Thrivent Magazine

Fall 2021

Thrivent Magazine

4 steps to help manage debtPage 20

Inspiration for living your legacyPage 24

AM Best affirms Thrivent ratingPage 29

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Ready, set … claim? How to plan for your Social Security benefitsPage 14

Thrive 4 Market outlook

5 Protect yourself after a credit card compromise

6 Client spotlight

7 Generosity in action

8 How does permanent life insurance work?

9 Teaching kids healthy money habits

10 Connecting art and faith

11 Good question

12 Myth buster

29What’s happeningat Thrivent� AM Best affirms Thrivent rating

� Phased return to corporate offices

� Fall board elections

� New T-shirt design results 32 Just for fun

On the cover: Illustration by David Saracino

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Features

In this issue

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Ready, set ... claim?When to time the start of your Social Security retirement benefits.

24Living your legacy It's not what you leave behind; it's what you give as you live.

20Managing debtFour steps to help you navigate debt with financial clarity in mind.

Fall 2021Volume 119, No. 700

Kindness“Kind words are like honey—sweet to the soul and healthy to the body.”Proverbs 16:24 (New Living Translation)

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fun,” says Erik, who works part-time at the museum, where his mom, Ginny Weibel, is the director. “We had the idea of continuing to serve the community by creating kits that families could use at home.” The Weibels started the kits with items they found while doing projects at the museum during its closure. With the community impact card, Erik’s Thrivent Action Team purchased additional items, and the completed kits were placed in the Little Free Library in front of the museum. The project snowballed—both in use and sponsorship.

When children couldn’t visit the Bloomsburg Children’s Museum in Bloomsburg, Pennsylvania, during COVID shutdowns last year, the museum, with the help of a Thrivent Action Team, brought education and fun to the children at home instead. Thrivent client Erik Weibel, 19, organized a Thrivent Action Team in April of 2020 to create STEM kits—hands-on science, technology, engineering and math projects—for families to do together at home. “With everything from schools to parks to the children’s museum being closed, we felt kids were missing out on hands-on education as well as things they could do for

2 | Thrivent Magazine | Fall 2021

Gratitude for every moment

When my kids were growing up, the return to school always came with the distinct moment of realization that they were getting older. While I knew in the back of my mind they weren’t going to stay young forever, the new school year confirmed they were indeed growing up. Those points in time served as a gentle nudge that time doesn’t stand still, no matter how much I may have wanted it to. The fall season is a good reminder that our lives are constantly moving forward and changing. Each of us is growing, building relationships, embarking on new adventures—and we’re also aging, saying goodbyes and reflecting on what brings meaning and purpose to our lives. So what can we learn when we’re confronted with the passage of another season? We learn not to take one single minute for granted. To enjoy every conversa-tion, savor every hug and cherish every relationship. To be grateful for the moments we have together with family, friends and neighbors. To say “Yes!” to the opportunities before us and thoughtfully manage our resources in preparation for the future—whether that’s tomorrow or decades down the road.

At Thrivent, our promise is to help you make financial decisions based on the moments and people in your life that matter. We’re committed to providing advice and guidance that reflects what’s most important to you, so your financial decisions enable you to make the most of each moment and be prepared as life changes. We're here to help you manage your resources in a way that allows you to live the purposeful life you want today, and tomorrow. As the writer in Ecclesiastics notes, “To everything there is a season, and a time to every purpose under the heaven.” As you welcome this new season, may you treasure relationships that matter and be grateful for every moment.

Teresa J. RasmussenPresident and CEO

ThriveInsights and inspirations

STEM kits bring fun homeChildren’s museum initiative during the pandemic gains momentum after Thrivent Action TeamBy Donna Hein

(Continued on page 5)

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

Jill B. LouisDallas, Texas 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 Gabriel Bodkin Editorial Assistant

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

Connect with us

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Ginny and Erik Weibel created STEM take-home kits

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(Investing in one another continued from page 3)

“We started by distributing 40 kits a week in one county, and it has grown to more than 400 a week in five counties,” says Erik, who is majoring in electronics engineering technol-ogy at Bloomsburg University of Pennsylvania. After the successful Thrivent Action Team, local businesses and organizations got on board to donate materials and dollars to meet the growing demand and to continue distributing kits even after the museum reopened. More than 7,000 kits have been distributed. Kit topics have included fossil identifica-tion, building a balloon-powered car, sundial kits and sprouted seeds. “It turned into a really fabulous project,” says Ginny Weibel. “Parents have told us about how hard the isolation was, and how the new kits gave the kids something to look forward to. This project has legs, and it’s still growing.” For the Weibels, children’s education and literacy are a family affair. Erik’s dad, Louis, also has used Thrivent Action Teams to encourage children’s education. His most recent project was for the Alpha GeekCon21 event held in May at the Bloomsburg Children’s Museum. The two-day event featured opportunities for learning, playing and imagination through cosplay, video games, board games, speakers and workshops. “More than 400 people attended, and the families that participated had a lot of fun,” Ginny says. “The cosplay piece of it [dressing up as a charac-ter from a movie, book or video game] really helps kids—especially those with social anxiety disorders—express themselves.”

5 ways to help protect yourself after a credit card compromise Consider these smart steps if your card is compromisedBy Tiffany Lukk

Markets continuing to assess the pace and duration of economic expansionBy David Royal

Market outlook

David Royal is chief investment officer at Thrivent.

The views expressed are as of August 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 provided by Thrivent Asset Management, LLC, a registered investment adviser. Thrivent financial professionals are registered representatives of Thrivent Investment Management, Inc., broker/dealer and registered investment advisor, member FINRA/SIPC. Both entities are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.

In my last column, I observed that at the beginning of an economic recovery, markets will often favor some of the riskiest assets, such as smaller, highly leveraged or unprofitable companies. We saw just such a “risk on” rally in the first few months of the year, punctuated by the phenomenon of so-called “meme” stocks. I suggested that as the economy enters what will hopefully be a prolonged expansion, investors would likely rotate into higher quality but still economically sensitive stocks. We believe that the rate of growth in the U.S. economy likely peaked in

the second quarter. We expect the economy to continue to grow at a solid clip, but the almost unprece-dented rate of expansion we saw

in the first half of the year as the economy reopened isn’t sustainable. So how would we invest at this point in the economic cycle? In this “expansion” phase, it can be less clear which types of companies to favor. At the beginning of a recovery, markets generally favor economi-cally sensitive “value” stocks. As the economy starts to slow, investors will pay more for companies that can generate growth, such as large technology stocks. The correlation between growth and value stocks is currently near its historic low, with growth leading one day and value the next. What I suspect we’ll see over the next couple quarters is the market assessing the pace and duration of the economic expansion, which is complicated by continued uncertainty around the pandemic. Professional management can be especially important during this phase of the economic cycle, in which picking good companies, as opposed to making big bets on factors such as growth or value, can be paramount. As always, your Thrivent financial professional is there to help you.

“The correlation between growth and value stocks is currently near its historic low, with growth leading one day and value the next.”

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1. Notify your credit card issuerIf you suspect fraud on your credit card account, contact your card issuer by calling the number on the back of your card. You also can use your phone app to shut down a card. The financial institution will cancel the card and mail you a new one. If you can reset the PIN, choose something new and unique for the new card.

2. Change your passwordsWhile changing the password for the financial institution that issued your credit card is a priority, also consider changing your passwords for any website where your payment informa-tion is stored on your account. Use a unique password for each website and account.

