Jump to content

tony

Members
  • Content count

    4,144
  • Joined

  • Last visited

Community Reputation

0 Neutral

1 Follower

Recent Profile Visitors

1,002 profile views
  1. Not exactly related to 403b but certainly applicable to the topic of retirement and planning ahead for your future which sometimes can be uncertain. You will recognize the author who has written about 403b plans previously. For a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy.The signs of potential trouble — vanishing pensions, soaring medical expenses, inadequate savings — have been building for years. https://www.nytimes.com/2018/08/05/business/bankruptcy-older-americans.html?fallback=0&recId=18yUD9jEBtHS5djSsmeI08gbhgA&geoContinent=NA&geoRegion=CA&recAlloc=thompson_sampling_story&geoCountry=US&blockId=signature-journalism-vi&imp_id=785613265
  2. tony

    Switching vendors; need help!

    Jebjeblitz Glad you like it. Hope you will continue participating on this board. We need you to offer your insights. Tony
  3. tony

    403-b

    As a side note this story broke today. Ameriprise (formally American Express Financial Advisors) and the first outfit I ever invested in my 403b is once again in the news. If you think for a moment these folks care about you should have your head examined. I don't think what these fellows below did is that uncommon. My Ameriprise advisor at the time played havoc on my portfolio. I really believe the mentality in the financial industry is that they have a license to steel. Luckily we call them out here and we know who the good guys are. Agency censures firm for not protecting clients from thieving brokers Aug 15, 2018 @ 11:51 am By InvestmentNews 0Shares The Securities and Exchange Commission said that Ameriprise FinancialServices will pay $4.5 million to settle charges that it failed to safeguard retail investor assets from theft by its representatives. According to the SEC's order, five Ameriprise reps committed several fraudulent acts, including forging client documents, and stole more than $1 million in retail client funds over a four-year period. The SEC found that Ameriprise, which also agreed to a censure, failed to adopt and implement policies and procedures "reasonably designed to safeguard investor assets against misappropriation by its representatives." The SEC said that the five brokers were based in Minnesota, Ohio, and Virginia, and three previously pled guilty to criminal charges. Each was terminated by Ameriprise for misappropriating client funds. The SEC's order found that Ameriprise has implemented a new system to safeguard clients' money, and that Ameriprise reimbursed all clients for the losses they incurred due to the misconduct of its reps. Ameriprise agreed to the censure and penalty payment without admitting or denying the findings. 0 COMMENTS What do you think? View comments
  4. tony

    Switching vendors; need help!

    if you click on the map it will show which states offer a deduction https://personal.vanguard.com/us/whatweoffer/college/finda529Popup.jsf
  5. tony

    403-b

    Ed brings up a good point and i am sure vanguard would not let it happen but you don't want to roll a tax sheltered 403 b plan to a roth ira that would be a disaster in taxes. Make sure you go into a traditional ira
  6. tony

    Switching vendors; need help!

    Jeb, you are one smart guy.
  7. tony

    403-b

    Yes it certainly will be untaxed. The only difference is you are in a different investment vehicle namely an IRA . In terms of fund symbols, I can't speak for TIAA but I do know in the past it was impossible to find the symbols of funds used in insurance annuity products which irritated me. They also used units instead of shares which made it impossible to figure out your return. I am not sure if TIAA is using some form of Hybrid fund symbols. If they are this can disguise how well your fund is performing. With Vanguard everything will be front and center. You can check your accounts daily and see their performance and all needed info right there in front of you. You are going to like it. As others have said some players in this industry want to keep things complicated and unclear so you will need to seek out their help. Thats how they get you.
  8. tony

    403-b

    And that is what matters. I am sure if you respected them they had to be doing something right at the time because you are no pushover. That is what is so confusing about what I am reading about TIAA now. I pray Vanguard never changes as they grow and become a worldwide force. They are now in Canada and Europe making some serious noise about fees. Folks in other countries pay much more for entry into mutual funds and Canada has the highest fees in the world. Vanguard is going to change the landscape in those geographic areas if they can get around all the socialist government regulation. Let us hope TIAA realizes its errors and re-adjusts to being a bit of their former self. They don't need to be a Vanguard and probably never will be but they could be a viable 403b choice over annuities if they can fix themselves. In my instance I clearly remember them asking for $4,000 to initiate the process, something the school board s h o t down immediately and we never got a clear answer why from TIAA. I assumed it took time and money for them to administrate it in our smaller size district and they didn't want to commit without some up front compensation.
  9. tony

