Skip to main content

Looking to Learn More? Sign up for our Investing Insights newsletter. Subscribe

Thanks for Signing Up!

Be sure to check your inbox for the Investing Insights newsletter to get the latest news and insights from Thrivent Mutual Funds.

Well that's unexpected - your subscription request was not submitted. Please try again.

Great news - you're on the list!

Looks like you're already on our mailing list. Be sure to check your inbox for the Investing Insights newsletter to get the latest news and insights from Thrivent Mutual Funds.

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.

Even after a strong rebound in the stock market and the job market, many Fargo residents have fears about retirement, according to the 2016 Investor Mindset Report. While still dealing with the impact of the state’s oil boom and bust cycle, the economic recovery may also have an influence on the mindset of residents.

Our infographic illustrates key study findings from Fargo.

Highlights from Thrivent Mutual Funds’ Fargo survey reveal that: 

  • Millennials and Gen Xers in the Fargo area say that their most important financial priority is paying off debt. In fact, their concern about debt repayment is well above the national average.
    • Forty-eight percent of Fargo millennials say that paying off debt is their top financial priority, compared with the national average of 33 percent.
    • Thirty-eight percent of Fargo Gen Xers say paying off debt is their top financial priority, which is well above the national average of 22 percent.  

 

Top Financial Priorities

Fargo Survey - Top Financial Priorities

Read the Investor Mindset Report Executive Summary for more insights

View Report

“While paying off debt is important, it should also be prioritized with consideration for other short- and long-term goals. With life expectancy increasing, it’s more important than ever to begin considering your financial retirement needs. Fortunately, there are many ways to save for retirement while paying off debt.” 

David Royal, president, thrivent mutual funds

David Royal, President, Thrivent Mutual Funds


Royal noted that individuals can prioritize saving for retirement by managing “good debt” such as home mortgages and student loans. While paying off loans is essential in maintaining high credit scores, millennial investors should also consider contributing additional money into a retirement account. For example, a Roth IRA allows investors to potentially take advantage of tax-free growth of their investment portfolio to help save more money for retirement. 

Tips from Thrivent Mutual Funds:

  • Pay yourself first (15 percent target of pre-tax dollars is a good rule of thumb, and use direct deposit so you never see and spend it).
  • Maximize your employer’s 401(k) match to generate additional savings. Older investors can take advantage of a government catch-up provision that allows for workers 50 and older, to defer an additional $6,000 per year.
  • Know what investment options are available to you.
    • Asset allocation funds are a group of all-in-one funds with diversified portfolios of stocks and bonds. These funds are generally all about long-term growth within your risk tolerance (from aggressive to conservative). They’re a great option to consider to grow assets for retirement, education, a down payment on a house, or many other financial goals. 

 

 

Read The Entire Executive Summary

View Report
Well that's unexpected - your subscription request was not submitted. Please try again.

Gain From Our Perspective

Get Our Investing Insights Newsletter in Your Inbox.

SUBSCRIBE NOW

Gain From Our Perspective

Get Our Investing Insights Newsletter in Your Inbox.

SUBSCRIBE

Thanks for Signing Up!

Be sure to check your inbox for the Investing Insights newsletter to get the latest news and insights from Thrivent Mutual Funds.

Great news - you're on the list!

Looks like you're already on our mailing list. Be sure to check your inbox for the Investing Insights newsletter to get the latest news and insights from Thrivent Mutual Funds.

This article is not intended as a source for tax advice. Work with your tax professional for additional information.

The concepts in this article are intended for educational purposes only and are not intended to recommend any particular strategy.

About the Study: ORC International, a global business intelligence company, conducted the Thrivent Mutual Funds survey among 3,400 respondents ages 25-64. Invitations to participate in the study were sent on July 27, 2016, and data collection continued through August 7, 2016. For more information about this study, please visit www.ThriventFunds.com

Some states have not yet adopted the federal rules governing the tax treatment of Roth IRAs and there may be conflicts between federal and state tax treatment of IRA conversions. Consult your tax professional for your state's tax rules.