3. Freeze your creditRequest a credit freeze from all three major credit bureaus—Equifax, Experian and TransUnion. You’ll receive a password or PIN connected to your freeze at each credit bureau and instructions to temporarily lift or permanently unfreeze your credit. When your credit is frozen, no one should be able to open new accounts in your name. It also can stop other loans from being completed.

4. Place a fraud alertIf freezing your credit isn’t an immedi-ate option, a fraud alert can be the

Learn more

A Thrivent membership provides access to benefits, tools and resources for what’s most important in life. Learn more about identity monitoring and protection at thrivent.com/identity and click on “Equip and inspire.”

For additional information and a checklist of items to consider, visit thrivent.com/privacy and click on “Identity Theft Protection” in the right column.

next best thing. Contact Equifax, Experian or TransUnion to place one for you. For one year, it alerts any potential creditors that you’ve recently experienced fraud, and to verify your identity before opening any new accounts.

5. Monitor your accounts While your financial institution will keep an eye out for suspicious activity on your accounts, you should look for it, too. Frequently review your account online and check your credit card statements for unfamiliar charges. There is a 60-day limit to report an unfamiliar charge and file a dispute.

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for her to start thinking about retire-ment planning. She reached out to Bobby Blackburn, a Thrivent financial associate, for guidance. Their sons played football together, and their families were friends. Blackburn and Noah worked together on a retirement strategy for her and the business, and she purchased life insurance for Spencer. “This helped me to start investing in myself and not just my company,” Noah says. “And working with Thrivent has helped us also be intentional about investing in our community, those who live and work here.” Read on for more of Noah’s thoughts about financial clarity and living a life of meaning and gratitude.

What’s your first memory of money? Not having any. My father had a good job but was a poor money manager. My mother stayed home and is an exceptional money manager.

What impact did your early money memory make?I started working at 14 and always had a job. I would save a little, but I always bought clothes. I struggled as a young adult, but I soon realized I had to shift my mindset. I didn’t get good financial guidance; I had to learn on my own. We have to teach kids how to save, how to shop, how to manage money. Those years of struggling made me appreciate where I am now.

Living with intentionThrivent client Terri Noah is investing in her family, business and communityBy Donna Hein

Terri Noah lives her life with intention —in her business, in raising her 17-year-old son Spencer, in her faith and in lending a hand in her community. Noah, of White House, Tennessee, spent more than 20 years working in healthcare, including radiology, urgent care and occupational medicine. Then she was laid off. While figuring out next steps, Noah took a job at a recruiting company. This eventually led her to launch a recruiting and staffing agency driven to meet the needs of employers while pairing people with purpose. Noah recalls the first lean years of getting started. It was about four years in that she realized the company was making enough

What does it mean to thrive with purpose?It’s being intentional in my daily walk—spiritually, financially, physically, mentally, and in relation-ships. It’s being intentional about establishing the time to nurture each of those areas.

How do you live a life of meaning?Through worshipping the Lord and recognizing that everything that comes to us and everything we go through is filtered through his hands. We’re never forgotten, never abandoned, especially in the valleys. It’s recognizing that he wants us to be stewards of what he gives us.

What are your guiding principles around money decisions?When I get paid each week, I give, I save and then I spend. And when I spend, it’s always bills first before pleasures. But the give and save always come before the spend. I haven’t always done it that way, but I’ve learned it works so much better when I do.

What’s your favorite volunteer activity?I love charity golf tournaments, and especially one for Hope Ministries, an organization that helps people dealing with substance abuse. During the tournament, we get to interact with and hear testimonies from people who have beaten

addiction and how it’s impacted their families. If we can help even just one person recover, the impact is huge for the family.

What’s one of your favorite Thrivent Action Teams?I wanted an event Spencer would feel compelled to be a part of, so we collected new athletic shoes for Samaritan’s Feet. Our goal was 76 pairs—Spencer’s high school football jersey number. The community came alongside us, donating more than half of our goal. The shoes were for adults and kids, and in all sizes, but Spencer intentionally purchased larger sizes. He is 6’4” and he wanted to make sure we were getting sizes 12, 13 and 14 so someone his size would get shoes.

How do you demonstrate gratitude?My path has been hard in a lot of ways, but I’ve also been blessed in so many ways. I’ve been entrusted with so much and am so thankful that I want to give to others, to give a hand up. What I pay forward to you, I hope you will want to pay forward to someone else when you can.

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

Gardening for good St. Paul, Minnesota

Joseph Baltrukonis, Jennifer Porwit, and Stacy Sola wanted to assist the Ramsey County Master Gardeners program in their efforts to educate their community on plants, food production and protecting the environment. So, they led a Thrivent Action Team to help organize and get the word out about its annual plant sale. More than 150 Ramsey County Master Gardener volunteers spent the spring growing plants, updating the website, managing inventory, arranging advertising and determining logistics for customer plant pickup. The sale included more than 3,000 annual, perennial, native, herb, houseplant, vegetable and tomato plants as well as starter plants from four vendors. The funds generated from the sale are used to educate the public through printed materials and programs conducted via Zoom this year. Funds also support horticulture scholarships at the University of Minnesota, and youth group gardening projects in the community.

Generosity in action“It’s being intentional in my daily walk—spiritually, financially, physically, mentally, and in relationships.” —Terri Noah

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Book lover’s fundraiserStoughton, Wisconsin

Lesley Johnson’s passion for reading inspired her to lead a Thrivent Action Team to support the local library and promote reading. They did a book-lover’s journal fundraiser. The team of 24 volunteers printed 500 hardcover journals and 1,000 bookmarks to sell at a local festival. The effort raised $1,897 for the library as well as journals for its outreach programs.

Help for people experiencing homelessnessHenderson, Nevada

As part of the Summer for the Homeless Campaign supported by Grace Lutheran Church, Mildred Palmer formed a Thrivent Action Team to gather supplies and assemble 250 kits for people experiencing homelessness in Las Vegas Valley. The kits included a water bottle, food items and toiletries along with a note of the love of God by Rev. Anthony DiLibertio.

Permanent life insurance is coverage that’s designed to last an entire lifetime and pay out a death benefit, no matter how long you live, as long as premiums are paid and the contract retains its value. The two primary types of permanent life insurance—whole life and universal life—are designed to meet different needs. “Whole life provides a guaranteed death benefit, a guaranteed cash value and a premium that will never increase,” says Ryan Schwingler, a life insurance products consultant at Thrivent. “Universal life also provides permanent protection through a

death benefit but allows more flexibil-ity in cash value and the premium.”

Is it possible to increase permanent life insurance coverage? It may be possible to increase coverage once your contract is in place, but it will be dependent on your health, Schwingler says. However, with a guaranteed purchase option (GPO), you are guaranteed the option to purchase additional coverage. Both GPO or GIO (guaranteed increase option) are riders available for an additional cost on contracts and are a great way to protect the insurability of children or grandchildren, he adds.

How does my permanent contract grow with me? Cash value is the savings portion of permanent life insurance. “The death benefit is the most important feature of permanent life insurance, but a contract’s cash value may accumulate depending on the type of coverage,” Schwingler says. It can

Generosity in action

Teaching kids healthy money habitsDeveloping a good relationship with money starts at a young ageBy Tiffany Lukk

Bright ideas

Start the conversation earlyKids as young as 5 or 6 years old can learn money lessons. Teach them what each coin and paper currency is worth. When shopping, let them buy something they want in order to practice exchanging money.

