Summer 2021 Thrivent Magazine

Summer 2021

Thrivent Magazine

5 ways to save money this summerPage 5

How to talk to teens about moneyPage 18

Financial tips for changing careersPage 24

Family first Protect the future of your loved ones with life insurance Page 14

Mike and Chris Bird made a timely decision that will secure their family’s future.

Thrivent Magazine | Summer 2021 thrivent.com | 1

Features

In this issue

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14Family firstKey questions helped a couple make an informed—and timely—decision about life insurance.

24Career transitions How to financially prepare for changing jobs.

18Teens and moneyMoney conversations to have before your kids leave home.

Summer 2021Volume 119, No. 699

Thrive 4 Market outlook

5 Ways to save money this summer

6 Client spotlight

7 Generosity in action

8 How do asset allocation funds work?

9 Volunteer ideas for teens 10 Connecting art and faith

11 Good question

12 Myth buster

29What’s happeningat Thrivent� Thrivent honored for ethical culture

� Refinitiv Lipper Fund Awards

� New digital and technology officer

� Thrivent launching new mobile app

32 Just for fun

On the cover: Photo by David Manning

6

Rejoice always.1 Thessalonians 5:16

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thrivent.com | 32 | Thrivent Magazine | Summer 2021

Asking the important questions

As we move into summer, I’ve been thinking about my schedule. It seems like every day we’re getting closer to a semblance of normalcy, and I’m hopeful that soon we’ll be able to get back to doing the things we enjoy. Over the past year, like many of your calendars, mine has been devoid of the myriad of activities that populated it in years past. Family gatherings, dinners with friends, concerts, fundraisers for nonprofits and other events, once so common, were erased and in some instances, replaced with Zoom. And while I’ve definitely missed spending time with family and friends, I’m realizing I’ve also come to value the pause in what could sometimes feel like a chaotic stream of events. I’m intentionally thinking about how I’ll make decisions about events to add back into my schedule. I’m asking myself the ever-important question: Why? Why is this event or this cause significant to me? Why should I prioritize it over other things I could be doing during that same time? Asking why is providing clarity for me to make sure I keep the important things at the top of my list. This same process is important when it comes to achieving financial clarity. It’s easy to get in a mindset

where the earning, saving, invest-ing, giving and spending of money becomes something we do out of habit or obligation. No matter where you are on your financial journey, it’s a worthwhile exercise to step back and ask yourself, “Why?” Why are you making certain financial decisions? Why are you working toward a partic-ular financial goal? Some of those answers may come to you quickly, but others require some reflection. At the heart of the matter, everything we’ve been given—our time, talents and finances—is a gift from God. And when we’re good stewards of those gifts, we can thrive with purpose. My prayer is that as you reflect on the past year, your purpose will be clearer than ever before and you’ll experience financial clarity to live a life full of meaning and gratitude.

Teresa J. RasmussenPresident and CEO

ThriveInsights and inspirations

Closed doors, open heartsHistoric Baltimore church supports more people in its inner-city location during COVID-19By Donna Hein

(Continued on page 5)

COVID-19 may have temporarily closed the doors for worship at the historic St. Philip’s Evangelical Lutheran Church in Baltimore, but it hasn’t stopped the incredible work its members are doing to serve their immediate community. “We no longer could do in-person events, so we needed to figure out a way to respond to the needs in East Baltimore,” says Rev. Dr. Louis R. Tillman, IV, senior pastor at St. Philip’s, the oldest African American Lutheran congregation in North America. “And the first need was that we couldn’t find masks and hand sanitizer within a two-mile radius of our congregation.” The neighborhood grocery store was shut down, and area corner stores were raising prices, Tillman says. “We partnered with FEMA and called on other area congregations to help alleviate this problem in East Baltimore, and they responded,” he says. Several different Thrivent Action Teams, led by clients with

Thrivent (ISSN 1539-0128) is the official publication of Thrivent Financial for Lutherans, Appleton, WI 54919-0001/Minneapolis, MN 55415-1624, a fraternal benefit society. It is published quarterly by the society.

Periodical postage paid at Appleton, Wisconsin, and additional mailing offices. POSTMASTER: Send address changes to Thrivent Magazine, Thrivent Financial for Lutherans, 4321 N. Ballard Road, Appleton, WI 54919-0001. Phone: 800-THRIVENT (800-847-4836). Copyright 2021 by Thrivent Financial for Lutherans. All rights reserved.

Board of DirectorsBonnie E. Raquet ChairWilliamsburg, VA Deborah M. AckermanWilmette, IL

N. Cornell Boggs Ludington, MI Kenneth A. Carow Greenwood, IN Bradford N. Creswell Mercer Island, WA Lynn Crump-Caine Sandy Springs, GA Eric J. Draut Arlington Heights, IL Kirk D. Farney Hinsdale, IL Rev. Mark A. Jeske Milwaukee, WI Kathryn V. Marinello Bonita Springs, FL Nichole B. Pechet San Francisco, CA Teresa J. Rasmussen President and CEO Orono, MN Angela S. RiegerMadison, WI

Thrivent ® Magazine StaffCallie Briese Executive Editor Donna Hein Editor Jon Goodrich Editorial Assistant

Content Strategy and PublishingAnya BritziusSenior Content Strategist Bret RyanAssociate Creative Director Tiffany Lukk Associate Editor Molly Bennett Senior Content Director Tina GschlechtSenior Project Manager Jonathan Benson Production Manager

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St. Philip's Evangelical Lutheran Church members Robert and Regina Patterson create COVID-19 care kits for their community.

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Thrive

(Closed doors, open hearts continued from page 3)

membership, including Tillman, collected, purchased and packed COVID-19 care kits that included masks, hand sanitizer, wipes, gloves and disinfectant spray to help inner-city residents. “More than 75,000 kits have been assembled and distributed to date,” Tillman says. But this isn’t the only need Tillman, who also serves as a U.S. Air Force Reserve chaplain, has identified. “They are yearning for information on stewardship, estate planning, invest-ments, credit repair and money in general,” he says. Tillman reached out to Terri Meekins, a Thrivent financial associate in Towson, Maryland, to help. Just before COVID shutdowns, Meekins led a workshop for about 25 people after Sunday service on the topic of decoding your credit. More than 70 of St. Philip’s 350 members are Thrivent clients. “Pastor Tillman is finding opportunities to open doors and make a difference in his community,” Meekins says. “It’s important to me to help.” Tillman, also a champion for social and racial justice and climate change concerns, has continued to set up virtual workshops with others in his community to address health and wellness education and worked with city government to distribute thousands of boxes of fresh produce, meat and dairy weekly to help people through the pandemic. “Our church turned 130 years old last October, and our mayor has given us the nickname of Charm City’s Best-Kept Secret,” Tillman says. “People wonder how our little church on the corner is able to make such a huge impact. What a mighty God we serve.”

5 ways to save money this summerAs the temperatures go up, try these tips to increase your savingsBy Anya Britzius

1. Eat al fresco Rather than using your stove and oven every day, get outside and fire up the grill. Hello, burgers and kabobs! Keeping the heat out of the kitchen can lower cooling costs.

2. Start a home gardenGrowing your own fruits and vegetables is not only rewarding, it can help you save on your grocery bill. If you’re not interested in exercising your green thumb, save money by buying seasonal produce—it’s usually less expensive in season.

3. Plan a staycationFind new and low-cost ways to explore your city with loved ones. Seek out museums with free admission, have a picnic at a local park and take a walking tour of historical or arts districts.

4. Brew at homeSpending $5 for a coffee shop latte adds up over time. Buy your favorite beans and experiment with making coffee creations from home. Cool off with an iced version (try coffee ice cubes). Make your own flavored creamers by combining milk, sweetened condensed milk and vanilla extract or cinnamon.

5. Replace air conditioner filtersDirty filters cause your air conditioner to work harder, which makes cooling your home more expensive. Stay on top of regularly replacing your filters. Keep your unit clear of debris and branches.

