Financial News and Articles with Nathan McGuire in Lake Elmo MN

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What are you actually saving for? We spend a lot of time talking about 401(k)s, investments, taxes and how much we should be saving. But eventually, the money is supposed to do something. Maybe it’s retiring earlier. Traveling more. Helping your kids. Buying a cabin. Or simply having more time to spend in places you love with people you care about. The numbers matter. But what those numbers allow YOU to do matters more. That’s what the plan should be built around. #FinancialPlanning #PersonalFinance See thrivent.com/social for important disclosure information.

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Should I be putting more into my 401(k) or saving somewhere else? I get some version of this question all the time. And my answer usually starts with another question. What are YOU trying to accomplish? Retirement isn’t your only financial goal. Maybe you want to retire early. Help your kids. Buy a second home. Travel more. Or simply have money available before retirement. Your 401(k) can be an important part of the plan. But it doesn’t necessarily have to be the entire plan. Having money in different places, with different tax treatment and different access, can give you more options later. Sometimes it’s just as important to have money that’s flexible, accessible and still working for you. Don’t just save more. Save with a purpose. See thrivent.com/social for important disclosure information.

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I changed jobs. What should I do with my old 401(k)? I get this question quite a bit. On the surface, it seems pretty simple. Leave it where it is. Move it to your new 401(k). Roll it into an IRA. Or take the money out. Those may be the options. But deciding between them isn’t always that simple. Did you leave your employer after age 55? Could you need access to some of that money before 59½? Would Roth conversions make sense at some point? How does this decision affect your taxes? What other retirement accounts do you have? And what makes the most sense for your family and the rest of your financial plan? Those are very different conversations. That’s why when someone asks me, “Where should I move my old 401(k)?” I usually want to ask a few questions before I give them an answer. Because sometimes the best decision is to move it. Sometimes it’s to leave it exactly where it is. And sometimes there’s an opportunity that isn’t obvious until you look at everything together. The important part isn’t knowing that you have options. It’s understanding what those options could mean for YOU before you make the decision. That’s the conversation worth having. See thrivent.com/social for important disclosure information.

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Some friends at volleyball recently asked me, “What do you actually do as a financial advisor?”Fair question. I could give them the long answer about investments, retirement, taxes, insurance and everything else. But nobody wants that answer between volleyball games. The shorter answer? I help people figure out their financial stuff. Most people already have a 401(k), investments, insurance and some money saved. What they really have are questions. “Can I retire when I want to?” “Are we saving enough?” “Are we missing something?” “Are we going to be okay?” That’s the part of my job I really enjoy. Getting to know people, understanding what they’ve built and helping them figure out what makes sense for their life. Sometimes we make changes. Sometimes we find an opportunity they hadn’t thought about. And sometimes I get to say, You’re actually doing better than you think. There’s plenty of financial information out there. Google can give you more than you probably ever wanted. Figuring out what actually applies to YOU is the harder part. So next time someone at volleyball asks what I do, I think I’ll stick with I help people figure out their financial stuff. Then we can get back to the game. See thrivent.com/social for important disclosure information.

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A client asked me a question on Friday. “I’ve got some extra cash. What’s the best thing to do with it?” Should we pay off the mortgage? Invest it? Keep it in savings? The truth is… Most people think financial planning is about finding the one “right” answer. In my experience, it usually isn’t. Sometimes the math points one direction. Life points another. Paying off the mortgage might not produce the highest return on paper. But it may be the decision that helps someone sleep better at night. Keeping more cash might not be the most efficient strategy. But it could be the reason a family finally feels confident enough to retire. That’s why almost every planning conversation I have starts with the same question. What matters most to you? Because until I understand that, the numbers don’t mean much. The numbers matter. Taxes matter. Investment returns matter. But none of them matter until I understand the person sitting across the table. I’ve learned that the best financial decisions aren’t always about maximizing every dollar. They’re about helping people build a life they feel confident living. That’s what financial planning means to me. See thrivent.com/social for important disclosure information.

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Changing jobs is one of the biggest financial opportunities people overlook. Most people focus on the new salary. Very few stop to think about everything else that changed. ✔️ What happens to my old 401(k)? ✔️ Should I roll over my retirement plan or leave it where it is? ✔️ Do my insurance needs change? ✔️ Is this the right time to convert money to a Roth? ✔️ Should I update my beneficiaries? I’ve found that a job transition is one of the best times to step back and look at your entire financial picture. Not because something is wrong. Because big life changes create opportunities that aren’t there every day. Whether you’re starting your first job, accepting a promotion, or beginning something completely new, taking an hour to review your financial plan today can make a meaningful difference years down the road. If you’re changing jobs this summer, congratulations. Just don’t let the financial decisions become an afterthought. See thrivent.com/social for important disclosure information.