Teach the three S'sHelp kids divide their money into “save,” “share” and “spend” categories. Use piggy banks, envelopes or get crafty by decorating glass jars. Have them consider the following questions: who do I want to share my money with? What do I want to save my money for? What are the things I want most and how much do they cost? Discuss wants versus needsHelp your children identify things they need to live (food, shelter) and the things that are nice to have (toys, vacations). If they want to buy a big-ticket item, encourage them to save for it.

Show the value of givingShare your money values by modeling the importance of giving to others. Save money, maybe in a jar or a piggy bank, as a family for a cause you all care about and get involved with community events that support it.

How does permanent life insurance work?By Tom Brandes

Want to learn more about permanent life insurance? Talk to your Thrivent

financial professional or visit thrivent.com/lifeinsurance.

be used to sustain coverage, it can be withdrawn, or it can provide a source for a loan.

Why could permanent life insurance be right for me?Many people view permanent life insurance as a way to pay for their funeral, but according to Schwingler, even in retirement, the death benefit can help replace lost Social Security or pension income. Permanent life insurance is also a wonderful way to leave a legacy to your loved ones, church or favorite charitable organization.

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

Loans and surrenders will decrease the death proceeds and the value available to pay insurance costs, which may cause the contract to terminate without value. Surrenders may generate an income tax liability and charges may apply. A significant taxable event can occur if a contract terminates with outstanding debt. Contact your tax advisor for further details. Loaned values may accumulate at a lower rate than unloaned values.

If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance may be solicited.

Guarantees based on the financial strength and claims-paying ability of Thrivent.


Thrive

Connecting art and faithBy Joanna Reiling Lindell

Reflecting What new beginnings are bringing energy to your life?

This vibrant painting whirrs with lively chaos. Swirling and free-flowing lines twist and curl, creating an explosion of color. Abstract art has a way of freeing up one’s mind, allowing us to focus on lines, colors and feelings—rather than a specific image or scene. Sometimes, in abstract art, forms and subjects seem to emerge from within a composition. On the right side of this painting, there is a vertical column of subtly concentrated color, which forms a nexus of lines, perhaps suggesting a central, emergent point of activity or presence. Inspired by faith traditions from across the world, artist Aribert Munzner creates artistic explorations of the macrocosm and microcosm of the universe. The vast majority of Munzner’s works bear the same title, Genesis. For many, this word signals both the first book of the Hebrew Bible and Christian Old Testament, and the concepts of origin, creation and generation. Artists have seldom attempted to capture the Genesis creation story throughout the history of Western art—likely because of the inherent challenge of representing such an unfathomable miraculous process. The scriptural account of the creation of the world and humanity has been thoughtfully and inspirationally described in words and translated into innumerable languages. A visual representation is another way of expressing the creation story. Munzner’s Genesis bursts with undulating spirit, elegantly evoking

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

new beginnings. This past year and a half has felt immensely challenging to so many people. As we embrace the reality of togetherness once again, the concept of creation with its fundamental beginnings may feel like a profound renewal for many individuals and communities. Born in Germany, Munzner’s family fled Hitler’s Nazi regime to Baghdad and eventually immigrated to New York City in 1939. Munzner began

Good question: What legacy do you want to leave?

I want to leave hope that the world can change for the better. Sara Pahl-Ramirez, Omaha, Nebraska

A positive impact on the people in my life and my community. Known for helping others in any way that I could.Kasey Taylor, Avon, North Carolina

That the gospel is lived and shared by God’s people.Stephen Seibel, Arthur City, Texas

The legacy we want to leave is best articulated by a quote from Billy Graham: “The greatest legacy one

Question for next issue: What are some ways you could start, or have started, a conversation with family members on the topic of extended care?

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

can pass on to one’s children and grandchildren is not money or other material things accumulated in one’s life, but rather a legacy of character and faith.”Scott and Christine Bauman, Waukesha, Wisconsin

I hope my grown kids will remember my love for others, helping out in crisis situations with time, food, etc. My honesty in situations where needed, organizing committees to help out where needed and to be generous.Karen Peck, Cascade Locks, Oregon

Foster your communityRoseville, Minnesota

Jack’s Basket organization celebrates babies with Down Syndrome and provides new parents with resources and support within the community. Jodi Dean and her granddaugh-ter Payton, a student at North Heights Christian Academy, formed a Thrivent Action Team to put seven baskets together for families welcoming their babies. The baskets included items from a wish list and the class spent time assembling them and writing notes for each one.

Annual House RefreshTwin Peaks, California

To help an elderly homeowner, Laurinda Fuller coordinated a Thrivent Action Team of 13 volunteers. They installed a bathroom on the lower level of a home to make it more accessi-ble. The team also hooked up an outside irrigation system to assist in maintaining the homeowner’s fruit trees and vegetation.

Generosity in action

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teaching at Minneapolis College of Art and Design in 1955. Today, at the age of 91, he continues to mentor students while also investigating the Genesis theme in his Minneapolis studio.

Aribert Munzner (German American, b. 1930)Genesis, 90 - C #1, 1990Casein

13 ¾ inches x 11 ¾ inches©1990 Aribert Munzner. Courtesy of the artist.

Thrivent Collection of Religious Art.


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Keeping the client first Unclaimed property team goes beyond state requirements to serve clientsBy Daniel Mead

With just hours before Thrivent would need to turn more than $187,000 of client money over to the state of Oklahoma, I made one more attempt to connect with Sara.* After her husband died, Sara set up a flexible payout deposit agreement with the death proceeds from her husband’s life insurance contract. Sara had last connected with us in November 2015. By mid-2020, the deadline was nearing to turn the more than $187,000 over to the state. Under state laws, if the proceeds of life insurance or annuity contracts aren’t claimed within a certain time period, the assets can be declared dormant and must be handed over to the state as unclaimed property. The amount of time varies by state but is

generally three to five years. I was disappointed when my call went to voice mail, again. Then, Sara picked up. After months of sending letters and unanswered calls, we had finally reached her. Initially, she was cautious. But gratefully, I was able to verify Sara’s identity, and we prevented her assets from being turned over to the state as unclaimed property. Our clients are at the center of all we do. And it’s why we’ll go the extra mile to make sure the assets we’ve been entrusted with get to the right people. Sometimes that can be challeng-ing, though. Clients may move and forget to update their address. Some forget or don’t even know they have a

product with Thrivent. And some are beneficiaries who don’t want or know how to claim their benefits. Once the assets are in state control, clients and/or beneficiaries can reclaim them, but the process is often burdensome. To try to prevent this, Thrivent’s Unclaimed Property team goes above and beyond to contact these clients. This means doing due diligence to track down current phone numbers and addresses using a variety of online resources. And the effort is worth it when we finally connect with clients. Unclaimed property is another opportunity for us at Thrivent to be a trusted partner for our clients and help preserve their assets or death benefits.

On my mindThere was once a common belief that twice your annual salary for life insurance was enough, says John Romero, regional assistant vice president in Thrivent’s West Advisor Group. “But when you understand inflation, you realize there’s been a drastic change in what happens to the value of money over time. It loses its value much faster.” Instead of following an old rule of thumb, Romero recommends that you do a real-time estimate of the amount of life insurance coverage you’d need to take care of your final expenses as well as provide for your family if something should happen to you. The number is different for everyone. Romero suggests an online calculator. “Thrivent has a great life

insurance calculator,” he says. “I also encourage people to google human life value calculator and do their own research.” You’ll answer questions about how much money your family might need to cover daily living expenses, and for how many years you’d like those expenses covered. You’ll also calculate other needs, wants and wishes. “We live our faith knowing every day could be our last day,” Romero says. “If I’m called home tomorrow, and I have children at home, do I want them to have the opportunity to go to college? And what about our mortgage? I want that paid off, too, so they don’t have to worry about where they will live.” You also may have outstanding

If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance may be solicited.

