Latest news with #Thrivent
Yahoo
3 days ago
- Business
- Yahoo
Thrivent Bank launches operations in US
Thrivent Bank has officially commenced operations, marking a milestone as the first bank with an Industrial Loan Company (ILC) charter to open since 2020 and only the third since 2006. This launch finalises the merger of Thrivent Credit Union into the newly established bank. A subsidiary of Thrivent, a Fortune 500 financial services firm, Thrivent Bank aims to integrate the principle of generosity into its banking practices. The bank applied for the ILC charter in 2021 and received conditional approval from the Utah Department of Financial Institutions (UDFI) and the Federal Deposit Insurance Corporation (FDIC) last year. The official charter was granted at Thrivent Bank's headquarters in Salt Lake City. Thrivent president and CEO Terry Rasmussen said: 'Thrivent Bank combines our legacy of trusted financial advice with a modern, client-first banking solution. Thrivent Bank will help us build relationships with younger clients earlier in their financial journeys – who we can then serve throughout their lives.' With a growing number of Americans, particularly younger and more diverse individuals, seeking new banking options each year, Thrivent Bank intends to address this demand through a client-focused approach. The bank will prioritise digital-first banking and cash management solutions, empowering clients to make informed financial decisions that align with their long-term objectives. As of 1 June 2025, members of Thrivent Credit Union have transitioned to clients of Thrivent Bank, which is dedicated to providing the same service that they have come to expect. Additionally, Thrivent Bank plans to unveil a new digital banking experience later this year. Thrivent currently serves over 2.4 million clients through a network of financial advisors nationwide and manages more than $193bn in assets as of 31 December 2024. Last month, Thrivent announced plans to recruit around 600 financial advisors in 2025 for various positions across different advisory models, focusing on enhancing and expanding advisor teams. "Thrivent Bank launches operations in US" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
4 days ago
- Business
- Reuters
Money manager Thrivent opens digital bank to attract younger retail clients
NEW YORK, June 2 (Reuters) - Money manager Thrivent opened a digital bank on Sunday, aiming to attract young people as part of a nationwide push, the company said on Monday. "For over 120 years, Thrivent has provided purpose-based advice and now we're expanding in banking to grow and serve even more people," Thrivent CEO Terry Rasmussen said in a statement. The bank "will help us build relationships with younger clients earlier," she said. The company, which has Lutheran roots, currently serves 2.4 million clients through thousands of financial advisors and manages more than $193 billion in assets. "There's been this very notable upswell out there for more purpose-driven experiences," Brian Milton, CEO of Thrivent Bank, told Reuters in an interview. "There are 20 million Americans out there who are shopping for a bank account... we know they're younger, we know they're diverse, we know they're looking for transparency and fairness.' The new bank is one of few to have gained approval to operate from the Federal Deposit Insurance Corporation under the Biden administration. It secured a rare charter from the government to become an industrial loan company, the first since 2020. The digital bank will take on a group of about 50,000 members from Thrivent's existing credit union, which will be merged into the bank. It already houses about $700 million in deposits and will continue to offer loan products, such as mortgages, to retail clients.
Yahoo
4 days ago
- Business
- Yahoo
Money manager Thrivent opens digital bank to attract younger retail clients
NEW YORK (Reuters) -Money manager Thrivent opened a digital bank on Sunday, aiming to attract young people as part of a nationwide push, the company said on Monday. "For over 120 years, Thrivent has provided purpose-based advice and now we're expanding in banking to grow and serve even more people," Thrivent CEO Terry Rasmussen said in a statement. The bank "will help us build relationships with younger clients earlier," she said. The company, which has Lutheran roots, currently serves 2.4 million clients through thousands of financial advisors and manages more than $193 billion in assets. "There's been this very notable upswell out there for more purpose-driven experiences," Brian Milton, CEO of Thrivent Bank, told Reuters in an interview. "There are 20 million Americans out there who are shopping for a bank account... we know they're younger, we know they're diverse, we know they're looking for transparency and fairness.' The new bank is one of few to have gained approval to operate from the Federal Deposit Insurance Corporation under the Biden administration. It secured a rare charter from the government to become an industrial loan company, the first since 2020. The digital bank will take on a group of about 50,000 members from Thrivent's existing credit union, which will be merged into the bank. It already houses about $700 million in deposits and will continue to offer loan products, such as mortgages, to retail clients. Sign in to access your portfolio
Yahoo
26-05-2025
- Business
- Yahoo
How Boomerang Kids Are Becoming the New Roadblock to Retirement
There's something to be said for moving back home to support your parents financially in their later years. Between the high cost of housing and inflation, returning home can be economical for the adult children, as well. Learn More: Try This: But many adult children seek financial support from their parents rather than provide it. According to a Thrivent study, 46% of adult children ages 18 to 35 move back home. In 38% of cases, older parents report having their retirement plans and other long-term financial goals impacted by their children living with them. Boomerang children are those who return home after a period of time living on their own. The biggest reasons this happens are housing affordability (32%), inflation (30%) and major life events, like divorce (20%). According to the Thrivent survey, parents who've had their adult children move back home with them cite the following areas of their finances as having been most impacted by the change: Saving for short-term goals: 39% Saving for long-term goals, including retirement: 38% Debt payoff: 34% Savings for future health-related needs: 21% Ability to support their own aging parents: 8% While supporting your adult children isn't necessarily a problem, it certainly can be a roadblock to your other financial goals or needs. 'If your adult child is living with you temporarily, then all is well. If they are living with you on a longer or permanent basis and are helping with bills, that actually could be a financial benefit to all parties,' said Cynthia Campos Delgado, founder and financial advisor at Campos Wealth Management in McAllen, Texas. 'However, when it's a no-end-in-sight scenario and they are not helping by contributing financially, then that becomes unbalanced and unhealthy emotionally, as well as financially,' she added. Find Out: The cost of living is high. According to the latest data from the U.S. Bureau of Labor Statistics, the average person spent about $77,280 in 2023, the most recent available data. When adult children move back home, certain costs — like housing — may decline. But sometimes their parents have to foot the bill for everything else, like increased utility bills or groceries. 'These added costs can directly reduce parents' ability to contribute to their retirement accounts, or even force them to dip into savings prematurely,' said Mindy Yu, a certified investment management analyst (CIMA) and senior director of investing at Betterment at Work. Yu added that the 'financial strain could cause future retirees to delay their retirement date, and for those already retired, it might mean adjusting their lifestyle, cutting back on travel, hobbies or other desired retirement activities.' Fortunately, there are ways to make the situation work. Alex Gonzalez, a financial advisor at Thrivent, had the following tips for those with adult children living at home: Keep the lines of communication open. Approximately 60% of parents don't discuss the financial impacts of having their adult children living with them. Help the adult children make a savings goal and a plan, so they can strike out on their own again. Evaluate your own long-term financial goals and make sure providing financial support to your adult kids isn't getting in the way of that. Check in with your adult children even after they've moved out on their own to make sure they're on track financially. More From GOBankingRates These Cars May Seem Expensive, but They Rarely Need Repairs 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on How Boomerang Kids Are Becoming the New Roadblock to Retirement
Yahoo
17-05-2025
- Business
- Yahoo
I want to move out but can't afford it alone — my parents had promised to help but now they can't. What now?