A rotation toward quality stocksBy David Royal

Market outlook

David Royal is chief investment officer at Thrivent.

The views expressed are as May 2021 and may change as market or other conditions change, and may differ from views expressed by other Thrivent Asset Management associates. Actual investment decisions made by Thrivent Asset Management, LLC will not necessarily reflect the views expressed. This information should not be considered investment advice or a recommendation of any particular security, strategy or product. Asset management services are provided by Thrivent Asset Management, LLC, a registered investment adviser and subsidiary of Thrivent, the marketing name for Thrivent Financial for Lutherans.

The first several months of 2021 have seen strong stock market perfor-mance, especially among more economically sensitive sectors, as the economy begins to reopen. When the economy comes out of a recession, we typically see a shift toward higher risk assets, such as small company stocks and highly leveraged or unprofitable companies. We certainly saw this happen in the first quarter. Earlier this year, we saw the boom in so-called ‘meme’ stocks such as Gamestop and in Special Purpose Acquisition Companies or SPACs (which are shell companies that raise funds to acquire another company in the future). The beginning of the year was very much “risk on.” Conversely, many of last year’s winners, which often included quality growth companies, underperformed.

As the economy recovers and moves into what we would call the “expansion” phase of slower and steadier growth, we would expect to see a shift from the very high-risk asset classes to companies with more attractive earnings. We would still favor economically sensitive stocks but look for the higher quality companies with strong earnings within those sectors. We

suspect that the recent outperfor-mance of small company stocks may come to an end but that value stocks may outperform growth stocks for a while longer. As the economic expansion continues and the economy at some point begins to slow, we would likely then move more into large growth companies (such as the large technology stocks). Companies that can generate growth even in a slowing economy tend to do well later in the economic cycle. But hopefully, the current economic expansion continues for some time. And as the expansion continues, we will favor companies with attractive businesses and strong earnings potential.

“Companies that can generate growth even in a slowing economy tend to do well later in the economic cycle.”

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Baskets for families St. Louis, Missouri

Every year, the homeless ministry First Step Back Home hosts an Annual Christmas Wonderland event. It’s a festive party with lunch, entertainment and lots of gifts and activities for children. The most popular part of the event is the provision-filled laundry baskets given to each family that attends. A comprehensive list of items—all of which would eventually be packed into sturdy laundry baskets—was distributed to churches and organizations as well as online. Mike and Sandy King formed a Thrivent Action Team to collect materials for and assemble five baskets to their church’s donation. “I’ve seen many projects that could be helped by a Thrivent Action Team,” says Sandy. “I want others to know they can consider these when helping a cause they care about.” More than 200 baskets were donated, overflowing with hand towels, toilet paper and cleaning supplies. Families in need also received other items, such as nonperishable food items, gift cards and bibles. Many were touched by the generosity.

Generosity in action

then took us on a financial journey to understand what it means to be financially fit. We have learned so much already, and I think she can teach us so much more.

What’s your first memory of money?It’s not a pretty memory. When I was a kid, I knew my parents didn’t have a lot of money. My dad was a long-haul truck driver who worked so hard to provide for us. Money was just something we never had. I didn’t want to have that same stress, to feel like money controlled my every move. Sometimes I still have flashbacks; that I have to save every

dime. But now my concept of money has changed. It’s about how much can I possibly give away and still live with a sense of freedom.

What are your guiding principles around money decisions?It has to make sense. We don’t live our lives running around and spending everything we can possibly spend. We know the needs of our family, and make sure those needs are met first. I do most of the budgeting. My mother-in-law has helped me understand our flow of money and identify extra money to put away. We use money as a tool to do what we need and then we focus

Finances, faith and family Thrivent client Dorian Stephens has clear priorities that guide his day-to-day choicesBy Donna Hein

Dorian Stephens has seen his share of job changes and challenges. But his faith, family and commitment to providing financially for his family has carried him through. A California native, Stephens and his wife, Rosie, live in Temecula, California, with their 6-year-old daughter, Eva Rose. After college, Stephens, a Thrivent client with membership, partnered with his uncle to open a Cajun and Creole restaurant. Financial challenges a few years in spurred a career change to the Boys and Girls Club, where he eventually became a youth development specialist, then director. More than four years ago, his career path took him to Baker Electric Home Energy, where he specializes in business acquisition.

How did you learn about Thrivent?I met Candace Brewington, a Thrivent financial associate, when she brought her kids to the Boys and Girls Club. One day she asked if I had life insurance. At the time, I knew I needed it, but I was overwhelmed by the choices and put it on the back burner, even though I knew I wanted to take care of my family. She invited us to make an appointment and

on what we want. Our big money decisions need to be in line with what we value.

What’s the best piece of financial advice or wisdom that you’ve received?First is to not hold on to my money, to give it away. Along with that is to be wise with it, to not be afraid to take risks and to invest in my future.

What’s your favorite volunteer activity?We love working with children. We've seen the goodness of Jesus, but the pandemic has been so hard on our children. We are learning to

enjoy, obey and operate like Jesus in every aspect of our lives. And we love encouraging our children to do the same with our brothers and sisters who we gather with at Restored Church Temecula.

How do you demonstrate gratitude?Gratitude should be an overflow of your life. To me, I’m just standing in grace that has been poured out on my life from a Father who sent his son to the cross for me. It’s the overflow of that that we can demonstrate on a daily basis. Every day is living out being grateful.

What does it mean to you to thrive with purpose?If you’re living your life purposely, you’ll thrive. My life is purpose driven. I’m just an imperfect person chasing after a perfect God. I want my life to be centered around that. And after that, I want to thrive in my job. I want to thrive in my finances. I want to thrive in relationships.

The client’s experience may not be the same as other clients and does not indicate future performance or success.

“We use money as a tool to do what we need and then we focus on what we want. Our big money decisions need to be in line with what we value.” –Dorian Stephens

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Sharing the loveHouston, Texas

Robert Grundmeier wanted to use his Thrivent Action Team to help purchase supplies to do a community event on Feb. 14 called “Sharing the Love.” However, after the devastating winter storms hit Texas, his team changed course and distributed food and water instead. They packed 150 lunches and distrib-uted them in less than an hour in their church parking lot.

Mission trip supportGermantown, Wisconsin

Cheryl Eggold led a Thrivent Action Team to help the eighth-grade class from Grace Lutheran School raise funds for a mission trip to Tennessee. The students worked with Papa John’s Pizza to get a bulk discount and sold pizza lunches that raised $939. The class worked at a food shelter, as well as with a local mission group on home repairs and wheelchair ramps for the elderly.

“Asset allocation funds offer diversi-fied investment options based on risk tolerance, and typically include a mix of investments including stocks and bonds,” says Eric Jacobson, a Thrivent financial consultant in Rothschild, Wisconsin. These funds also may be diversified geographically in different regions globally.

How do they work?The funds are managed by profes-sional fund managers who select and make periodic adjustments to invest-ment holdings within a fund. People select funds that are most suitable for their investment strategy based on the risk in the asset allocation funds, Jacobson says. Asset alloca-tion funds can be used in traditional individual retirement accounts (IRAs), Roth IRAs, 403(b)s or individual and joint accounts.

Why should I consider having asset allocation funds in my portfolio?According to Jacobson, “Asset management funds act much like a GPS in your car, and they’re periodically adjusted to keep investors moving toward their investment

destination.” Asset allocation funds are a core position for many people as they provide diversification and a potential way to minimize their risk burden. Diversification can help reduce risk but does not eliminate it; it does not ensure a profit or protect against loss in a declining market.

How do they differ based on risk tolerance?The more aggressive the funds, the higher percentage of stock funds or similar higher risk investments are held in the portfolio, while less aggressive funds feature a higher percentage of bonds, or lower risk investments, Jacobson says. Regardless of the level of risk, allocation funds should stay true to their design. An aggressive fund will stick with that strategy, so investors know what they’re getting.