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

Get a life insurance check-upDo you have enough life insurance to cover your final expenses as well as take care of your family? It’s time for an insurance check-up. Contact your Thrivent financial professional or find one at Thivent.com. Click on “Connect with us.”

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Send Us Your IdeasDo you have a personal finance myth you want busted? Send your ideas to [email protected] and we’ll consider your myth.

student loans, credit card balances or car loans. Childcare may be needed. Or you may want to leave a legacy of generosity to your church or favorite nonprofit organization. “Would twice your annual salary cover everything you need and want it to cover?” Romero asks. You may have a group life insurance contract through your employer that provides a benefit if you die. But what happens to that contract if you leave your job or you retire? “Employee benefits are great,” Romero says. “But if you leave that job, you likely can’t take it with you. And if you’ve developed a health issue, you may not be able to get it on your own.” Adequate life insurance coverage is something that many people don’t have the courage to talk about, says Romero. But it’s a necessary conversation. “The right amount of life insurance truly is a lasting gift to not only your family but also your future genera-tions,” Romero says.

Myth: My life insurance only needs to be twice my annual salary.By Donna Hein

Myth buster

Daniel Mead is manager of the Unclaimed Property Program at Thrivent.

*Name has been changed.

“Our clients are at the center of all we do. And it’s why we’ll go the extra mile to make sure the assets we’ve been entrusted with get to the right people.” —Daniel Mead


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hether you’ve had a strategy for retirement for years or only recently started thinking about it, one thing is almost certain: You’re planning on Social Security benefits as part of your retirement income. But when should you claim your benefits?

While many people wait until they glimpse retirement on the horizon before they look more seriously at timing, that’s not ideal. “I like to have conversations with my clients about timing when they’re in their 50s,” says Thrivent financial consultant Travis Rose, from Antigo, Wisconsin. “That way, we can do additional retirement planning, and it takes the pressure off making a rushed decision.” Mike Fuehrmeyer, a Thrivent financial consultant in Bloomington, Illinois, agrees. “The goal for timing is to maximize the amount of retirement benefits you can get, minimize your tax liability, and meet your needs,” he says. “That’s different for everyone.” Even if you’re on retirement’s doorstep, you should still consider all your options because Social Security is a complicated, nuanced program. The questions we pose here should help you understand how it works and how the rules might apply to your situation and needs. Then you can dive into it more deeply with your financial professional.*

Ready, set … claim?Social Security retirement benefits are part of your planned retirement income, but timing their start can be tricky. Here’s what you need to know. By Kathleen Childers / Illustrations by David Saracino

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Take the next steps For more information on Social Security retirement benefits, go to ssa.gov. To help you with assessing your specific situation, reviewing your options using several planning tools, and making decisions about timing your benefits, connect with your Thrivent financial professional. To find your financial professional’s contact information, visit thrivent.com and click on “Connect with us.”*

or with disabilities, you potentially can claim a spousal benefit before age 62, as long as your spouse has claimed benefits. Survivor benefit. This is paid to you when your spouse dies, if you’re typically at least 60 and your spouse had been receiving or was eligible to receive Social Security benefits. There are several factors that can

“The goal for timing is to maximize the amount of retirement benefits you can get, minimize your tax liability and meet your needs. That’s different for everyone.” —Mike Fuehrmeyer, Thrivent financial consultant

Children’s benefits While Social Security is thought of as a retirement program, unmarried children up to age 18 (or 19 if still in high school) are eligible to receive Social Security benefits when a parent files for their own benefit or dies. A disabled child also is eligible at any age provided the disability occurred before age 22. Even grandchildren and stepchildren may qualify. Each child could receive payments, which are as much as 75% of what that parent’s benefit would have been at the time of death. But there is a maximum that a family can receive that could limit what each child gets.

It’s a good idea to review your statement annually throughout your career to make sure the income amounts in your work history are accurate. If you find errors, you should report them to Social Security. To access the report, you’ll need to create a username and password. When you do that, you’re also creating a side benefit: some identity theft protection. “When you set up your account,” says Fuehrmeyer, “you’re basically helping prevent thieves from creating an account under your name.”

What’s your life expectancy?No one knows how long they’ll live, but part of deciding when to start Social Security requires making a guess about this. Why does it matter? If you’re age 62, basically healthy and longevity runs in your family, you might wait until full retirement age or even age 70 to start, so you can maximize your benefits. On the other hand, if you’re 62 and have health issues you think may shorten your life, you could decide to claim benefits as soon as possible, thinking you won’t have as many years to receive them. “A client of mine decided to start his retirement benefits at age 66,” says Fuehrmeyer. “He recently had a

liver transplant and believes he has a life expectancy of eight to 10 years. For him, it made sense to start his benefits at full retirement age.” A client of Rose’s, Jerry McGee, from White Lake, Wisconsin, was diagnosed with distal muscular dystrophy when he was 62. He chose to start benefits soon after because he was finding it hard to work. His wife, Laurie, retired a couple of years later. Since then, they’ve focused on enjoying these years, spending time with family, traveling and sightseeing around their region in a convertible they purchased. “It’s not just about how long you live,” says McGee. “It’s also about how long you have quality of life.”

Are you married?There are two key benefits for married couples to consider when thinking about when to claim benefits: Spousal benefit. If you’re at least

62 and your spouse has started to receive Social Security, you may be able to claim spousal benefits. The amount could be as much as 50% of your spouse’s benefit, depending on your age. This applies whether or not you are eligible for your own Social Security benefit. If you are, you will receive the higher amount, your own or the spousal benefit. If you have a child under age 16

Social Security basicsYour eligibility for Social Security retirement benefits is based on a system of credits. You earn four credits each year that your income reaches a minimum set by Social Security (for 2021, it’s $5,880). You must earn 40 credits over your working years to be eligible. You can start receiving Social Security retirement benefits at age 62. But if you do, you’ll receive less than you would at “full retirement age,” which is 66 or 67, depending on the year you were born. At full retirement age, you should get 100% of the retirement benefits you’re eligible for. If you can wait until you’re 70 to claim Social Security, your benefit can be even more. Between full retirement age (66 or 67) and 70, your benefit grows 8% each year. There are no increases past age 70, although Social Security does adjust payments each year for inflation. You’ll receive Social Security retirement payments for the rest of your life, but remember this: “Once you start, that benefit amount is typically set for life, meaning it won’t go down,” says Fuehrmeyer.

However, there are situations where your benefit may increase.

What’s your benefit amount?Knowing your estimated Social Security benefit is critical when planning for your retirement. Fortunately, it can be easy to find that number: Go to ssa.gov and look at your Social Security statement. The report shows what you’d receive (before taxes) at several key retirement ages: 62, 66 or 67 (full retirement age) and 70. The amount of the benefit essentially is based on your 35 highest-earning years. If you haven’t worked 35 years, the missing years are set at $0.