    403-b

    Why? I guess perhaps based on their ability in the past to capture so much of the higher education market? I've heard Insurance companies on my end bash Vanguard but never TIAA. If you remember when I was trying to get new vendors beyond annuities at my old district several folks requested TIAA. We made contact with them but they wanted like four grand upfront just to open us up to them. That stopped us cold and we then moved on to Vanguard. I do know for fact that TIAA was viewed favorably back in the day. Its no coincidence that Vanguard is growing so fast and is managing so many assets. People are catching on and even though the 403b world is still not there we are getting closer thanks to the awareness of all the folks and authors here. Unfortunately the 403b advice I often read on Bogleheads on 403b's is sometimes wrong and inaccurate.
  10. tony

    403-b

    Its unfortunate, they could have been a contender instead they decided to go the way of the greedy dogs.
  11. tony

    403-b

    I ha I have to wonder if even though he accumulated these accounts and funds working on different campuses if it was the same advisor who set up all these accounts and funds for him. Either way they must have reviewed his previous accounts so this doesn't sound like just a bad apple but more a symptom of a bad company that has lost its way serving its customers. I think its may be time for the CEO to go if he is promoting this type of activity. And this isn't just an issue with somewhat higher fees, this is much more serious.
  12. tony

    403-b

    I wouldn't. Just move on you won't get a clear honest answer and don't give them the opportunity to try and change your mind. By the way, Kudos for jumping on this immediately and contacting Vanguard. I don't believe you will have any trouble with TIAA although I don't exactly understand the arrangements you have with them. Usually its the insurance companies that try to hold up the works with transfers. The sooner you get away from the 403b and into a Vanguard IRA the better off you will be. It might take a few weeks. Make sure all paperwork on both sides is filled out correctly. Keep in close contact with Vanguard. They will get it done for you. Please keep us up to date as what is happening and what you ultimately invest in so others can also learn from your experience. You are no more naive than most of us have been. Most people are trusting and these financial companies are smooth operators. Still I am surprised about TIAA doing this to you. I thought they were better than that but maybe times have changes at that organization as the NYTIMES article tried to point out. They used to be highly respected. Good Luck!!
  13. tony

    403-b

    I am confused. There are no tax consequences for transferring a 403b but if he liquidates some or all of the 403b and transfers into his savings account to spend that part is taxable. Right?
  14. tony

    Switching vendors; need help!

    Sophv Just make sure to go into their INDEX Funds. Some of their (Fidelity)funds can be pricey. If you have any further questions about this let us know.
  15. tony

    403-b

    Here is a link to Steve's book: https://www.amazon.com/Late-Bloomer-Millionaires-Financial-Investment-ebook/dp/B00AM34M6I/ref=sr_1_2?ie=UTF8&qid=1534455503&sr=8-2&keywords=steve+schullo I don't think you would want to take possession of any of your funds but you could since you are retired but I believe then you would have 60 days to transfer it on your own or it would be considered a distribution-a taxable event if you wait past 60 days to initiate the transfer Its much easier to do a direct transfer. I would suggest you call Vanguard (if thats your choice) and they will guide you through the procedure and even do most of the work for you. Tell them you want help with this huge amount of funds and they will help you initiate the process. You may have to fill out paperwork with TIAA or any other company you may own too. Again Vanguard will help you with this. Tell them you want to consolidate your funds into a simple diversified index fund portfolio. They will probably recommend a 3 fund index portfolio or a target fund or a life strategy fund. Also I would tell them you want to move from the 403b into a Traditional IRA. I think the process should go smoothly for you. In terms of Vanguard-they are a not for profit financial organization and they work in the best interest of their clients-you!! I think they are the best choice IMHO .You can google Vanguard and read about them on their website. I trust them. I think you can too. Keep in mind once at Vanguard you will have no advisor to deal with on your own. If you pick a life strategy fund or target fund everything is done for you by Vanguard!! They also have retirement advisor services and you can ask them about that if you are interested but you might not need it. Please don't delay do it now. Its in your best interest to do this. You do not need to talk to any TIAA advisor any further. Do this over the phone and follow Vanguard's instructions. I am glad you found this site. You will be better served going forward. I am sure of it.
×