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MoeMoney

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Everything posted by MoeMoney

  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. Hello, On behalf of our ad-hoc advocacy group, I created a website, a twitter presence, a facebook page and a facebook group. They are called FIT403b. Our mission is to help public school teachers and employees make smart financial decisions. Please consider visiting the website FIT403b which serves as the landing page to direct traffic to 403bwise. The facebook page is to bring our cause to teachers using social media, as is the Twitter account. They are both reasons for this 403bwise forum to join or revisit both social media sites. I have not been much of a social media user and my learning curve is large but I can't think of a better way to bring more awareness to teachers and public school employees. Please consider visiting us on Facebook and Twitter @FIT403b. Thank you all for all you have done, said and continue to do for me personally, and countless others.
  16. MoeMoney

    New Advocacy group's social media campaign

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

    403(b) lawsuits hit a wall.

    Fabulous letter. Please keep us updated on the responses Steve!
  18. MoeMoney

    403(b) lawsuits hit a wall.

    If the plainiffs aren't finding their wins in higher ed 403(b) plans, what can be done to direct their attention to our k12 world? Or is the answer going to be NOTHING because of ERISA?
  19. MoeMoney

    2018 was suboptimal.

    Steve, Forgive this silly question, but did you buy an annuity that pays you out a set amount monthly (or perhaps annually) while earning a 3% return? That is my understanding of how an annuity logically fits into one's portfolio as opposed to inside of a 403b. I'm so used to seeing them misused that it clouds my perception of when they are appropriate.
  20. MoeMoney

    2018 was suboptimal.

    Our portfolio looks more like Ed's buy my philosophy is like Steve's - it reflects the markets. I know Ed and Steve expect downturns but for me, it doesn't make it easy to see it displayed so black and white. (I haven't checked those EOY reports just yet...) That said, I front load my 457 and my first paycheck just kicked in for 2019 calendar year. I'm not changing a thing...
  21. MoeMoney

    Fire Savers Race To Retirement

    MMM has extreme tendencies. Any reason in particular why you disliked his blog, Ed?
  22. MoeMoney

    Brokers Targeted TSP Participants

    Thanks for posting Dan. I ended up exploring Principal Review's site for the first time. It's wonderful. I wonder how many conflict of interest audits they've done in the 403(b) arena. I suspect that in schools where a TPA is used, the school would refer such requests to them. Unless of course, the school had the result of an audit first.
  23. Tony, From what I’ve read here, most of you here sound like you are FiRE people too, following the same tenets naturally before it became a “thing”. The difference is here, you’re mostly teachers. The portfolios I’ve questioned too but along the lines of investors opting for index funds vs. individual stocks. But we all can’t buy indexes without stocks being sold, right?
  24. Thanks to Ron Leiber for continuing to report. This article showed up on my NGPF group too, so the word is spreading. I continue to refer members from my other groups to this site as well as several teachers in school, on Friday alone. One teacher had the copy of Dan's book for so long that she finally ordered his newest one and brought my faculty copy back. Two teachers immediately wanted it. I spoke to new-hires on Fri, one who told me he asked a teacher who to use for his 403b plan and was told AXA. He told me he had the paper work, I told him to tear it up and showed him this group. We searched "AXA" and he got the message. I give him a lot of credit, at 22, just hired three weeks ago as a sub TA for now. One can hope...
  25. MoeMoney

    Perspective

    Yes, I agree that this framing directs your attention away from the higher expected returns, the ones that we all want and apparently expect when paying an advisor. It could be an answer to those who will yell at you for the poor returns. I think to focus the attention of the investor to ways their money is spent, and without any control of the spender in some cases, is helpful. Because one item they can control is to buy loaded funds or not and to control the investment fees in general. The summary did capture my attention, either way. I'm glad I'm not selling a house (6% is negotiable where I live), divorcing, or overpaying for a car. I do, however, pay 8.65% sales tax.
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