Volunteer ideas for teensEncourage the teens in your life to make an impact on their community. By Anya Britzius

Bright ideas

1. Declutter and donateGo through your closets and drawers to find gently used items you no longer use, such as toys, books, clothes and blankets. Contact donation centers in your area to see what they need the most.

2. Clean your local parkSummer is the perfect time to get outside and clean up green spaces in your area. Some communities have cleanup programs, but even picking up trash on your own will help parks and roadsides continue to look beautiful.

3. Fundraise for causes you care aboutLet your interests guide your fundraising. Maybe you care about animals or want to help the homeless. Host a virtual charity run or a trivia night to raise money for causes you are passionate about.

4. Become a virtual tutorAre you a computer whiz or musician? You can share your talents virtually and help other students (of any age) with homework, computer skills and music lessons.

How do asset allocation funds work?By Tom Brandes

Thrivent Mutual Funds currently offers four asset allocation funds, which are built from a selection of Thrivent mutual funds and other internally managed portfolios. Visit thriventfunds.com/mutual-funds/asset-allocation.html to learn more.

How can a person shift between funds as their risk tolerance changes?Investors can work with their financial professional to move to a more conservative asset alloca-tion fund to potentially lower their risk as their risk tolerance changes or they near retirement, Jacobson says.

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Investing involves risk, including the possible loss of principal. The mutual fund prospectus contains more information on investment objectives, risks, charges and expenses, which investors should read carefully and consider before investing. Available at thrivent.com.

Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent, the marketing name for Thrivent Financial for Lutherans. Registered representative of Thrivent Investment Management Inc. Advisory services available through investment adviser representatives only. Thrivent.com/disclosures.


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Connecting art and faithBy Joanna Reiling Lindell

Four faces huddle together in a tender formation. This tight knit group is the Holy Family: Mary, Joseph and a young Jesus Christ. They are joined by a sweet donkey, symbolizing readiness and humility, reminding us of the child’s role and future as he helps keep watch over the child. The donkey’s inclusion here resembles a beloved family pet and indicates that this scene is part of the scriptural story, the Flight into Egypt. Described in the Gospel of Matthew, this harrowing journey explains how the family flees into Egypt from Bethlehem after Joseph is warned by an angel of God, in a dream, of mortal danger to the infant Christ. The journey of the flight and return of the family has inspired countless imaginative scenes from centuries of artists. This image, in its closely cropped fashion, is a unique way to visualize and emphasize the central aspect of this scriptural episode—the family itself. Made in 1930, this work of art appears strikingly modern and reminds us of a kind of photogra-phy that has become familiar and delightful for many people today—the selfie. During the past year and a half, many of us have similarly huddled together with our household or bubble for safety and solace. Maybe we’ve even taken more selfies than ever before, as we’ve gathered closely with loved ones. The artist, George Constant, was raised by his uncle, an abbot of a monastery in Greece, after the death

Joanna Reiling Lindell is the director and curator of the Thrivent Collection of Religious Art (thriventcollection.com).

George Constant (American, born in Greece, 1892–1978)The Holy Family, 1930Drypoint

9 11/16 x 12 13/16 inches (image)11 1/2 x 18 7/16 inches (sheet)

Thrivent Collection of Religious Art

of his parents. As shown by The Holy Family, Byzantine icons in the art that surrounded him during this time had a lasting influence on Constant’s work. The thick, black lines and piercing gaze of the figures in this composition recall the religious icons the artist would have seen in his youth. Constant moved to the United States at the age of 18, and quickly began studying art in various presti-gious art schools and with renowned artists. He is remembered as an important and pioneering Modernist painter and printmaker.

Good question: What’s an innovative way you’ve found to manage debt?

Personally, I discovered that I needed to look at the big picture and determine what my goals and values were so that I had steps in place to achieve goals in the future. Set a budget and know where your money goes. Life is unpredictable, and surprises can quickly wipe out your savings. Have an emergency plan in place. Looking beyond today is critical in order to plan for future security.Dr. Joy Prothero, Oskaloosa, Iowa

Pay off debt so that money can be used to spread the word of God and help others in need. Spending less in our budget to pay down debt. Debt consolida-tion for one payment versus three payments. Reducing interest rate on mortgages while the rates are extremely low.Vivian Bowers, Garden Grove, California

I keep a list of all my bills, with their due dates and balances on a piece of paper in the order

Question for next issue: What legacy do you want to leave?

Tell us in 50 words or fewer at thrivent.com/share or email [email protected].

of due dates. I pay off higher interest credit cards first, or lowest balance (whichever is more attainable), and budget my biweekly paycheck accordingly. Jill Topp, Napoleon, Ohio

If given a raise at work, save the raise, and try to make it on the previous salary.Steven Kaatz, St. Paul, Minnesota

How is debt going to help me achieve a goal? Will the debt bring a positive outcome? Is there another way to achieve the same or similar outcome with less risk?Susan Torgerson, Robbinsdale, Minnesota

Reflecting What are your favorite pictures with your loved ones from the past year?

Lunch for fire safety Altona, Illinois

Peggy Masterson wanted to supply the Altona Fire Protection District volunteer firefighters with new safety equipment. She led a Thrivent Action Team where volunteers planned, prepared, served and delivered hot soup or chili lunches for $5 each to residents of the community. They raised enough to purchase three new thermal imaging cameras, which are used to help save lives and protect property.

Foster your communityGrand Forks, North Dakota

Susan Spong has seen how children in foster care in the Grand Forks community often lack necessities. Susan coordinated a Thrivent Action Team to assemble 11 comfort kits as part of the Foster Your Community Cuddle Kit Drive and delivered them to County Social Services. Each kit includes a blanket, a stuffed animal and a nightlight.


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COVID’s wakeup call The need to protect families with life insurance has been illuminatedBy Wendy McCullough

Somewhere between sheltering in place for too long and increasing COVID-19 vaccination rates globally, I’ve thought about the pandem-ic’s wakeup call: the heightened awareness of life’s fragility and unpredictable nature. That increased awareness has made many people wonder, “What would happen to my family if something happened to me?” A recent industry study confirmed a major uptick in life insurance interest prompted by COVID.1 As the person responsible for life insurance products at Thrivent, I take this increased interest to heart. Thrivent exists to help people make the most of all they’ve been given, and my team and I especially are commit-ted to helping people protect what they’ve been given.

I’ve been proud to be part of this membership organization throughout the pandemic. “Business as usual” for us has meant that we’ve kept our doors open to new applicants seeking life insurance coverage—a contrast to other insurers that were unwilling to cover older applicants or individuals with health histories that make them a higher risk to cover. Yet, recent industry data also have signaled the significant job in front of us: 48% of Americans say they do not have life insurance coverage. In other words, this means that in the event of a breadwinner’s death, more than 100 million men, women and children across the U.S. (and likely close to home) would not be financially able to live the lives to which they’ve become accustomed.2 This means families could be forced to drastically change

their lives, find a new home that fits within new financial parameters, leave neighbors and friends, or find a higher-paying job. So how do we help our clients—you—achieve financial clarity and protect what’s important? When you need advice, we can help you recognize and address your financial protection needs. Most importantly, we can help provide insight into the right amount of life insurance protection for you so that you can have a greater sense of security no matter what life brings to your doorstep. Decades ago, as part of my actuarial training, I learned about “pooling risk.” Clients share in the cost to cover the significant financial hardship caused by the unexpected death or disability for anyone in the “pool.” I thought the concept of “we’re all in this together” was important then. And this past year of unpredictable calamity has only reinforced the importance of covering those we love most with life insurance protection.