Renting a home is not cheap. In fact, Zillow puts the average monthly cost of rent at $1,850 nationally. Let's say you're in your mid-20s and looking to rent a townhome for more space and a sense of independence. The catch? You have to fork over $5,000 in advance for two months' security and additional fees. That's a hefty chunk of change. It's not uncommon for young adults to live at home with their parents until they have sufficient funds stashed away for rent and utilities. Sometimes, parents will charge their kids 'rent' only to set it aside to give back to them once they're ready to move out. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) But what if your parents went back on that promise and instead deposited your 'rent' into one of their 401(k)s? Now, you're short on the $5,000 you owe for the townhome. It's a difficult situation, but it doesn't mean all is lost. It's not uncommon for young adults to move back into their parents' house. A recent Thrivent survey found that 46% of parents with children aged 18 to 35 had a child move back home. It's also not a bad thing to contribute financially when you're living with your parents as a young adult. That could mean paying rent, chipping in for utilities or covering food costs. However, problems can arise if someone fails to follow through on a financial arrangement, such as your parents promising to return your rent and not doing so. You may have a few options if you find yourself in that situation. First, you should know that if your dad is at least 59½ years old, he can access his 401(k) plan without an early withdrawal penalty. Just because the money you paid has landed in that account doesn't mean it's off limits. Next, you can try negotiating with your parents. If you're short, say, $1,200 on move-in fees, you can ask if they'd at least be willing to return that sum immediately — even if you were promised you'd get more rent back than that. This could allow you to cover your costs and leave their home, which you may especially want to do if you're feeling hurt about them not keeping their promise. Another option is to delay moving until you've saved more. This might be a good idea in general. A recent Ipsos poll found that 73% of Americans have a negative view of the U.S. economy, and 72% think new economic policies could spur a recession. It's a dangerous time not to have savings, because if you lose your job, you might struggle to cover your rent. And if your living costs increase broadly because of tariffs, you might have a hard time paying your bills or risk ending up in debt. So, if $1,200 is the difference between being able to move out or not, you may want to hold off until you've saved that sum plus enough money to cover at least three months of essential bills. Another option may be to negotiate a lower move-in fee. For example, if you can't swing a full security deposit, but have great credit, a landlord may be willing to let you put less money up front. You could also consider moving to a smaller rental for a year and then upsizing once you've saved more. A townhome might seem like a comfortable place to live, but you might spend a lot less on rent by moving into a studio or one-bedroom apartment. That said, if the townhome is large enough, it may be feasible to get a roommate. If that person can split the move-in costs with you, you may be able to get into that home right away. And as a bonus, you'll have someone to split rent and utilities with on an ongoing basis. Read more: You're probably already overpaying for this 1 'must-have' expense — and thanks to Trump's tariffs, your monthly bill could soar even higher. Here's how 2 minutes can protect your wallet right now There are many reasons why so many young adults struggle to leave the nest and end up moving back home. Thrivent found that 32% of young adults moved back home because of a lack of housing affordability, while 30% cited increasing prices on essentials. The ever-rising initial cost of renting a home can also catch young adults — and renters of all ages — off guard. Take the security deposit, for example. In a 2023 report, Zillow found that 87% of renters paid a security deposit, with the average cost ranging from $500 to $999. Some landlords charge a security deposit equal to a full month of rent, which can be cost-prohibitive for people with limited funds. There's also the issue of rent itself being unaffordable. Recent data from the Harvard Joint Center for Housing Studies found that 22.4 million renters spend more than 30% of their income on rent. A 2023 Bloomberg survey also found that nearly half of Americans ages 18 to 29 were living at home due to being unable to afford rent, the same amount as in the 1940s. Part of the problem is that landlords are less likely to negotiate rent when you're first moving in. Tenants tend to have more negotiating power when their leases are up, because there's a cost to finding a replacement tenant, and because landlords are more inclined to bend for tenants with a strong history of paying rent on time. When you're a new tenant, a landlord is taking a chance, so you may not have the same wiggle room to negotiate. But, that doesn't mean you can't or shouldn't try if it spells the difference between being able to afford a rental or not. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
