Thrivent Mutual Funds’ 2016 Investor Mindset Report is a national study, which focuses on understanding investors’ financial priorities, and provides insights based on location, generation and gender.
Thrivent Mutual Funds Investor Mindset Report
Despite a rebound in the U.S. stock market, the slow economic and employment growth in the Kansas City area has led many millennials to be fearful about retirement, according to the 2016 Investor Mindset Report
Our infographic illustrates key survey findings from Kansas City.
Highlights from Thrivent Mutual Funds’ Kansas City survey reveal that:
- More than one-third of Kansas City residents surveyed say their biggest fear related to retirement is running out of money.
- Approximately 17 percent of Kansas City millennials say their biggest fear related to retirement is not being able to retire at all, compared to 13 percent of Gen Xers and seven percent of baby boomers.
- Kansas City residents cite paying off debt and saving for retirement as top financial priorities; Kansas City millennials (44 percent) are more likely to pay off debt when compared to millennials nationally (33 percent).
Top Financial Priorities
Read the Investor Mindset Report Executive Summary for more insightsView Report
Based on some of the findings that came out of the Kansas City survey results, David Royal, President of Thrivent Mutual Funds, outlines strategies for millennials and others to consider as they plan for retirement.
“Maximizing saving for retirement, while managing other financial needs, begins by identifying short-term and long-term goals so that you know how much you will need in the future.
Many millennials entered the workforce at a time of uncertainty during the recent recession. That uncertainty can create concerns that they won’t be able to save enough money for retirement. However, people should consider the type of lifestyle they want in retirement and start saving and investing sooner, to ensure they are prepared.
The good news is that there are many investment options available for individuals to save for retirement while managing debt.”
Saving for retirement remains a major national issue. About half of U.S. households with individuals 55 and older have no retirement savings plan (such as an IRA or 401(k) plan), and 29 percent have neither a retirement savings plan nor a defined benefit plan (which typically provides a monthly payment for life), according to the Government Accountability Office (GAO) 2015 population study.
Tips from Thrivent Mutual Funds:
- While there are a myriad of tools with an accumulation strategy, a good rule of thumb is to put roughly 15 percent of your pre-taxed dollars into an investment account. For example, many mutual funds pursue income and long-term growth by investing in stocks, bonds or a combination of both.
- With time on their side, millennials should consider looking for mutual funds with higher allocations to equities or international holdings.
- Individuals should take advantage if their employer-sponsored plan offers a company match. When you invest in a 401(k) or other qualified retirement plan, your savings may grow tax-deferred and compound over time.
Read The Entire Executive SummaryView Report
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