You’ve been socking money into your 401(k) regularly for a number of years, always saving to the level of your employer’s match. “For a long time, the rule of thumb has been to save as much as you can,” says Matt Dickerson, advanced markets consultant in Advice Delivery at Thrivent. “And there are people who have done well with that, saving as much as they can in their 401(k).” But only in their 401(k). Is that really enough? It’s a good start, says Dickerson. But what most people don’t consider, he says, are the tax ramifications they may experience when they are eligible to start taking money out of their 401(k). “For some people it may work out using just their 401(k), and it’s certainly better than nothing,” Dickerson says. “But it could be even better if people would focus more on where they are putting their dollars. I’m not talking about saving

more dollars, because you may be able to maximize what you’re already saving. But instead, look at the bucket(s) you’re putting your dollars into to give you more flexibility in retirement.” Essentially, it’s about controlling your taxes in retirement, rather than having taxes control your retirement. Dickerson explains that if you’re putting all your dollars into a traditional 401(k), it’s going in pre-tax. “And it feels good to not pay taxes on it today,” he says. “But at some point, you’re going to have to pay ordinary income tax on it.” One strategy to consider is make sure you take advantage of your full employer match, if you have one, with your 401(k), he says. Then, if you still have dollars you can save for retire-ment, consider looking at an account, such as Roth IRA if you’re eligible, where contributions are made with after-tax dollars and would grow tax-free.

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

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“Tax diversification is a very import-ant part of people’s financial strategy to help give them more flexibility and control down the road,” Dickerson says. “And there are many options to consider.” It’s about positioning the money you’re saving to be more tax-efficient and potentially increase your total spendable income when you need it most.

Myth buster

Wendy McCullough is vice president of Life Insurance Products at Thrivent.

Learn moreFind out more about creating a tax-diversification strategy for retirement by contacting your financial professional. Visit thrivent.com and click on “Connect with us.”

Myth: My 401(k) is all I need for retirement.By Donna Hein

Pre-order your 2022 calendar by July 31If you haven’t already pre-ordered your 2022 Thrivent calendar, now’s the time to do so. Enjoy beautiful photos and words of inspiration from our membership about what centers them and helps bring their purpose into focus. Order this unique wall calendar today by visiting thrivent.com/calendar or by returning the reply card you’ll find in this magazine. Each client with membership can access one calendar at no cost; additional copies will be available to purchase at a later time. All orders must be received by July 31, 2021, and calendars will be mailed by the end of September.

1 LIMRA Quarterly Consumer Sentiment Study, October 2020; 2021 Insurance Barometer Study, LIMRA and Life Happens.

2 2021 Insurance Barometer Study. LIMRA and Life Happens.

Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Not available in all states. Thrivent.com/disclosures.

On my mind


ike and Chris Bird never really gave much thought to life insurance. The Vista,

California, couple owned a term contract that they’d had for quite a while, but they admittedly weren’t big believers in it. Both educators in their mid-50s—Mike a high school physics teacher and Chris a Christian elementary school teacher and principal—they decided in early 2019 to take a closer look at their overall finances. They met with Tyler Jones and Michael

Family firstAnswering four key questions helped a couple make an informed—and timely—decision about life insurance.By Donna Hein / Photo by David Manning

M Miller, Thrivent financial associates, after attending a Thrivent financial workshop the duo sponsored. “We learned we were doing a lot of the right things,” Chris says, as the couple looked ahead to retirement. Mike planned to retire in a few years and had a pension through his school district. Chris did not have a pension, which came into play as they talked with Jones and Miller about their goals and values. In that conversation, it became evident the couple didn’t have enough life insurance, especially if Mike would die before Chris.

“We were sort of in the mindset that as we were getting older, we didn’t need life insurance as much,” Chris says. But after discussing it, the couple decided to purchase a $500,000 10-year term insurance contract for Mike. “We absolutely couldn’t fathom that we would actually need it,” Chris says. At least not anytime soon. But the couple also had watched both of their moms after losing spouses. “Mike’s dad did a much better job of planning for his mom, but my mom is not living the life she was accustomed to.” Fast forward to August of 2020. As Mike was prepping for virtual teaching of his physics classes, he was struggling with the technol-ogy, something that hadn’t been a problem before. As he was making a shopping list, spelling was an issue. After numerous medical visits and tests, the diagnosis was clear—Mike has an inoperable brain tumor. Treatment gives him additional time with his family, which includes two adult children and two grandchildren, but the prognosis is terminal. “You don’t usually think about life insurance, at least we didn’t,” Mike says, until they talked with Jones and Miller. “But now it’s just so nice to have that security, and to know that if I go to be with the Lord, my family will be taken care of. That’s such a great feeling.” How did the Birds make their decision to purchase a life insurance contract for Mike? While part of


Time for an insurance check-up Do you have enough life insurance to meet your family’s needs if you were to die? It may be time for an insurance check-up with your Thrivent financial professional. Find your Thrivent financial professional’s name on the back page of this magazine or visit thrivent.com and click on “Connect with us.”

a larger conversation, they walked through the following four questions with their Thrivent financial professionals.

1. Why do we need insurance?A common question Jones and Miller ask clients is: If you don’t make it home from work tonight, financially what would happen to your family? “We don’t have anyone telling us how, when or where we’re going to die,” Jones says. “But we do know the human death rate is 100%.” Insurance is about protecting your current and future family and the needs that come along with life. You may be single today, but that doesn’t mean you always will be, and purchasing insurance at a younger age may lock in future insurability and lower rates, Jones says. It also can be used in retirement planning and for leaving a legacy. Today, many families have a two-income household, says John Estes, a regional vice president for Thrivent in Overland Park, Kansas. It’s not uncommon that when one spouse dies, the surviving spouse needs to take time off from work, which can equate to a temporary loss of income. This is on top of the lost income from the person who died. And recurring expenses like mortgages and student loans don’t stop. This is part of what caused the Birds to purchase the contract on Mike. “We saw one of our greatest

both of us has insurance benefits through work, is it enough? Are there any probable health status or risk class changes since an existing contract was issued?

3.Whobenefitsfromourinsurancecoverage?The answer to this question depends on your goals and your season of life. “Different contracts accomplish different goals at different times in life,” Jones says. “For me person-ally, right now, my highest priority is family protection for my wife and two children. So it’s structured now to get the most out of it for the least amount of premium.” But later in life, Jones says, he wants to use it as a source of retire-ment income, so he’ll look to convert to permanent contracts. Miller adds that while the people who benefit most from life insurance proceeds are usually the immediate family, there can be a domino effect on future generations. “Life insurance is, in many cases, the gift that keeps on giving.”

Questions to consider: Are my beneficiary designations up-to-date? I’d love to give more to charity, but can I afford to? What amount of cash value do I need to meet my retirement income goals?

4.Whattypeofinsurance isappropriate?“If you’re drowning, do you care what color the life preserver is or just that you have one?” Miller asks. Ultimately, the only thing that matters is that you have adequate life insurance coverage on the day you need it, he says. Essentially, it goes back to your goals for the coverage you seek and what your starting point is. The 21-year-old looking to make sure

needs was to pay off the house,” Chris says. According to the 2021 Insurance Barometer Study,* 42% of families say they would face financial hardship within six months if the primary wage earner died unexpectedly. For 25%, it would be within just one month. “So, while it’s not super exciting to pay premiums,” Jones says, “life insurance is there to help ensure your family will be taken care of, that your spouse can take care of your children, that your family can stay in their home if you don’t make it home.” Questions to consider: How would one of us dying suddenly affect our finances and lifestyle? What income sources could be reduced or vanish in the event of a death? Do I want to leave a legacy to people or places I care about?