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How long do you plan to work?Do you want to retire in your 60s, or do you plan to work until you’re 70 or beyond? Typically, the longer you work and delay claiming Social Security, the higher your benefit, up until age 70. If you want to stop working before age 70, one option is to create income from your retirement savings that would allow you to hold off starting Social Security until age 70. If you want to work and also start receiving Social Security, your benefits will be reduced until you reach full retirement age:• In 2021, for every $2 you earn over

$18,960 while below full retirement age, you’ll lose $1 in benefits paid to you.

• In the year you reach full retirement age, for every $3 you earn over $50,520, you’ll lose $1 in benefits paid to you.

• Once no longer subject to excess earnings, your benefit amount is recalculated to give you credit for the months Social Security was reduced because of excess earnings.

Once you reach full retirement age, you can claim Social Security and earn additional income with no reduction to your benefit.

What about taxes?As you consider when to claim Social Security and the amount you’ll potentially receive, keep in mind that it may be subject to federal income taxes. Currently, the amount taxed varies with how much total income you receive:• If total income is $25,000 to $34,000

for a single filer ($32,000 to $44,000 if married filing jointly), you’ll be taxed on up to 50% of your benefit.

• If total income is greater than $34,000 for a single filer ($44,000

for a couple), up to 85% of your benefit is taxable.

In addition, you may need to pay state income taxes on your benefit, depending on where you live (currently 13 states tax Social Security). Talk with a tax professional for specific guidance about your potential income tax liability.

How can you increase your benefit?If you’re still some years away from retirement, you may be able to maximize your benefit by taking these steps: • Check your Social Security report.

Make sure that it accurately reflects your earnings.

• Work more years to raise the 35-year average. Remember that your benefit is based on the top-earning 35 years of your life. You might want to consider working more years at your current salary to replace some of the leaner years’ earnings earlier in your career.

• Hold off on claiming benefits until you’re of full retirement age. If you wait even longer—until age 70—

you’ll get the maximum amount. • Minimize taxes. Structure your

retirement strategy so that you reduce the recognition of income that triggers Social Security income taxation, such as paying off debt, setting up a deferred-income annuity, or creating a charitable fund.

If you come to a decision about when to start Social Security, remember that circumstances in your life can change, as can Social Security rules. “You should revisit your plans for timing,” says Fuehrmeyer, “and after you start Social Security, you should review your retirement strategy on a regular basis.” n

Kathleen Childers is a writer in Minnesota.

“It’s not just about how long you live, it’s also about how long you have quality of life.” —Jerry McGee

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

affect the amount of the survivor benefit you would receive, including the age the deceased claimed Social Security. If both of you were receiving Social Security payments upon your spouse’s death, you wouldn’t continue to receive both benefits. But you would get the higher of the two. “This is why I encourage a married couple, if suitable, to hold off claiming the higher of their Social Security benefits until they’re 70,” says Rose. “That way, the surviving spouse will get the maximum amount.”

Are you divorced?If you’re divorced, you may be eligible to claim spousal benefits based on your ex-spouse’s income. You must have been married for at least 10 years, are now single and you and your ex-spouse are age 62 or older. The divorce must haveoccurred at least two years prior ifyour ex-spouse is not receivingbenefits at the time of the divorce. From there, the benefits depend on

the year you were born: • Born on or before Jan. 1, 1954:

You can claim a benefit based on your ex-spouse’s earnings. Your own benefit could continue to grow by 8% each year between age 66 and 70, at which time you have the option of switching to begin receiving your own benefit.

• Born on or after Jan. 2, 1954: You can file for retirement benefits, but you will receive the higher of your own or your ex-spouse’s, and that is your benefit for life.

If your ex-spouse has died and you’re typically at least 60, you may be eligible to receive survivor benefits based on that person’s earnings. You then have the option of switching to your own benefit starting at age 62 or wait until age 70 to benefit from the delayed retirement credits. Or you could start your own benefit at age 62 and switch to receive a survivor benefit at full retirement age.

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thrivent.com | 2120 | Thrivent Magazine | Fall 2021

ebt. If you’re intentional about how you use it, debt can be a tool that allows you to make an invest-

ment into something important to you. Perhaps into education that will provide future opportunities. Or into a home or reliable transportation for your family. Ontheflipside,ifyou’renotintentional and you accumulate too much of it, debt can hold you back from achieving what you really want in your life. It also can cause great damage. It’s about intentionality and having a plan. You’re not alone if you have some debt. The average total debt balance for Americans in 2020 was $92,727, according to Experian data from Q3 2020.* This may include mortgage, auto, student and personal loans as well as credit card debt. Have you thought about reducing or eliminating your debt? Or perhaps you’re considering a purchase or a choice that would cause you to take on debt. Considering the following stepscanhelpyouachievefinancialclarity about the role you want debt to play in your future.

1. Identify the relationship you want with debtThis starts with asking yourself some questions. A good place to start is with the why: If you’re taking on new or more debt, why are you taking it on? Consider if the gain of what you’re stretching yourself for is worth the stress it may induce. Is the debt for a need or a want? Can it be added to your budget? How much debt do you already have? If something happens and you lose your income, can you still afford it? These are questions Boone Jackson, aThriventfinancialconsultantinSt.

Charles, Missouri, poses to clients when talking about debt. “Too often we see people who want the home today that took their parents three moves to get; they want the car beyond their budget or the dream vacation,” Jackson says. “And they end up taking on too much debt to do so. Debt needs to be a conscious decision with a plan to manage it appropriately.” And there’s a bigger question, too. Does having debt align with how you personally feel called to steward your resources? “If you look at your money as being God’s money, then you need tofigureoutifit’stherightthingtodofor you,” says Rob Meaux, Thrivent financialconsultantinAnaheim,California “And your decision will not be the same as someone else.”

2.UnderstandyourcashflowThefirstprioritybeforetakingondebt is to review your income and expenses, Jackson says. In other words, know what you can afford to either throw at your current debt or potential new debt. “You’ll identify your needs, the essentials that you pay for that are not going away, such as food, clothing, utilities, mortgage,” he says. “And don’t forget to budget for some fun money. Even if you don’t budget in entertainment, you’re going to do it anyway. It’s better to plan for it.” You’ll also assess your wants, which could include things like upgrading your home or getting a new car, and any wishes, such as taking an expensive vacation or retiring at 60. Ideally, Jackson says, your budget should cover your needs and perhaps a few wants while saving for your wishes. And if you have debt, youpotentiallycanfindsomeextra

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Managing debtFourstepstohelpyouachievefinancialclaritywhenitcomestodebt.

By Donna Hein / Photo by Whitney CurtisAbove:SheliaandDerrisDavistackled their debt together with thehelpoftheirThriventfinancialprofessional.


some furniture on credit. “After making our minimum payment every month, I soon realized we weren’t making progress,” Maria says. “The interest rate was like 23%. That’s when we took a class and learned how to be good stewards of our money.” The furniture wasn’t their only debt, so the Lubkes used the snowball method to be debt-free. “It took us a year or two to pay it off, but we learned our lesson,” Maria says. “We made a commitment to be debt-free.” The Lubkes realized they wanted to actively make changes and did the work to make it happen, says Meaux, theirThriventfinancialprofessional.“People often want simple solutions, but in this case the simple solution is hard work—creating a budget, living withintheirmeansandfindingawayto spend down the debt.”

