My wife and I are both teachers in Maryland. Our only option for 403b investment is Lincoln Financial Group (www.lfg.com). The annual fee has been 0.43%, but we were recently informed that it will be reduced to 0.31%.
I am currently enrolled in the “Aggressive” model portfolio because I have at least 20 more years before retirement, and I plan to switch to “Moderate” and “Conservative” model down the road. But, I do have the option of switching to a Morningstar advisor managed portfolio. My current portfolio balance is:
· AM Fds EuroPacific Growth 24.00%
· Vanguard 500 Index Admiral Shares 13.00%
· Blackrock EQ Dividend I 11.00%
· JPM Small Cap Equity 10.00%
· Jhn Hnk Disciplined Val Mid Cap Fund R6 9.00%
· MFS International New Discovery R6 8.00%
· Vanguard Total Bond Market Index 6.00%
· Other 19.00%
In four years, I have contributed $11K, my current balance is $14.5K, and I have paid $95 in fees and expenses. I think we have a good 403b program, but I want to get some input.
Should we stick to the plan, or see if I can get access to other options (TIAA-CREF, etc.)?
Would it be wise to switch to the Morninstar portfolio? (I am not sure what the investment mix looks like)
We currently put half of our contributions into a standard 403b and half into Roth 403b. Should we consider contributing more heavily to one or the other? We both participate in Social Security and have a state pension plan.
We also have access to 401a and 457b plans.