Tax Day is April 15, 2024. Visit the Tax Resource Center to help you prepare.

Three ways to buy Thrivent funds

We’re here to help you invest with confidence.

MUTUAL FUNDS

Thrivent Account

You can purchase mutual funds right on our site with an online account.

Buy with a Thrivent account

  • Set up an account starting with as little as $50 per month.1
  • Access your online account at your convenience.
  • Purchase funds without transaction fees or sales charges.

MUTUAL FUNDS & ETFS

Financial Professional

For guidance when investing, ask a financial professional about buying Thrivent mutual funds & ETFs.

Buy with a financial professional

  • Receive investment help from an experienced professional.
  • Build a relationship through in-person meetings.
  • Get help planning for life’s goals such as saving and retirement.
  • Additional fees may apply.

MUTUAL FUNDS & ETFS

Brokerage Account

If you already have a brokerage account, our mutual funds & ETFs can be purchased through online brokerage platforms by searching for Thrivent Mutual Funds and ETFs.

Buy with a brokerage account

  • Add Thrivent Mutual Funds and ETFs to your investments within your existing portfolio.
  • Take advantage of your account to keep your investments in one place.
  • Additional fees may apply.
Not quite ready?

We want you to invest your money wisely and with confidence.
Here are some other options that may help you.

  • Take our quiz to determine your personal investment style.
  • Talk to your financial advisor about ETFs.
  • Sign up for our monthly investing insights newsletter.

 

Need more help?

If you need assistance, we’re here to help. Reach out to us via the phone, email, and support page information below.

 

This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:

 - You may have to pay more money to trade the ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.

 - The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders.

 - These additional risks may be even greater in bad or uncertain market conditions.

 - The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.

The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategy, however, this may hurt the ETF’s performance. For additional information regarding the unique attributes and risks of the ETF, see the Principal Risks section of the prospectus.

1 New accounts with a minimum investment amount of $50 are offered through the Thrivent Mutual Funds "automatic purchase plan." Otherwise, the minimum initial investment requirement is $2,000 for non-retirement accounts and $1,000 for IRA or tax-deferred accounts, minimum subsequent investment requirement is $50 for all account types. Account minimums for other options vary.

Thrivent ETFs may be purchased through your financial professional or brokerage platforms.

Contact your financial professional or brokerage firm to understand minimum investment amounts when purchasing a Thrivent ETF.

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RETIREMENT PLANNING

IRA contribution limits for 2023 & 2024 

Shot of a young couple going over their finances together at home

Key points


2023

The IRA contribution limits for 2023 are $6,500 for those under age 50 and $7,500 for those 50 and older.

2024

For 2024, the IRA contribution limits are $7,000 for those under age 50 and $8,000 for those age 50 or older.

Deadline

You can make IRA contributions until the federal tax deadline the following year.


WRITTEN BY:
Senior Finance Editor
WRITTEN BY:
Gene Walden,Senior Finance Editor

Individual retirement accounts (IRAs) help you save and invest for retirement. They have annual limits on how much you can contribute and deduct from your taxes. These limits may be impacted by your earned income.

To get the most out of your IRA, review the 2024 and 2023 rules and contribution limits.

Who can contribute to IRAs?

You can contribute to an IRA if you (or your spouse, if filing jointly) have “taxable compensation,” also known as “earned income.” The following table shows the types of income would and would not be considered “taxable compensation.”

Compensation for purposes of an IRA

Includes:

  • Wages, salaries, etc.
  • Commissions
  • Self-employment income
  • Nontaxable combat pay
  • Taxable alimony and separate maintenance
  • Taxable non-tuition fellowship and stipend payments

Does not include:

  • Earnings and profits from property
  • Interest and dividend income
  • Pension or annuity income
  • Deferred compensation
  • Income from certain partnerships
  • Any amounts you exclude from income

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How much can I contribute to an IRA?

For the 2023 tax year, you can contribute up to $6,500 (or up to $7,500 if you’re age 50 or older by year end). You may make IRA contributions until the federal tax deadline for income earned in 2023, ie. April 15, 2024.

For the 2024 tax year, you can contribute up to $7,000 (or up to $8,000 for those age 50 or older by year end). You can make 2024 IRA contributions until the federal tax deadline for income earned in 2024.

Even if you haven’t yet made an IRA contribution, you have until the tax filing deadline to make the contribution for the tax year. That could reduce taxes on your previous year’s returns.

Note that contribution limits are the total you can contribute across all your traditional and Roth IRA accounts. And the amount you can contribute to a Roth IRA may be less, depending on your earned income, as the Roth IRA contribution limit is reduced if your modified adjusted gross income (MAGI) exceeds thresholds.

Can my spouse contribute?

Even if your spouse doesn’t work, he or she can contribute to a spousal Roth or traditional IRA if you are a wage-earner and you are married, filing jointly. However, there are limitations.