4. Reduce future risksOnce you’ve eliminated your debt or gottenittoaplacethatfitswithyourvalues, it’s time to celebrate your victories while also developing a plan to manage future debt. “Youcanfixthedebt,butifyou

dollars to put toward reducing or eliminating it. That’swhatSheilaandDerris Davis of Bridgeton, Missouri, have done with student loan debt and a car loan. The couple, who has a 2-year-old son, are saving to buy a home.TheybothworkatHeadStart,apreschool program for lower-income familiesatYWCAMetroSt.Louis,butthey knew getting rid of the current debt would be their best course of action. So,theThriventclientswithmembership met with Jackson to getabettergripontheircashflowand increase their savings. Jackson used an interactive and collaborative financialtoolcalledMoneyGuidePro® to help them understand their currentfinancialsituationandidentifystrategies and solutions they can feel confidentabout. “I’ve always been a huge saver,” Sheilasays.“Derrisdidn’tgrow upwithlotoffinancialliteracyandmade some early mistakes. We’ve tackled it together and we’re at a point where we don’t have debt. Now we’re saving to make a larger down payment on a house, so we

don’tfixtheproblemthatcausedthe debt, you could potentially end up in a worse position in the future,” Meaux says. “You have to establish guidelines for your family and commit to keeping them.” Both Meaux and Jackson also recommend building an emergency fund, so you don’t need to turn to debt when a major appliance breaks down or when your vehicle’s brakes needtobefixed. “I also suggest you review your financialfoundation,bothyourlifeinsurance and your disability income insurance, to help reduce the risk of what could take your income away from you and your family,” Meaux says. And decide what your limits are when it comes to using credit cards orotherformsofdebt.SheilaDaviswillbethefirsttotellyouthatusing

Quick tips to pay down debtIf you want to decrease or eliminate your debt, Andrea Erhard, banker at Thrivent Credit Union, offers these tips for you to consider:• Create a monthly budget that accounts for all your expenses, not just the bills you need to pay. This helps you

determine how much extra you have to put toward your debt. • List your debts and decide which method—snowball or avalanche—you want to use. In both, you’ll list your debts andpaytheminimumonallbutone.Inthesnowballmethod,you’llputextramoneytowardthesmallestdebtfirst.In the avalanche method, you’ll target the one with the highest interest rate.

• Reviewyourinterestratesoncreditcards,vehicleloansandpersonalloans.Youmaywanttotransferifyoufindsomething lower. But be careful as the transfer fee could cost you more than your current interest rate.

• Create a strategy to stay disciplined about use of credit cards and loans.

shouldn’t have to pay as much on a monthly mortgage.”

3. Take action on your debt For those who want to reduce or eliminate debt, generally there are two main methods: the snowball or the avalanche. With both methods, you make a list of your debts and plan to make the minimum payment on all but one of them, says Andrea Erhard, banker at Thrivent Credit Union. You pay extra money toward that one with the goal of eliminating itfirst. In the snowball method, you pay downthesmallestdebtfirstandworkyour way up. “You don’t even look at the interest rate,” Erhard says. “This method will slowly open up your cash flowasyoueliminatedebt.” In the avalanche method, you pay extra money toward the debt with the highest interest rate. “For some, reducing the highest interest really helps people feel like they are making a dent in their debt faster,” she says. Early in their marriage Thrivent clients with membership Maria and Don Lubke of Anaheim, California, moved into a new house and bought

credit cards isn’t bad, but you have to manage how you use them. “There are some good rewards programs for making purchases,” Sheilasays.“DerrisandIusethemto pay bills and get groceries; however, we pay off the balance every month. We don’t pay interest, and we get perks for using the cards.” But even if you do everything right, there’s no guarantee that you won’t findyourselfindebtagain.Howyouhandle it will make all the difference. It happened to the Lubkes in 2008. “It was a bad year for my husband’s business, and we went through our emergency fund,” Maria says. “It hit us hard.” And even though it wasn’t their firstchoice,theyfoundthemselvesborrowing money. In addition to business problems, they also were helping their daughter with college, and they wanted to provide for her future wedding expenses. “Now we had debt to pay; we didn’t have an emergency fund and I wasn’t going to go into further debt Ph

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to give a wedding,” Maria says. “Ihadtofigurethisout.” Maria and her husband made some intentional decisions to tackle their debt again. Maria had been a stay-at-home mom since they got out ofdebtthefirsttime,soshedecidedto go back to work. Their youngest daughter was 16. With her income, Maria helped pay the debt, rebuild theemergencyfundandcash-flowthe wedding, which was in 2014. “We are debt-free again, and it feels good,” she says. n

Donna Hein is editor of Thrivent Magazine.

How Thrivent can helpThriventfinancialprofessionalshave a variety of resources, including the interactive MoneyGuidePro®financialadvice tool, that can help you findfinancialclaritywithdebt. CallyourThriventfinancialprofessionalorfindafinancialprofessional at Thrivent.com. You also can visit thriventcu.com/explore/manage-my-money for access to tools to help you be more intentional with your money.

* https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/

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

Above: Don and Maria Lubke worked hard to become debt-free. They are committed to being good stewards of their money.

thrivent.com | 2524 | Thrivent Magazine | Fall 2021

hat does legacy mean to you? Traditionally, it refers to leaving behind something upon death,

like money or property. But there’s another way to think about legacy that’s about the present. For Pastor Esteban Mesa and his wife, Miriam, legacy is about sharing their time and talents today in service to others. To the Wold family—Catherine and her children and grandchildren—it’s about living out and passing on the values demonstrated by her late husband, David. Both the Mesas and the Wolds are practicing what can be called a “living legacy.” It’s based on the idea that you can pass along your legacy while you’re alive, whether it’s your values, passions, time or money. Mandy Tuong, president and CEO of Thrivent Charitable Impact & Investing™, has noticed increased interest in this concept in recent years and encourages clients to embrace the idea. “It starts by asking yourself some questions,” she says. “Am I doing something good when I can?

Am I giving of myself? Am I leaving the world a better place?” The answers can inspire you to take action. You might volunteer your time at a shelter, make donations to a favorite cause, organize a way to feed people who are homeless or use a financial tool to structure your giving. Whatever you choose to do, actions you take today are your living legacy. Volunteer your timePastor Esteban and Miriam Mesa have led a life of service in Miami. “It’s what we’ve been called to do,” says Esteban. He served 30 years as a Lutheran pastor and nine years as a hospice chaplain. Esteban recently retired, but he and Miriam continue their commitment to volunteering, helping to provide food and clothing to people in need in their region.“We care about people in need,” says Esteban, “and that’s why we show up in the community.” You might not be inclined to volunteer with the same intensity as the Mesas, but any amount of volunteer work is a way to live your legacy because it reflects your desire

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Living your legacyA legacy is more than what you leave behind when you die. It’s also what you give as you live.

