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Everything posted by Admin

  1. Admin

    John Bogle has passed away

    It is with the utmost sadness that I share the news of the passing of John Bogle. I had the supreme honor to meet him several years ago. Dan Otter The genius of John Bogle in 9 quotes
  2. Universal Pictures has delivered a third (!) "Grinch" flick that I am not sure anyone asked for. Meanwhile, public school teachers continue to be subjected to horrific 403(b) plans. Sadly, one of our oldest stories continues to be one our most relevant. The 403(b) Grinch Continues to Steal the 403(b).
  3. Plus healthcare access, uncertainty, and cost.
  4. Admin

    Vanguard lowering er on target date funds

    Heard this was coming. Great to see it indeed did! Thanks for sharing.
  5. Reason 5,062 why we need a Fiduciary Standard: The Federal Thrift Savings Plan is considered gold standard by many (low fees, manageable number of choices, etc). The SEC alleges that four brokers targeted TSP participants nearing retirement with sizable balances. Guess what product they recommended? http://retireaware.com/2018/11/27/retirement-plan-providers-profit-from-participant-confusion/ The Allegations The SEC’s complaint alleges that four brokers (doing business as “Federal Employee Benefits Counselors”) targeted federal employees who were nearing retirement and who had sizable funds invested in the federal employees’ defined contribution plan (the Thrift Savings Plan or TSP). The complaint alleges that the brokers misled TSP participants concerning significant details about recommended variable annuity investments, including the associated fees and guaranteed investment returns. Most significantly, the brokers allegedly fostered the misleading impression that they were in some way affiliated with or approved by the federal government. In some instances, these TSP participants were led to believe that their funds would be invested in a product that was offered, vetted, or specifically selected by the TSP. According to the SEC’s complaint, the brokers sent investors written materials that obscured that the investment was a privately issued variable annuity with no connection to the TSP. According to the complaint, the brokers sold approximately 200 variable annuities with a total face value of approximately $40 million to federal employees, who used monies rolled over from their TSP accounts to fund their purchases. The brokers collectively earned approximately $1.7 million in commissions on these sales. (It should be noted that these are allegations by the SEC and the matter has not been fully adjudicated. However, two of these individuals settled the claims brought by the SEC and, as part of the agreement, have been barred from selling securities. Additionally, these four individuals are no longer registered to sell securities.)
  6. Great story by Ron Leiber and great work by MoeMoney!
  7. 403(b) Contribution Limit Increases to $19,000 for 2019; IRA limit increases to $6,000
  8. Admin

    TEACH and Retire RICH book review

    Steve, This is awesome and so thorough! Love how you weaved in your experiences. So clever! Thanks too for pointing out that rich means: "“Rich” is the ability to retire early with financial peace of mind, no debts, owning a nice home located at a retirement resort community, traveling, donating to worthy causes, with a financially comfortable nest egg." - Dan
  9. Admin

    ‘Magical’ or ‘Unsuitable’?

    Glad you were able to access.
  10. Why fiduciary rule was needed
  11. Admin

    ‘Magical’ or ‘Unsuitable’?

    Hey Tony, Hmmm. It opened for me. Try pasting: http://www.philly.com/philly/business/Fixed_Index_Annuities_Magical_or_Unsuitable.html?mobi=true or searching Magical or unsuitable. Let me know how it goes. - Dan
  12. Along with Scott Dauenhauer, Steve Schullo, Sandy Keaton and many others, I attended last week's RISE of California Retirement Investment Summit on Education in Sacramento. Here's my take: The Elephant in the Room. It would be good to hear perspective of others who attended.
  13. Thank you, Michael! Looking forward to seeing the formal announcement.
  14. https://www.ssa.gov/cola/ Maybe bump for 403(b) as well?
  15. One of my favorite FIRE reads is the Mad Fientist. He just posted this on withdrawal rates: https://www.madfientist.com/safe-withdrawal-rate/
  16. Finally (!) a directory of fiduciary advisors for the 403(b) and 457(b) audience. 403(b)wise launches the 403(b)wise Fiduciary Advisory Directory Public 403(b) plans are notorious for expensive 403(b) products pushed by non-fiduciary sales agents. “Teachers, professors, nurses, and those who work at educational institutions, and non-profits don’t know who to trust when it comes to financial advice,” said Dan Otter, a teacher, and founder of 403(b)wise.com, a website that provides news and information, and advocates for better 403(b) plans. “It’s long been my goal to provide a resource of fiduciary advisors who understand the 403(b) and 457(b) plans.” The directory launched March 1, 2018 with eight CFPs®. In addition to being a CFP®, each has agreed to sign The 403(b)wise Fiduciary Pledge. Individuals who have been authorized to use the CFP® certification have met rigorous professional standards and have agreed to adhere to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients. The minimum designation for inclusion in the directory is a CFP®. Currently 403(b)wise is not accepting applications from Registered Representatives or those licensed to sell insurance. The directory will will only feature fee-only, fiduciary financial advisors. For more information on applying to The 403(b)wise Fiduciary Advisory Directory.
  17. I have to think this is a result of the NY Times 403(b) stories: Illinois Teachers to Get New Retirement Savings Plan Excerpt: “We required TRS to create a deferred compensation plan to offer to every school district,” Martwick said. “So now teachers will know they will get a high performing, low-cost deferred compensation plan to supplement their retirement.”
  18. Admin

    New Documentary worth watching--FIRE

    Thanks for sharing, Steve. I have been following many of these folks for awhile and am quite impressed.
  19. Admin

    Pod now on Spotify

    The Teach and Retire Rich podcast is now available on Spotify.
  20. Admin

    Need Help with 403(b)/ 457 Options

    Welcome CMK, A couple of resources: 403(b) and or a Roth IRA 457(b) Information Dan
  21. Admin

    Our Pod now on Stitcher

    Hey Everyone, The Teach and Retire Rich pod is now available on Stitcher (in addition to iTunes and Libsyn). If you have an Android phone you can now listen to TRR on the Stitcher app. We will be available on Spotify shorty. - Dan
  22. 403bannuitysalesman, Can you share the name of the school district? Thanks. - Dan
  23. Hi All, I wanted to bring your attention to a new ally in the fight for transparency in the 403(b) market: Principal Review. Scott and I interview CEO and Managing Director, Daniel Alexander in our latest pod (#61). His firm is taking on the conflict of interest service and sales structures that exist within group sponsored retirement plans (ERISA and Non-ERISA including the 403(b) plan). Principal Review’s services include a Conflict of Interest Audit that identifies conflicted structures that serve to undermine the health of the plan and its participating employees. We are also proud to have Principal Review as our newest sponsor. You can see their link at the top of the Discussion Board. Feel free to reach out to Daniel with any questions: dalexander@principalreview.com Dan
  24. Admin

    Six Legit Index Funds That Build Wealth

    Great resource, Tony. Thanks for posting!