2.Howmuchinsurance istherightamount?This is one of the most important questions to answer for your personal situation. “I’ve never had someone tell me they didn’t need the life insurance benefit,” Miller says. “It’s usually, ‘I wish I had more.’” A financial professional can guide a discussion about your goals and values, income potential and liabil-ities, such as a mortgage, student loans and credit cards, Miller says. You’ll also discuss future education expenses for your children, if applica-ble, and your legacy wishes. And you’ll also look at any life insurance you currently own. “Many people don’t understand the human life value,” Estes says. “Over the next 10 or 15 years, what would have been the total income of the spouse who died? “At a bare minimum, I’d recommend you cover 10 years of lost income. But it’s my obligation to share with clients what you need to have the lifestyle you want for your family,” he says. Everyone’s needs are different, so this conversation is different for each person. Questions to consider: What lifestyle do I want my spouse and family to enjoy when I die? If one or

student debt would be covered has a different goal than the married person who is 40 and has a family, or the 70-year-old grandparents who want to make sure their grandson with a disability is taken care of. “The first goal is to determine what you need, and it could be a high amount,” Estes says. “Then when you determine how much you need, we’ll talk about how to fund it—term, permanent or a combination—in a way that fits into your budget.” It depends on you and your personal situation. “We’re here to guide,” Jones says. “We’ll show you different options and solutions, but you’ll make the final decision.”

Questions to consider: How long do I need the coverage? When is cash value or income needed? What premium am I willing to pay and for how long?

When the Birds answered questions like these in early 2019, they had no idea what would lie ahead—a terminal diagnosis followed by six weeks of radiation and chemotherapy last fall. Monthly chemotherapy since. And it’s why they want to share this story with others. “Someone years ago told me to start putting $40 a month into an IRA. It was helpful financial advice,” Mike says. “Hopefully our story will

help someone who doesn’t have life insurance, or doesn’t have enough, to consider it.” The hope, Chris adds, is that you never need the life insurance. But you can be thankful you have it if you do. “We serve a mighty God, and he could choose to heal Mike,” Chris says. “It would be my preference not to need the insurance. But for me, as much as I dislike this, there is peace. I can focus on enjoying every day we have together.” n

Donna Hein is editor of Thrivent Magazine.

* 2021 Insurance Barometer Study, LIMRA and Life Happens.

Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Not available in all states. Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent. Licensed agent/producer of Thrivent. Registered representative of Thrivent Investment Management Inc. Advisory services available through investment adviser representatives only. Thrivent.com/disclosures.

The client’s experience may not be the same as other clients and does not indicate future performance or success.

“Life insurance is, in many cases, the gift that keeps on giving.”

—Michael Miller, Thrivent financial associate


arents of teenagers, take a breath. You’ve earned it. Guiding your soon-to-be-adults is no easy task as they

explore interests, get their first jobs, wrestle with emotional ups and downs, and begin to plan for the future. Hard as it might be to imagine adding to your parenting tasks, your teens are ripe for some important guidance from you about money. They may be getting their first jobs and making—and spending—money. They’re probably thinking about life after high school and being on their own. If this idea puts you a bit on edge, you’re not alone. “A lot of parents are nervous about talking about money with their kids,” says Lucas Beatty, a Thrivent financial associate in Gastonia, North

Have these discussions with your kids before they leave home to help them succeed when they’re on their own.By Kathleen Childers

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7 money topics for teens

Carolina. The topic might have been taboo when you were growing up, or you don’t know the best way to bring it up with your kids (see “How to have these conversations” on page 21). “But I encourage parents to have those talks before their kids leave home,” he says. “It will set them up for success when they become adults.”

Money is a tool, not a goalWhile teens may seem a lot more interested in what they can buy with their money, have a conversation about what their values and priori-ties are and how money fits into that. These might be tough for them to identify, so make it relatable. Ask questions like: Do you want to support causes important to you?


How to have these conversations Think about these talks with your teens, and maybe even your pre-teens, as conversations, not lectures. And they don’t need to happen in any particular sequence. Instead, look for opportunities. If they don’t seem to appear, then create them. Either way, keep the conversations short and focused. If you make them TED Talks, they may lose interest. Share your wisdom while being open-minded and a good listener. You’re planting seeds with these discussions and should expect to cover topics more than once.

Seize the moment. Did your teen just get $50 from a grandparent? Started a first job? Wanting to go to a language camp next summer? These are all teachable moments. That gift from grandma is a chance to talk about sharing, saving and spending. A first job gives you a chance to explain how taxes affect a paycheck and how a check could be automatically deposited into various accounts. Wanting to go to camp is a chance to show how to set realistic goals and work toward them.

Schedule time. If natural opportunities don’t present themselves, set aside times devoted to talking about money. Show your teens how you pay bills or how to transfer money from one account to another. Talk about some goals you’ve set for yourself and how you plan to achieve them. Encourage your children to talk to you about their wishes and dreams, whether it’s to buy a sweater tomorrow or a home in the future. Help them see how they can create a path to achieving their dreams.

Do you need a car to get to work? Do you want to be able to help out when a friend is in need? Do you want to save money so you can go to college? The idea is to emphasize that money is a tool to help them achieve what’s important to them and to help develop a healthy mindset around money. As they start to earn more money and have discretion over what they do with it, this could become an important practice—periodically checking in with their priorities.

Share, save, spendThe share-save-spend method is easy to understand and execute, gives a sense of control, and can become a lifelong practice. Here’s how it works: Any time your teens earn or are given money, encourage them to divide it into those three categories. It helps to assign percentages to them so that they learn the rewards of being disciplined and consistent. “If teens learn to spend no more than 70% of after-tax earnings, they’ll be establishing a good money habit,” says Dan Johnson, a Thrivent financial consultant in Jacksonville, Florida. He suggests 10% for share money, 20% for savings and 70% for spend, or expenses. But your teens, with your guidance, should choose whatever percentages are right for them.

achieve what they want. They can be short-term, like saving for soccer gear, and long-term, like saving for college. But knowing the goals is just the first step. Next is making a plan for actually achieving them. To help with that, teens can use the SMART method:

•Sstandsforspecific:Be very clear and specific about what exactly you want to achieve.

•Mstandsformeasurable: For example, I want to save $50 to contribute to an important cause.

•Astandsforachievable: Be realistic about the goal you’re setting so you can achieve it.

•Rstandsforrelevant:You stand a better chance of achieving a goal that’s very important to you, or relevant to you.

•Tstandsfortime-bound: You need to set a deadline for your goal.

Setting SMART goals helps your teens focus on what exactly they want and gives them a structure and timetable for reaching them. This is also a good time to talk about needs vs. wants: needing a new pair of soccer cleats because they’ve outgrown the old ones vs. wanting the latest gaming adventure online. Your teens can plan for both, but the key is to understand that needs come first. Understanding this concept also helps them resist impulsive purchases. Teens get a lot of pressure from various sources to spend money, from advertisers and influencers on social media to friends and peers. Taking a pause before spending money is one way to resist. “Teach teens to stop, think and act,” says Gretchen Franti, a Thrivent financial associate in Rixeyville, Virginia. “If you’re tempted to make a purchase, stop and think about how hard you’ve worked to save your money and ask yourself if this is how you really want to spend it.”

Another way to resist the impulse: When you see something you really want to buy, wait 24 hours before making the purchase.

Debit cards are like cashJames and Alicia Kaelin, clients of Johnson from St. Johns, Florida, helped their two children, Tarynn and Luke, open youth savings and checking accounts at a local bank when they became teenagers. The accounts came with a debit card. “They tend to have very little cash on hand,” says Alicia, “so they use the debit card like cash. They know how to transfer money from one account to

“I encourage teens to open a checking and a savings account.”

—Dan Johnson, Thrivent financial consultant

another. And we taught them how to monitor the balance in their accounts.”

If your teens are just starting out with a debit card, help them get one and give a quick lesson: • When you use a debit card, the

money comes directly out of your personal savings or checking account.

• The account needs to be monitored to avoid going below required minimum balances and having to pay penalties.

• Download the bank’s app so you can easily keep an eye on the accounts.

“Teach teens to stop, think

and act.”

—Gretchen Franti, Thrivent financial associate

Once your teens start working, help them set it up so paychecks are directly deposited and split up according to their share, save and spend percentages. “I encourage teens to open a checking and a savings account,” says Johnson, “so the money automatically is divided up and they don’t have to touch it.”