By Kathleen Childers

to leave the world a better place. If you want to volunteer but aren’t sure for what cause, start by identifying your interests and values. Then look for organizations that do work in those areas. Search online or ask friends and family for recommendations. Keith Berman, the Mesas’ Miami-based Thrivent financial consultant, has clients who tell him they want to help but are unsure how to get started. “I start asking them questions,” he says, “about what causes they care about. Often, I can connect them with others I know in the community who may have service opportunities for them.” Thrivent is also a resource for volunteer opportunities. “Eligible Thrivent clients can apply to organize a Thrivent Action Team to help a favorite cause. Or anyone can volunteer on someone else’s team,” says Ryan Hahler, director of Member Engagement Strategies at Thrivent. (Learn more about Thrivent Action Teams and other Thrivent programs in “Ways Thrivent can help.”)Ph

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Structure your donations Making donations to favorite causes is another example of a living legacy. Some people donate as they become aware of a need while others donate on a set schedule. But as the idea of a living legacy has become more popular, many people have embraced another way of donating, through charitable funds. “People are establishing charitable funds to make grants to their favorite causes,” says Tuong, “so they can see the impact of their contributions.” These financial tools are investment funds. Here’s how they work: You open a charitable fund with a contribution, and you choose how that money is invested. Any earnings the fund may generate are reinvested. A percentage or

Start an organization or create an opportunity to fill a needSupporting a cause isn’t always a once-and-done effort. For ongoing needs, like supplying food or providing transportation, consider creating an organization that supports the cause. Fifteen years ago, the Mesas volunteered to teach English to immigrants. Not long after they started, it became clear that their students were struggling for adequate food and clothing. So the Mesas, along with Xiomara Rodriguez, a friend and member of their congregation, created a ministry to serve those needs. It started with delivering Thanksgiving meals. “I asked the president of the local Kiwanis Club for help,” says Esteban, “His group was able to provide 45 meals and baskets, which we delivered.” Esteban also enlisted the help of churches throughout the area, of all denominations. As a result of the combined effort, the ministry

designated amount of the fund is granted to charities of your choice. There are several other benefits to structuring your donations this way, including:• You can give when it’s right for you.• There are potential tax advantages.• Grants are scheduled so you

know where your money is going and when.

• Statements detail your giving.• Grants can be made in honor or

memory of someone.• Scholarships can be created with

certain funds.• Cash or assets can be donated.• Grants can be made to support a

nonprofit that you start.

The Wold family has been granting money from a charitable fund for several years. David set it up with his father about 10 years ago. They planned to grow the fund and hadn’t yet started making grants from it when David died three years ago. To honor him, the family decided to start

was able to deliver more than 200 Thanksgiving baskets last year. At other times during the year, the Mesas and members of their family cook food at their home that they then deliver to people in need, along with clothing and blankets. They manage all of this even though the ministry isn’t a formalized organization. Are you interested in creating a more formalized nonprofit organi-zation or maybe an informal “movement” to help others? “It’s not uncommon among our donors,” says Tuong, “because they are so generous both financially and in volunteering. We’ve had donors who used their financial blessings to do simple but wonderful things—like run community gardens to teach kids about healthy eating and personal discipline, or starting an effort to bring more kindness to everyday interactions in honor of their late child who lived by that principle every day.”

making grants from the fund soon after his death. You don’t need to be wealthy to open a charitable fund. Some have no minimum requirement though there can be minimum amounts for grants, but they can be as low as $100. “Our grants aren’t huge,” says Nick Wold, Catherine and David’s son. “But we know that even a small amount can make a difference to an organization.” You also can use your investment assets to make a difference directly or use them to establish a charitable fund. There may be some tax benefits.* Consider these options:• Gift a portion or all of your nonretire-

ment account mutual fund shares to a charity of your choice through a transfer of ownership.

• Anyone age 70½ or over can elect a Qualified Charitable Distribution (QCD), which allows you to distrib-ute up to $100,000 per year from Ph

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Deciding what to supportAre you interested in a living legacy but aren’t sure what causes you’d like to support? These questions from Thrivent Charitable Impact & Investing can help you identify your interests.

• Do you actively volunteer with any organizations?• What organizations or institutions have provided the greatest influences

in your life (for example, church, school or college, community, etc.)?• What appeals to you about your favorite charities?• Would your financial support to any organization or charity be missed if

it ceased?• Are there societal issues you wish to address?

Once you narrow your interests, you can research organizations and look for ways to support them.

an IRA directly to charity. The QCD also will count toward satisfying your required minimum distribution (RMD) from your IRA.

Pass along your valuesYour values—the way you see the world and your role in it—are also part of your legacy. They’re import-ant to you, which likely makes them important to your loved ones. So how do you pass along something that’s not tangible? Much of that happens by example, being a role model for others as you live your life day to day. But you can be more intentional about it, too. One way is to have conversations with your family and friends about why you care about certain causes and how you would like to impact the world. The Wold family discovered that sharing values is an outcome of managing their charitable fund. They’ve established an annual ritual around the fund. Every December, the entire family of 17—Catherine and her children (Nick, Rebecca Wold Freeman and Rachel McArthur) and grandchildren (ages 5 to 16) gather for a dinner to discuss their ideas of where they see needs and vote on which organizations they’ll give grants to. Everyone’s votes have equal weight. “My dad wanted this to be a family effort,” says Nick, “and we wanted to carry on his legacy of living and giving.” The Wold family members are very close, and they spend a lot of time together throughout the year. But the annual fund gatherings have inspired everyone to be more aware of needs in the world. And they’re fun. “We love to see the kids come together for these dinners,” says

Above: For the Wolds, being charitable is a family affair. They decide together which organizations receive grants from their charitable fund.


Rebecca. “It encourages them to look outside of their own lives.” The kids are both students and teachers, as they hear about various causes and offer their own ideas. And sometimes, they share about how they support charities with others. “My kids will talk with their friends about the fact that they’ve given to different causes,” says Rachel. “Even my 5-year-old talks about how she’s helping animals with her friends.” The experiences with the fund have led to other broader discus-sions about giving. “It makes us realize that the places we give financial help to are also places we can give our time and volunteer,” says Catherine. “It makes the kids think about that, too. Besides the financial part of it, what else can we do?” That’s a living legacy at its best. n

Kathleen Childers is a writer in Minnesota.

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

Member benefits, programs and activities are not guaranteed contractual benefits. You should never purchase or retain any insurance or annuity products simply to be able to participate. Participation is subject to applicable Terms and Conditions. Ph

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How Thrivent can help

• Talk to your financial professional for more information about financial tools and concepts that can help you maximize your giving while you’re living.

• Learn more about Thrivent Charitable Impact & Investing™ and the ways you can donate assets or create a donor-advised fund. Go to thriventcharitable.com.

• Find out how you can use your Thrivent Mutual Funds to inspire generosity at thriventfunds.com/giftingshares or by talking to your financial professional.

Thrivent also has several programs available to help you live your legacy:• Thrivent Action Teams: Support your community by applying to lead

a team for a fundraiser, educational event or service activity. Thrivent provides the resources you need.

• Thrivent Choice: Direct Choice Dollars® to organizations and causes, and influence how Thrivent distributes some of the program’s funding.

• Online giving platform: Make a donation to one of the more than 40,000 organizations enrolled in Thrivent Choice. Thrivent pays the pro-cessing fees so 100% of your donation goes to the organization.

Thrivent Action Teams and Thrivent Choice are open to eligible Thrivent clients. Learn more at thrivent.com or contact your Thrivent financial professional.

Thrivent.com | 29

officer at Thrivent. “Our commitment to fulfill the promises we make to our current and future clients is at the heart of everything we do. This rating reinforces our ability to be here for our clients when they need us the most, continuing to guide them as they use their resources to live purpose-filled lives of meaning and gratitude.” In its review, AM Best recognized Thrivent for continuing to maintain its balance sheet strength, strong operating performance, favorable business profile and very strong enterprise risk management. In addition, the agency noted Thrivent’s

AM Best affirms Thrivent rating

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high-quality capital structure, which utilizes no debt and no financial reinsurance or affiliated captives to house redundant reserves. Finally, they cited the organization’s diversified and well-managed product portfolio, loyal membership base and continued efforts to grow as positive factors that contributed to the rating.

