rainy day” emergency fund as a buffer. 🎯 Goal 2: Save for an eventual retirement. ✅ Recommendation: Reduce or even pause retirement contributions. This is a tough recommendation to give and it isn't for everyone. However, this person's cash on hand was so low that a small reduction or temporary pause on retirement contributions in order to funnel that money into building up their cash savings would be a tremendous win. There's no sense in putting all our savings into long-term goals (the "Grow" floor of the house) if there are serious issues with our short-term financial position (the "Foundation" of the house). Based on their age, they will have time for catch-up contributions and investing aggressively for greater compounding growth to help achieve a meaningful retirement once the foundation of their Financial House is in order. 🎯 Goal 3: Set up a budget and stick to it. ✅ Recommendation: Enroll in Thrivent’s free one-on-one money coaching program, Money Canvas. https://bit.ly/3EExFMS As the individual left my office, they thanked me for giving advice that no other advisor they had ever met with had previously. They had always been told to invest money, and were always offered some kind of retirement account or mutual fund to invest in. They felt it refreshing to know that someone was listening to their concerns and offering advice based on what they really needed. I recognize that I'm tooting my own horn here. But this is just an example of how our model of advice and the amazing resources we have at Thrivent can help people achieve financial clarity for a purpose-driven life. See Thrivent.com/social for important disclosures.

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2024 IRA contribution deadline: There's still time to maximize your savings

It may be 2025, but you still have time to maximize your savings for the 2024 tax year. Explore how contributing to an IRA can help boost your retirement savings and find answers to the most common IRA questions.

The calendar has officially flipped to 2025, but you can still contribute to an Individual Retirement Account (IRA) for the 2024 tax year.

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"He has made everything beautiful in its time. He has also set eternity in the human heart; yet no one can fathom what God has done from beginning to end." - Ecclesiastes 3:11

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"He has made everything beautiful in its time. He has also set eternity in the human heart; yet no one can fathom what God has done from beginning to end." - Ecclesiastes 3:11

Licensing is available through your State Insurance Department’s website, which can be located through the National Association of Insurance Commissioners website.

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

Thrivent financial advisors and professionals have general knowledge of the Social Security tenets. For complete details on your situation, contact the Social Security Administration.

Thrivent provides advice and guidance through its Financial Planning Framework that generally includes a review and analysis of a client’s financial situation. A client may choose to further their planning engagement with Thrivent through its Dedicated Planning Services (an investment advisory service) that results in written recommendations for a fee.

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For additional information on professional designations and the requirements to earn them, visit https://www.thrivent.com/designations

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