  • You can’t contribute more than you earn in taxable compensation.
  • In 2023, in addition to your IRA contribution, your spouse may also contribute up to $6,500 for those under age 50 and $7,500 for those 50 and older in 2023 to their spousal traditional IRA.
  • In 2024, in addition to your IRA contribution, your spouse may also contribute up to $7,000 for those under age 50 and $8,000 for those 50 and older in 2024 to their spousal traditional IRA.

Are there age restrictions?

Working individuals may continue to contribute to their traditional or Roth IRAs for as long as they have earned income without age restrictions. This represents a change in the tax law as part of the SECURE Act of 2020.

Are there upper income restrictions?

There are no upper income restrictions on contributing to a traditional IRA, although there are income restrictions for taking a deduction for your IRA contribution if you or your spouse are participating in an employer plan at work, such as a 401(k).

Limitations to qualify for a deduction on your traditional IRA contributions

Married filing jointly, with a workplace plan: For 2023, phase out starts at $116,000 with no deduction at $136,000 and above. For 2024, phase out starts at $123,000 with no deduction at $143,000 and above.

Married, filing jointly, without a workplace plan (but your spouse participates in a plan): For 2023, phase out starts at $218,000 with no deduction at $228,000 and above. For 2024, phase out starts at $230,000 with no deduction at $240,000.

Single and head of household, covered by a workplace plan: For 2023, phase out starts at $73,000 with no deduction at $83,000 or above. For 2024, phase out starts at $77,000 with no deduction at $87,000.

Married, filing separately, if covered by a workplace plan: The phase-out range is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000. If you make deductible traditional IRA contributions and request a qualified charitable distribution (QCD), the QCD amount will be reduced by the amount of the traditional IRA deductions.

What are taxes and penalties for early withdrawal?

All pre-tax contributions and earnings you withdraw from your traditional IRA are taxable. If you are under age 59 ½ you may also have to pay a 10% tax for early withdrawals unless you qualify for an exception.

 

RELATED CONTENT

Saving to your IRA now could make a big difference later.

While many people wait until the deadline to contribute to an IRA, you could accelerate your savings process by contributing a year earlier during the current tax year instead of at the deadline in the following year.

Contribution rules & limits for IRA and CESA

Thrivent Mutual Funds answers frequently asked questions about IRA contributions, distributions and potential IRS penalties.

Roth IRA contributions

If you earn above the income restrictions and you still want to contribute to an IRA, opening a Roth IRA may be a better option than a traditional IRA if you meet the Roth IRA income limits.

To qualify for the full contribution, those who are married and filing jointly must have a MAGI under $218,000 for the 2023 tax year and under $230,000 for 2024. Contributions would be reduced on a sliding scale between $218,000 and $228,000 for 2023 and between $230,000 and $240,000 for 2024.

The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

Single filers must have a MAGI under $138,000 for the 2023 tax year and under $146,000 for 2024. Contributions would be reduced on a sliding scale between $138,000 and $153,000 for 2023 and between $146,000 and $161,000 for 2024.

Although a Roth IRA wouldn’t provide a tax benefit for the current year, any investment growth would be tax-deferred and you would have the benefit of tax-free qualified withdrawals later, whereas traditional IRA withdrawals are taxed.

You can take tax-free withdrawals of the total amount of your contributions to your Roth IRA at any time. But for investment earnings within a Roth IRA, tax-free withdrawals must normally be taken after age 59½ and after a five-year holding period. Other qualified tax-free withdrawals include a first-time home purchase (up to $10,000), disability or pay-outs to a beneficiary. If you take non-qualified withdrawals, earnings will be taxable but not subject to the 10% early withdrawal penalty if taken for higher education expenses, birth or adoption expenses ($5,000 limit), unemployed health insurance premiums and payments through a substantially equal periodic payments plan (SEPP).

The following table lays out the income limitations for your eligibility for contributing to a Roth IRA.

Married & filing jointly or qualifying widow(er)
Your MAGI What you can contribute

Less than $218,000 in 2023 and less than $230,000 in 2024

Up to the limit

Greater than or equal to $218,000 but less than $228,000 in 2023; greater than or equal to $230,000 but less than $240,000 in 2024

A reduced amount

Greater than or equal to $228,000 in 2023 and $240,000 in 2024

Zero

Married filing separately but lived with spouse during the year
Your MAGI What you can contribute

Less than $10,000 in 2023 and 2024

A reduced amount

Greater than or equal to $10,000 in 2023 and 2024

Zero

Single, head of household, or married filing separately & did not live with spouse
Your MAGI What you can contribute

Less than $138,000 in 2023 and less than $146,000 in 2024

Up to the limit
Greater than or equal to $138,000 and less than $153,000 for 2023 and greater than or equal to $146,000 and less than $161,000 for 2024 A reduced amount

Greater than or equal to $153,000 for 2023 and greater than or equal to $161,000 for 2024

Zero

The information provided is not intended as a source for tax, legal or accounting advice. Please consult with a legal and/or tax professional for specific information regarding your individual situation.


Your retirement investment journey begins with 3 steps

Take advantage of tax contribution limits and open a Thrivent Mutual Funds IRA today. Choose an account, select mutual funds that match your retirement goals and investing style, and open your account.


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