For more than 20 years, Thrivent has been proud to receive an A++ (Superior) rating with stable outlook from credit rating agency AM Best. In June, this rating was reaffirmed once again. Given the headwinds of 2020, this rating, the highest of the agency’s 13 ratings categories, is especially significant. It reinforces that Thrivent is a strong and stable diversified financial services organization “AM Best's affirmation of our rating and outlook is a testament to Thrivent’s strong management of the resources our clients entrust to us,” says Vibhu Sharma, chief financial

These ratings reflect Thrivent’s overall strength and claims-paying ability but do not apply to the investment performance of investment products.


What’s happening at Thrivent

Cast your vote in fall board elections

Phased return to corporate offices begins at Thrivent

The results are in: New T-shirt design selected

Thrivent named to the Fortune 500 List for 27th consecutive year

Baker joins Thrivent as Chief Human Resources Officer

This fall, Thrivent will be holding elections for its national board of directors, as well as for 22 Thrivent Member Network regional boards. Thrivent clients with eligible member-ship will have the opportunity to vote in national and/or regional elections. Election materials will either be mailed or emailed to eligible clients, depending on the preference selected for receiving this information. The election begins on Oct. 6 and closes Nov. 20. Once the election opens, the online voting option can be used at thrivent.com/vote.

Thrivent clients and others have selected the new design for the popular Live Generously® T-shirts. The Heart of Generosity design received the most votes in voting that took place Aug. 2-6 on Thrivent.com and continues to demonstrate generosity as the heart of our organization. The winning design will appear on black T-shirts—the same soft tri-blend material that wearers know and love—beginning in January 2022. The T-shirts are included in the customized kit of resources that Thrivent Action Team leaders receive for their project. There currently are more than 7 million Live Generously

For the 27th year in a row, Thrivent has been named to Fortune magazine’s Fortune 500 List. Thrivent is listed as the 369th largest company in America. The ranking was based on Thrivent’s 2020 revenue of $8.2 billion. We are also the 14th largest company headquartered in Minnesota. Last year, Thrivent was ranked as the

Kelly Baker recently joined Thrivent as executive vice president and Chief Human Resources Officer. She’ll continue the work that creates an environment where members of the workforce can grow and develop in their careers while helping serve Thrivent clients better. Baker has 25 years of experience as a Human Resources leader. She most recently served as Chief

Local Thrivent Member Networks offer workshops, events and more

Local Thrivent Member Networks provide a framework for Thrivent clients with membership to join with others in their communities to achieve lives full of meaning and gratitude. By working together to learn about shared passions and challenges in their communities, clients can amplify the impact they have through the use of our proven programs and resources. Offerings include financial education workshops, keynote speaker events, socials, generos-

ity projects and more. New events always are being added. All events are open to everyone, including non-clients. Learn more about Thrivent and the variety of events being hosted by your local Thrivent Member Network. You also can explore opportunities to meet the needs in your community, give back to the causes that mean most to you, and find tools and resources to make a difference. Go to thrivent.com/TMN and select your region on the map.

Thrivent member activities, such as Thrivent Action Teams, Thrivent Builds and Thrivent Choice, engage Thrivent members and Thrivent Member Networks in charitable activities, furthering Thrivent's mission and its purposes under state law. You should never purchase or retain any insurance or annuity products simply to be able to participate. Participation is subject to applicable Terms and Conditions.

T-shirts in circulation. Supporting your community is easy with Thrivent Action Teams. Eligible Thrivent clients can apply to lead a group of volunteers in a fundraiser, educational event or service activity. Learn more and apply for a Thrivent Action Team at thrivent.com/actionteam.

368th largest company in the U.S. “We’re proud to once again be named to the Fortune 500 list for the 27th consecutive year,” says Vibhu Sharma, chief financial officer at Thrivent. “During an unprece-dented year, our presence on the list reinforces that we managed our business well, maintained our financial strength and stability, and

Human Resources Officer at Pentair, a global water treatment company based in Golden Valley, Minnesota. “I’m thrilled Kelly is joining Thrivent,” says Terry Rasmussen, Thrivent president and CEO. “We were looking for someone with proven skills as a Chief Human Resources Officer, and Kelly has that and more. She’s inspired by our purpose and will be a great leader and supporter of our HR team—and a strategic contributor to the Executive Leadership Team.” Before Pentair, Baker led Human Resources for Minnesota-based Patterson Companies, a dental and animal health distribution company. She started her career at General Mills where she held various Human Resources roles, includ-ing vice president of HR for the U.S. segment. She also led Global Diversity & Inclusion at General Mills.

made significant strides toward our strategic business goals. We do all of this with our current and future clients in mind—so we can continue to serve them well and help them achieve financial clarity, enabling lives of meaning and gratitude.” To determine ranking on the list, Fortune uses total revenues from the previous fiscal year. Thrivent’s movement on the list is based on our total revenues compared to other companies across various industries with various growth rates, and our position can fluctuate from year to year.

Like many businesses, Thrivent has implemented a phased return to the workplace following the COVID-19 pandemic. Starting July 1, some employees have been welcomed back to work onsite in the Minneapolis and Appleton corporate offices. “Our entire workforce has been amazingly resilient during the disruptions of the pandemic,” says President and CEO Terry Rasmussen. Thrivent’s Safe Return Plan continues to be updated for both corporate and field offices based on CDC guidelines and reviewed by the organization’s Executive Leadership Team. “Through all the disruption, every decision has been made with two things in mind,” Rasmussen says, “the safety and well-being of our workforce and our ability to continue to provide you, our clients, with the service you expect and deserve.”

32 | Thrivent Magazine | Fall 2021 thrivent.com

Just for fun

Fall word searchFind and circle the fall-related words in the grid. Words appear horizontally, vertically, diagonally and backward.

AutumnLeavesPumpkin

Harvest NovemberSweater

HaystackOrchard Candy

BrainteasersCan you solve these brainteasers?

Phot

o by

Ant

on P

etru

s/G

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Before you go Autumn days bring crisp air and golden light. It’s the sweet spot between the summer heat and the winter cold. The season is the perfect time to pause and soak up the beauty around us. What are some ways you focus on being present in your daily life?

Capital quizCan you name the capital of each of these countries?

STONE STONE STONE STONE

tpmerhao

EverythingPizza

SπKY

DOfootOR

GoJan. 3 Jan.3

BedteG

1. Nicaragua

2. Sweden

3. Portugal

4. Australia

5. Iceland

6. Nepal

Brainteasers: (L–R, top to bottom) Leave no stone unturned, Get up on the wrong side of the bed, Go on a double date, Mixed metaphor, Jack in the box, Pie in the sky, Pizza with everything on it, Foot in the door Capital quiz: 1. Managua, 2. Stockholm, 3. Lisbon, 4. Canberra, 5. Reykjavík, 6. Kathmandu

Answers:

C R L O D I TIOG

JCEYBSFMRK

BJSTEYZSCM

TRMVAZTBHK

HMRXUEMUAE

LADDTSWIRZ

HECYUOXSDC

RCAAMZROTO

ERKVNI

WYHI

BUCDEDOGVB

MKCATSYAHP

EBPUMPKINS

VLHNXRKYAD

OQRDMCFHVQ

NCOPVWUJQE

Jack

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

Fall 2021 | Volume 119 | No. 700 | 21838 R9-21

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21838J N8-21

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