Rural Leader Magazine September/October 2015 - Page 51

Create your own Personal Pension? It’s possible For example, let’s say you purchased a DIA with a   Retirement planning has certainly changed a lot $50,000 lump sum. That money will then be held over the years, hasn’t it? First came pensions, or by your financial institution for a defined period, defined benefit plans, with their guaranteed income for life. After that it was 401(k)s. These plans focused according to the contract, where it will grow with on growing wealth from the stock and bond markets. interest. After a specified amount of time has passed, you can start receiving payments. This guaranteed Your pension and 401(k) were meant to work tostream of income can then be used to supplement gether but now pensions are disappearing and many additional retirement savings and help you fill a void people are left with just their 401(k) plan. in your retirement portfolio.   Your 401(k) is an important piece of your retire  A DIA is one example of the many options that are ment savings but it was never intended to be your available when it comes to retirement strategies and sole retirement solution. Instead, your 401(k) was that’s good news for any investor seeking retirement meant to provide additional retirement savings that worked with your pension, savings and other income income. With traditional pensions disappearing from the landscape, there are still plenty of options that let sources to paint a full retirement picture. But now you design personal solutions for your own retirefor many people the pensions are gone and while you have other savings avenues - what can you do to ment. The key is knowing your options and working with a financial professional who can help guide you replace this lost retirement income? toward a stable retirement, that way you’ll be ready   One option could be a deferred income annuity (DIA). A DIA allows you to set up a guaranteed for any changes that happen in your retirement planning until it’s finally time for you to enjoy the fruits income stream beginning later in your life. With a DIA it’s important to remember that the guaranteed of all that hard work and smart saving.   About Thrivent Financial income is based on the strength and claims paying   Thrivent Financial is a financial services orgaability of your financial institution so it’s important nization that helps Christians be wise with money to choose the right partner. DIA’s are traditionaland live generously. As a membership organization, ly funded with a lump sum payment up front and the contract promises to pay you a lifetime income it offers its nearly 2.4 million member-owners a broad range of products, services and guidance from stream starting with a date of your choice. | SEPTEMBER/OCTOBER 2015 51