Set achievable goalsIdentifying goals helps your teens

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Credit cards are like loansTeens know what credit cards are, even if they don’t have one. But they often don’t understand that they’re different than debit cards. Explain how credit cards work, making these points:

• When you charge a purchase on a credit card, you’re putting off paying for the item, so it’s essentially taking out a loan.

• You shouldn’t charge anything unless you know you can pay it off in full in a few weeks when the statement arrives.

• If you don’t pay the entire balance, you’ll face paying very high interest rates on the unpaid balance, which in essence increases the cost of the item you purchased.

Budgets keep you on trackWhile living at home, your teens’ finances may be so basic that a budget isn’t really needed. But it can be useful and certainly will be import-ant when your kids live on their own. Explain how a budget comple-ments the idea of dividing your money into share, save and spend buckets. Show them what one looks like and how a budget works. They can use a budget today to plan for future expenses (gas, meals with friends) and income (babysitting money, a part-time job) as well as look backward to see where they spent money. They might want to use a budget app, or they could go old-school and create their own spreadsheet. Show them how you manage your budget and be willing to answer questions, even the ones that might make you

feel a little awkward, like “How much money do you make?” You’ll be modeling a healthy, open attitude about money when you do so. Luke Kaelin tracks his expenses on a simple document he prints out. “I think it’s helping,” he says. “It’s easier to keep track of things with it than trying to keep it all in my head.”

Money saved can be money earnedLearning to save money is a valuable lesson. But there’s another related topic worth discussing: the impact of compound interest. “I use a future value calculator when I’m talking to teens,” says Beatty. “I show what happens when you put $100 per month aside for the next 30 or 40 years. When they see that accumu-lated amount, they’re amazed.” When Luke Kaelin recently learned about compound interest, it was a lightbulb moment for him. He had started a job at a pizza restaurant and was putting money aside, but he was excited to learn that there’s also a way his money could make more money. “I talked to my parents about it,” he says, “and we scheduled a meeting with Dan Johnson.” Johnson presented different options for invest-ing his money for the long-term with retirement in mind and recommended Luke start a Roth IRA. “Now I have a specific amount that goes into the IRA each month,” says Luke, “plus I put in any tip money I earn.”

Concepts presented are intended for educational purposes. This information should not be considered investment advice or a recommendation of any particular security, strategy or product.

Deposit and lending services are offered by Thrivent Credit Union, the marketing name for Thrivent Federal Credit Union, a member-owned not-for-profit financial cooperative that is federally insured by the National Credit Union Administration and doing business in accordance with the Federal Fair Lending Laws. Insurance, securities, investment advisory and trust and investment management accounts and services offered by Thrivent, the marketing name for Thrivent Financial for Lutherans, or its affiliates are not deposits or obligations of Thrivent Federal Credit Union, are not guaranteed by Thrivent Federal Credit Union or any bank, are not insured by the NCUA, FDIC or any other federal government agency, and involve investment risk, including possible loss of the principal amount invested. Must qualify for membership in TCU.

How Thrivent can helpContact your Thrivent financial professional for more guidance on teaching teens about money. Contact Thrivent Credit Union at thriventcu.com for information on checking accounts, savings accounts, and debit and credit cards.

“We taught them how to monitor

the balance in their bank accounts.”

—Alicia Kaelin

The Kaelins helped Tarynn, 19, get a credit card when she went to college and instructed her about how to use it. They’ll do the same for Luke, 17, when he’s getting ready to leave home. To ease your teens into using one, get a low-limit card and encourage them to make just small purchases at first that they know they can pay off. “If teens could learn to treat a credit card like a debit card, that’s a great financial lesson,” says Beatty.

While the topic of saving for retirement may be important to discuss, talking about compound interest is a way to get teens more interested. And anything you can do to pique their interest about any of these topics means there is a greater chance they’ll learn some valuable habits around money. n

Kathleen Childers is a writer in Minnesota.

“If teens could learn to treat a credit card like a debit card, that’s a great

financial lesson.”

—Lucas Beatty, Thrivent financial associate

Above: Thrivent clients James and Alicia Kaelin have an open line of communication with their children Tarynn and Luke. They’ve taught them how to manage budgets, track expenses and responsibly use credit cards.

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he average American will experience 10 or more job changes over the span of a 40-year career. That’s

based on Bureau of Labor statistics that found in 2020 that the median employee tenure for men today is 4.3 years and for women, 3.9 years.1 Anewjobcanbethefirstinachainof other changes, ranging from a new daily routine to a very different financialsituation. Brad Markwell, a Thrivent financialassociateinGoldenValley,Minnesota, points out that being prepared“isonekeytofinanciallymanaging any job transition, whether it is an unexpected layoff or intention-ally beginning a new opportunity.” For many, a job transition is a time of renewed possibilities, and takingtherightfinancialstepscanease any stress experienced along the way. “When you’re looking for

T Manyfinancialprofessionalsadvisetracking expenses throughout the course of an entire year. You also can look at each month individually. Break your expenses into two categories: recurring and one-time occurrences. Remember on the recurring side to include those necessary and predict-able expenses, such as property taxes and insurance payments, that do not hit in the particular month you’re tracking. From there, creating a budget is easier to do. For Colleen Foley, who had spent the past eight years working at a health club, a change in employment came in 2019. “I had no notice,” says Foley, who lives in Bloomington, Minnesota. “I was called into HR and told they’re downsizing and reorga-nizing. There I am, 63, with no plans to retire for the foreseeable future.” Aspartoftheprocessoffilingforunemployment, Foley found Thrivent

Navigating career transitionsChanging jobs can be both exciting and scary. Whether you’re intentionally embarking on a new career or are faced with an unexpected job move, here’showyoucanfinanciallyprepareyourself.

By Elizabeth Judd / Illustration by David Saracino

a job, you’ve got to create a plan,” says Markwell. One aspect of a job change that is often overlooked, he continues,isfinances. Understanding your money situation is a key consideration to carrying you and your family through a job search and helping you make goodfinancialdecisions,whateveryour new employment situation might be. Here’s an action plan to help you getyourfinancialducksinarow.

Plan out your financesIt’s important to understand your financialparameterswhenconsider-ing looking for a new job. “I believe the number one step for getting financiallyorganizedisfiguringoutwhat your budget is,” says Markwell. “It sounds easy and like a no-brainer, but there are so many people who don’t do that.”


andrealizedthatthefirststepsheneeded to take was putting her financesinorder.

Think needs, wants and wishesOnce you know where your money is going and you’ve created a budget, it makes sense to dig a little deeper. BrendanRorem,aThriventfinancialconsultant in Bellevue, Washington, advises sorting all expenses into “needs, wants and wishes.” “You want to know that if you had to, you could live on X [the amount of money you truly need],” says Rorem. “Once you have that number, you can add back wants and wishes as your budget allows. This is also a good way to approach income that may be desired in retirement.” When trimming fat, Rorem identi-fiesdiningoutandclothingasgood places to start. Next, he says, examine recurring expenses, such as gym memberships and streaming services, because fees automatically deducted from your bank account are easier to overlook. Having a sense of proportion

to a payout for unused vacation or sick time? And what are the rules aroundflexiblespendingaccounts?Some accounts have a “use-it or lose-it clause,” which means that money remaining in the account won’t be refunded. For those leaving a job involun-tarily, questions include: Will you receive severance pay? How long willyourbenefitslast?Andareyoueligible for unemployment insurance?

Weigh health insurance optionsMarkwell points out that one of the biggest bills for most Americans is a mortgage or rent payment, followed by health insurance expenses. While many people who leave their jobs can pay to extend their employer’shealthbenefitsunderCOBRA, this is not always the most cost-efficientoption.Forthosewitha clean bill of health, purchasing private-pay insurance may cost less, says Markwell. He also notes that some states have their own health insurance marketplaces that can offer attractive deals for residents.