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Last week, I had the opportunity to serve on a panel for new financial advisors and share a few lessons I’ve learned building a financial planning practice. One of the questions we were asked was: “What’s the biggest lesson you’ve learned so far?” My answer was pretty simple. See the people. Before becoming a financial advisor, I spent more than 20 years as an educator and coach. One thing those years taught me is that relationships always come before results. The products and strategies matter, but this business is ultimately about earning trust and helping people make good financial decisions. It was a great reminder that successful practices (and honestly, most worthwhile things in life) are built one conversation at a time. Grateful for the opportunity, and especially grateful for the people who have invested in me along the way. See thrivent.com/social for important disclosure information.

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One of the things I love most about being part of Thrivent is having opportunities to help bring people together to make a difference in our community. This week, I had the chance to work with an incredible group of 5th graders at Armstrong Elementary on a Thrivent Action Team project benefiting Project Linus. If you're not familiar with Project Linus, their mission is simple but powerful. They provide handmade blankets to children who are seriously ill, traumatized, or facing difficult circumstances so they have something comforting to call their own. These students spent their time cutting, tying, creating, and working together to make blankets that will soon be given to children they've never met. In a world that often focuses on what we can get, it was pretty special to spend the day with young people focused on what they could give. A huge thank you to the students, teachers, volunteers, and everyone who helped make this project possible. The future is bright with kids like these leading the way. ❤️ Live Generously.

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This time of year, most people are focused on filing their taxes. Getting everything in. Checking the boxes. Hoping they didn’t miss anything. But after those conversations are over, there’s usually a second thought that comes up: “Is there anything I could be doing differently?” Not just this year… but over the long run. Because taxes don’t just show up once a year. They show up: • when you retire • when you take income • when you sell investments • when you pass money on And for a lot of people, that’s where the real impact is. What I’ve found is that people aren’t necessarily looking for ways to avoid taxes… They just want to be more intentional about how and when they pay them. That’s where planning can make a big difference. Not just during tax season but in how everything is structured over time. See thrivent.com/social for important disclosures.

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I spent years coaching high school basketball. Recently, I found myself back in the gym. Different players. Different season. Same lessons. Coaching taught me that preparation matters more than talent. Consistency beats intensity. And the best results rarely happen by accident. Funny enough, those principles apply just as much to financial decisions as they do to sports. Most people don’t need a completely new game plan. They need clarity, structure, and someone willing to walk through it with them. If you’ve been meaning to take a closer look at your plan, but haven’t stepped back to do it yet, let’s have a conversation. Sometimes progress starts with a simple review.

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A few years ago, after my stepdad passed, we gathered at the lake to celebrate him. He owned a small neighborhood bar called Boo Boo’s. We had replica shirts made, shared stories, laughed, and remembered the kind of life he built. What struck me wasn’t the business. It was the people who showed up. The relationships. The memories. The impact that carried beyond the doors of that place. That’s what legacy really looks like. Not numbers. Not accounts. But the people who gather because of how you lived.

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What is a deferred annuity & how does it work?Curious if a deferred annuity might be a fit in your retirement strategy? Here are some of its possible benefits: 👉 Income in retirement 👉 Risk-based options 👉 Tax-deferred growth 👉 Optional rider benefits For more information on deferred annuities, take a look at this article. Let’s connect if you want to discuss how an annuity could help you reach your retirement goals.

Tax tips & pitfalls: What to know to maximize your moneyLooking for ways to optimize your income taxes year-round and helpful tips for navigating tax season? From leveraging charitable contributions to common tax errors to avoid, take a look at this helpful guide. ⤵️

7 ways to help reduce your taxable incomeSeeing your hard-earned money go towards taxes can be frustrating. However, there are ways you can help reduce your tax burdens and become more tax efficient. ⬇️

The 3 advantages of life insurance for childrenDid you know that purchasing life insurance for children while they are young is more beneficial than waiting until they are older? Here are 3 reasons to insure them now. ⬇️

6 year-end financial tasksThe hustle and bustle of the holiday season can distract us from other action items on our checklist. End the year on a strong note by refocusing on your finances. Take a look at these tasks to complete before Dec. 31.

Sequence of returns risk: What it means for your retirementThe market can shift at any time, and big drops early in retirement could affect your savings. The right approach can help keep your savings resilient. Check out this article, then reach out to talk through ways to help protect your savings.👇

Top 7 charitable giving strategies: Maximizing tax benefits and impactThere are ways you can help maximize tax benefits when giving. Learn more about different charitable giving strategies and their tax advantages.

With rates starting to decline, now is a great time to think about what's next for your cash. Whether you want to keep funds liquid, generate income or save for a future goal, now’s a great time to put your savings to work. Together, let’s review your goals and liquidity needs to maximize your money’s potential. See thrivent.com/social for important disclosures.

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Help your money last in retirementA long life is a gift—let’s help make sure your finances can keep up. Start by building financial resilience against inflation, market swings, and rising health and care costs.