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About MoeMoney

  • Birthday April 13

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    New York
  • Interests
    Cycling, learning, teaching

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  1. MoeMoney

    New NY state teacher 457b vs 403b

    Verges on criminal??? You're catching on. Remember, it's unspoken and I'm not an authority:)
  2. MoeMoney

    NEA Direct Invest 403b - NJ teacher

    We will hold your hand. It’s the one’s who stop asking we worry about the most!
  3. MoeMoney

    Aspire or NEA Direct Invest

    That’s great! It is a transfer from one 403b vendor to another. I believe a rollover involves an IRA. Call Aspire directly. Yes, annual rebalance. That is to keep your stock:bond ratio balanced to the percentages you desired.
  4. MoeMoney

    New NY state teacher 457b vs 403b

    Good summary, and kudos for exerting that amount of effort for your s-in-law. I requested to get on OMNI’s advisory committee. Could you imagine how much they laughed at the thought of a teacher on that committee? It was a one-time committee, they did the damage and don’t meet. And the School Business Officials have meetings that are hosted by OMNI and the P3 vendors. No wonder some districts do not allow 457 plans as that would potentially hurt their commissions. It’s an unspoken mess.
  5. What could AXA Adam have possibly been thinking? Did he think he’d try to scare you or make you feel threatened? He must have read your work. What nerve.
  6. MoeMoney

    6 Things You Don't Know About Index Funds

    Interesting article. I particularly like the profile of the index fund investor, number 5. Thanks for sharing, Tony.
  7. MoeMoney

    Aspire or NEA Direct Invest

    TonyZ, Welcome. I love that you said, "the cats out of the bag". It gives hope but really, it's only out of the bag if you're looking. Too many teachers are not aware or are not taking action. Congratulations to you! As Tony said, you might have a surrender fee when leaving AXA but it will be worth it in the long run, most likely to you too. And AXA will go out of their way to make you feel like it isn't possible or that you should not be doing that. They will make you send in paper copies of their forms, they will tell you you must request the forms from your assigned advisor, they will send you the wrong forms (intentionally, it seems), they will not email or mail them to you but might make you log onto your account, etc. They will do any or all of the above to get you to forget about it or make you feel it isn't worth it. This is by design and do not let it stop it but rather accept it as your challenge! Like your challenging student! We want you to succeed and will be here every step. Read here about the same things that happened to members of this forum, myself included. And then, talk to your colleagues about what you learned about fees.
  8. Barry Ritholtz offered good insight in this article. After all, is Vanguard a non-profit?
  9. April 15 is sooner than July 4th. I vote with Steve!
  10. MoeMoney

    New NY state teacher 457b vs 403b

    Perseverance is mandatory, unfortunately. It is difficult by design with Security Benefit. I experienced something similar when trying to transfer my AXA account to Aspire. I lack the language (confidence) to address the district. The carrot you reference is the what? No cost and no administration by the district to be compliant? And the savings to the district is what, $50/participant or employee? Is the consequence that the participants are left with all the OMNI403b P3 expensive vendors? it is such a hurdle because of the confluence of ignorance, arrogance and less-work-for-me attitude, not to mention, less cost to the district.
  11. MoeMoney

    457 and 403B combined limits

    And don't forget you can do the catch-up for the 403b too. You can do the $19,000 + $19,000 but not the $19,000 + $19,00 + $6,000. It looks like this, potentially. All I did was tell the 457 people and the 403b people that I was within three years of being able to retire (that is a very vague rule, btw, so don't let it bog you down) and put it in writing. 403b - $19,000 + $19,000, for three years. 457 - $19,000 + $6000 for those three years. Then, the next three years I reversed it. You can do a mix of Roth and traditional if your plan allows. Add the Roth IRA to the mix, and you are....broke!
  12. MoeMoney

    New NY state teacher 457b vs 403b

    Great answers here. I was going to add to Steve 's answer who succinctly pointed out the primary difference. But that is exactly what Krow36 did when summing up the NY 457 plan. arich, be aware that unless you are investing directly into Vanguard, you might be paying a fee to the vendor on top of the low ER Vanguard cost. If that is the case, you can avoid that by choosing what Bashdash does, direct invest with Security Benefit or with Aspire. It's nice to see new teachers posting new questions. I'd like to know how they are finding out 403bwise.
  13. Dustin, I'm sure that was no easy task just getting to the point you are at now, being able to discuss with "the folks" - kudos to you. Tony and Ed gave excellent answers, and Ed summed it up nicely at the end. You might want to organize your presentation that way: defining the scope of the current problem, identifying the solution, planning the solution, and maybe even doing part of the work to implement the solution. Certainly, the first two. It will be easy to define the problem, but structuring it with charts, graphs and even saving scenarios like Tony said will go a long way as it is visual. Cite your sources of course and give credit and referrals. I am getting to the point of being able to address and educate our small union (unbiased). It is very true that those folks that ought to know, don't, so the small wins to get their ears is big. Keep us posted.
  14. MoeMoney

    questions to ask my plan manager

    Hi Matt, Welcome to the group. You have received great answers from the best minds here! I'd like to add another thought. Oftentimes, the best option is the Self-Direct option because the others include a higher cost salesperson which of course adds to your cost. A possible solution I read here is to request that Vanguard or Fidelity be added to your list of vendors but because of annoying nuances, that is not possible anymore in some districts. What is possible is using, or adding, the Aspire vendor to your lineup. They are approved in most districts and hand-pick advisors who act in your best interests without the high cost. That has been my experience and I have done a bit of research. Once you choose Aspire as your vendor, you can then buy Vanguard or Fidelity funds and get the benefit of their low ER. Aspire will charge you about $40 per year, or something like that (I forget the exact dollar amount ) plus 0.15 in fees in addition to the funds ER. Something to keep in mind should you decide not to Self DIrect, or when speaking to a colleague, they don't want to self-direct. Good luck and keep spreading the word!
  15. MoeMoney

    New Advocacy group's social media campaign

    Thanks Tony. (I wish there was a way to "like" replies here 🙂