Revisit retirement fundsWhen changing jobs, you might choose to roll your 401(k) to your own IRA to be able to manage your own investments or convert a pre-tax 401(k) fund to a Roth IRA, suggests Markwell. Pre-tax funds converted into a Roth IRA will be taxable at the point of conversion, so you’ll want to workwithyourfinancialprofessionaland tax professional for the best guidance on the right move for your situation. While Thrivent does not providespecificlegalortaxadvice,yourfinancialprofessionalcanpartner with you and your tax profes-sional or attorney. Markwell also points out that if you’vehadaRothIRAforfiveyears

matters, too. “People often go to thesimplethingsfirst,like,‘Icanmake my own coffee and stop going to Starbucks,’” Rorem says. While this type of economizing may seem sensible, it might not have enough impact.“GoingtoStarbucksismaybea $3-a-day decision, but if you’re going to dinner each night with your family, that might be a $100-a-day decision,” he says. Plus, inviting

or more, if needed, you can move your cost basis (a fancy term for the contributions you’ve made) into your savings account without paying a penalty. In contrast, he says, if you’re not yet 59½, taking money out of your 401(k) or individual retirement account might mean a 10% penalty and a tax bill.2

Stay connectedFor Foley, looking for work was only one part of a much larger picture, one that involved taking care of her stepmother, Clare Foley, whose dementia progressed dramatically

Exit plan checklist

�Time your exit carefully. If you are leaving voluntarily, you might want to give notice after you’ve received your annual bonus. In addition, says Thrivent Financial Consultant Brendan Rorem, an employee with stock options should investigate when these options vest and plan accord-ingly, as well as determine if it is possible or advantageous to realize income in the current year or perhaps defer it to another.

�See whether your job search expenses are tax deductible. Money

spent traveling to job interviews and hiring a career coach may be tax deductible, says Rorem.

�Read the fine print on your life insurance contracts. Permanent life

insurance contracts can be a good source of income, says Thrivent Financial Associate Brad Markwell, noting that sometimes money can be taken out of these contracts “in a tax-favorable way.” Check in with yourfinancialprofessionaltomakesurealloptionsareevaluatedandwise choices are made on overall coverage.3

�Gather documents before you leave your current job. Remember to

print out pay stubs or retirement plan documents before your last day atwork.Thesedocumentsmaybepasswordprotectedanddifficultto access later. Also be sure to write down contact information for the various plan administrators, especially medical and retirement plans. And if you move, make sure to update your address with those plan administrators and previous employer so that you receive updates and tax information in a timely manner.

around the time Colleen was laid off. Helpingherstepmotherinfluencedher future goals. In Foley’s case, Thrivent Financial AssociateTedVickermanguidedherasshemadesomemajorfinancialdecisions. With help from Thrivent, shefirstusedseveranceandunemployment pay. She also sold an annuity from another company. She is now drawing money from her assets so Social Security will go untouched until she is over age 66. Foley’s experience illustrates that job changes, whether voluntary or involuntary, don’t occur in a vacuum.

Tips for practicing self-care

Job searching can be stressful. Here are some ways to care for yourself as you look for your next opportunity.

Create a good support network. Others who have been in a similar situation are often willing to help.

Take care of your physical and mental health.Getplentyofsleepand exercise. Find quiet moments to pray and meditate.

Practice gratitude. Even during difficulttimes,therearealwaysthings you can be grateful for. Writing them down each day will help you stay positive.

Find ways to help others. Seek out volunteer opportunities, give blood or organize a Thrivent Action Team.

Maintain a schedule and organize your search. Dedicate time each day to your search and to yourself.

someone to meet for coffee might be an inexpensive way to network.

Understand your currentemployer’s offeringsFor planning purposes, it’s important to understand “what your company is providing that you don’t necessarily see in your paycheck,” says Rorem. Employers are often providers of incomeandbenefits.It’scriticaltoconsider that full package—income, retirement, time off, health insurance and life insurance. Financial profes-sionals can help take stock of that bigger picture and help you evaluate where an employer package is strong and where it may need to be supple-mented. That’s especially important if you change from one income and benefitspackagetoanewone. When a job change is voluntary, planning ahead is important. Stay on top of routine doctor and dentist appointments. If, for instance, you need new glasses and you have a vision plan, visit an optician while expenses are still reimbursed. To understand offerings from your current employer, start with the employee handbook and your HR department. Are you entitled


At this stressful-yet-exciting time, it’s particularly important to stay connected to family, friends and acquaintances, and to take into consideration their circumstances, too, says Markwell. He points out that today many jobs are found through networking and so socializing can be a form of job hunting. Equally important, though, is the fact that seeing people who are important to you can motivate you and remind you of your purpose. Don’t forget about caring for yourself during the process. Job searching can lead to financial strain, rejection and discouragement. Find ways to practice self-care as your search for your next opportunity. Incorporate feel-good activities into your week, create a daily schedule that works for you and take mindful breaks. See more ideas on page 26.

Focus on the big pictureChanging jobs does not necessarily mean living on less money. For many, a job change is an opportunity to find a more satisfying position with a higher salary or greater economic potential. For individuals who find themselves in a better situation money-wise, creating a financial strategy may be critical. That’s because individ-uals who suddenly have bigger paychecks may not know how to put

the additional income to work. As many people learn, the job-hunting journey often turns out differently than expected. Job changes are many things, among them launching pads for growth. Rorem credits a job change 18 years ago with having helped him find his calling as a financial profes-sional at Thrivent. “If I hadn’t had the disruption,” he concludes, “I probably would never have thought about this opportunity, and I love my job.” n

Elizabeth Judd is a freelance writer in Maryland.

How Thrivent can help

Whether you’re thinking about a career transition or you’ve faced an unexpected layoff, your Thrivent financial professional has a variety of tools to help guide you through the process, helping you achieve financial clarity. To find the name of your financial professional, see the back page of this magazine. Or you can visit thrivent.com and click “Connect with us.”

Thrivent.com | 29

President and CEO Terry Rasmussen says earning this recognition for the last 10 years is a milestone that deserves to be celebrated. “We’re honored to once again be named one of the World’s Most Ethical Companies,” says Terry Rasmussen, president and CEO of Thrivent. “The fact that we’ve earned this recognition for the last decade makes it extra special for us. It speaks to our longstanding commitment to maintaining a strong ethical culture, acting with integrity, and doing what’s right. I couldn’t be prouder of our workforce and the high standard they

Celebrating 10 years as one of the World’s Most Ethical Companies

What’s happening at Thrivent

continue to set for our organization. Every day, they practice our values, demonstrate care for our clients, and bring Thrivent’s purpose and promise to life so we can help people make the most of all they’ve been given.” For more information on the 2021 World’s Most Ethical Companies, visit ethisphere.com.

Thrivent is once again being honored for its strong ethical culture and leading with integrity. The organization was named one of the World’s Most Ethical Companies in 2021 by Ethisphere, a global leader in defi ning and advancing the standards of ethical business practices. Thrivent is one of 135 honorees this year, and one of only six honorees in the fi nancial services category. This recognition honors companies that understand the importance of business ethics and demonstrate an overall commitment to integrity.

“World's Most Ethical Companies" and "Ethisphere" names and marks are registered trademarks of Ethisphere LLC. For details, visit Ethisphere.com.

1 www.bls.gov/news.release/tenure.nr0.htm

2 There may be benefits to leaving your account in your employer plan, if allowed. You will continue to benefit from tax deferral, there may be investment options unique to your plan, fees and expenses may be lower, plan assets have unlimited protection from creditors under Federal law, there is a possibility for loans, and distributions are penalty free if you terminate service at age 55+. Consult your tax professional prior to requesting a rollover from your employer plan.

