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
Read the Investor Mindset Report Executive Summary for more insightsView 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.”
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 SummaryView Report
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