3 You can access the cash value of a permanent life insurance contract during your life to pay for major expenses, as long as you understand the consequences of doing so. For example, removing money from your contract can result in potential charges and income changes that affect your taxes. If you have a modified endowment contract, your actions may not be tax-free. Withdrawing money decreases the contract’s cash value and the value of your death benefit. And can result in a closed account if you withdraw too much. If you remove money, it will take you longer to meet your contract goals. Always talk with your tax advisor and financial professional to learn about those implications up front.


What’s happening at Thrivent

Brunick joins Thrivent as chief digital and technology officer

Brett Brunick recently joined Thrivent as executive vice president and chief digital and technology officer. In this newly created role, Brunick joins Thrivent’s executive leadership team to help accelerate the organi-zation’s transformation into a digital-first organization that offers advice, products and experiences to help clients achieve financial clarity. “Brett is a proven technology leader who has delivered transformational results, built strong teams and led change throughout his career,” says Terry Rasmussen, president and CEO of Thrivent. “His expertise will guide us as we serve our clients how and when they want over the various stages of their relationship with us.”

Brunick comes from TCF Bank, where he last served as executive vice president and chief informa-tion officer. He led a team focused on building responsive experiences and improving capabilities for customers. He previously served in leadership roles at Target.

Thrivent honored with two Refinitiv Lipper Fund Awards in 2021

Thrivent and InFaith Community Foundation are working together to provide meaningful and relevant ways for people to integrate generosity into their life and financial strategies. As part of this collaboration, InFaith is rebranding as Thrivent Charitable Impact & InvestingTM (Thrivent Charitable). For 25 years, InFaith (now Thrivent Charitable) has served as the charitable giving partner for individuals and organizations, including many of Thrivent’s clients, its financial professionals, and its workforce. Thrivent Charitable offers a wide range of charitable impact and planning options from donor-advised funds to mission-related and impact investments to crowd-funding and collective giving. It will continue to grow this work, offering enhanced and innovative charitable options, expertise, guidance and support to help more people give in a meaningful way. Since its founding in 1995, outright and deferred gifts to Thrivent Charitable have grown to $1.68 billion, and nearly $300 million in grants have been distributed to charities and causes its clients care about. Thrivent Charitable oversees $623.6 million in assets under management. Learn more at thriventcharitable.com.

InFaith is now Thrivent Charitable

Our asset management team recently brought home two coveted awards for fund performance. Thrivent was honored with two Lipper Fund Awards in 2021 for its Mid Cap Stock Fund—Class S (TMSIX). Thrivent Asset Management, LLC is the asset manager to the fund. Thrivent Mid Cap Stock Fund was recognized in the Mid-Cap Core Funds category for its consistently strong risk-adjusted performance in the five and 10-year performance periods. To determine this year’s winners, Refinitiv considered 245 funds in the five-year performance period and 170 funds in the 10-year period. With these two awards, Thrivent Mid Cap Stock Fund has earned a total of nine Lipper Fund Awards since 2017. “We’re thrilled our Mid Cap Stock Fund has again been recognized for its performance,” says David Royal, chief investment officer at Thrivent. “In a year unlike any other, I’m so proud of our team of investment professionals and their continued commitment to following a disciplined

investment process, even in the face of rapidly fluctuating market conditions. Because of their hard work and dedication, our clients are able to pursue investment options that move them closer to their goals so they can achieve financial clarity and live lives full of meaning and gratitude.” Portfolio Manager Brian Flanagan says Thrivent’s incredible team of investment professionals and their expertise is what makes these awards possible. “We have a strong investment process at Thrivent that’s grounded in bottom-up stock selection, research, portfolio construction and risk management,” says Flanagan. “This allows us to take the long-term view and deliver meaningful results for our clients so they can accomplish their most important goals in life.” Thrivent’s asset management team consists of more than 125 investment professionals. Funds are offered online at thriventfunds.com, as well as through Thrivent’s financial professionals and other investment advisors across the country.

The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.

The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.

All Awards: Sales charges are not taken into consideration for Lipper Awards. Class S shares of Thrivent Mutual Funds have no sales charges. Some Thrivent Mutual Funds may have had fee waivers in effect and if they hadn’t been in effect performance would have been lower. See the Prospectus for current waiver information.

Refinitiv Lipper Fund Awards, ©2021 Refinitiv. All rights reserved. Used under license.

Past performance is not necessarily indicative of future results.

Investing involves risk, including the possible loss of principal. The prospectus and summary prospectus contain more information on investment objectives, risks, charges and expenses, which investors should read carefully and consider before investing. Available at thrivent.com.

Thrivent financial professionals are registered representatives of Thrivent Investment Management Inc., a registered broker/dealer, member of FINRA and SIPC. The distributor for Thrivent Mutual Funds is Thrivent Distributors, LLC, a registered broker/dealer, member of FINRA and SIPC. Thrivent Asset Management, LLC, an SEC-registered investment adviser, serves as the investment adviser for Thrivent Mutual Funds. All entities are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.

Thrivent launching new mobile app

Thrivent is rolling out a new Thrivent mobile app—an easy, personalized and secure way to help you manage your money with purpose. The first version of the app will be an iOS release coming soon. The Android release is planned for later this summer.

The app will offer:*

�A consolidated view of your Thrivent accounts.�The ability to connect with your financial

professional.�Access to Thrivent’s generosity programs and solutions.

Watch your email and thrivent.com for more information as the mobile app becomes available. To use the app, you will need a unique email address and cell phone number.

* Not all Thrivent product and service offerings will be available through the mobile app at launch. Please watch for updates as functionality and capabilities are added.

Thrivent Charitable Impact & Investing, a separate legal entity from Thrivent, the marketing name for Thrivent Financial for Lutherans, is a public charity that serves individuals, organizations and the community through charitable planning, donor advised funds and endowments. Thrivent Charitable Impact & Investing works collaboratively with Thrivent and its financial professionals.


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thrivent.com

Just for fun

What comes next?Each of these lines has its own unique pattern. Which shape belongs in the empty spaces?

Match gameDraw a line between the classic children’s book with the author who wrote it.

Phot

o by

Sol

Stoc

k/G

etty

Imag

es

Before you go In the longer days of summer, take time for yourself and bask in the sunshine. What are some joys of this season that keep you refreshed and recharged?

Answers:

1. James and the Giant Peach •

2. Because of Winn-Dixie •

3. Charlotte’s Web •

4. Little House on the Prairie •

5. The Secret Garden •

• Kate DiCamillo

• Laura Ingalls Wilder

• Frances Hodgson Burnett

• Roald Dahl

• E.B. White

Spelling beeFill in the missing letters to these commonly misspelled words.

1. SEP_RA_E

2. SUR__EILL__NCE

3. __IA__SON

4. DE__INIT__L__

5. QU__STION__ __IRE

6. M__ __NTEN__NC__

7. __HAU__ __EUR

8. OC__UR__E__CE

9. ACCO__ __ __ __ ATE

10. P__ __ CO__IOUS

Match game: 1. James and the Giant Peach, Roald Dahl2. Because of Winn-Dixie, Kate DiCamillo3. Charlotte’s Web, E.B. White4. Little House on the Prairie, Laura Ingalls Wilder5. The Secret Garden, Frances Hodgson Burnett

Spelling bee:1. Separate, 2. Surveillance, 3. Liaison, 4. Definitely, 5. Questionnaire, 6. Maintenance, 7. Chauffeur, 8. Occurrence, 9. Accommodate, 10. Precocious

What comes next:

1. 2. 3. 4.

4321 N. Ballard Road, Appleton, WI 54919-0001

Summer 2021 | Volume 119 | No. 699 | 21837 R6-21

Thrivent Magazine

Invested in a different kind of wealth.Where you invest your time is just as important as where you invest your money. A financial professional can put you on the path to financial clarity—so you can live a more enriched life.

Thrive with Purpose™

36110U R4-21

For more information, visit thrivent.com

Documents

Summer 2021 Thrivent Magazine