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Everything posted by Admin

  1. Hi chocklita, Can you provide any more details? Who was the vendor? How long have you been at the school? Did your employer say that they tried to contact you and co-workers? Thank you. - Dan
  2. Hey All, We are launching a new feature called "Teacher Stories." We just went live with our first one. Annie is 25 and teaches in San Francisco. You can read her "story" here. Fiduciary advisor Scott Dauenhauer, CFP® has posted his feedback below. If you would like to share your "Teacher Story" click here. We look forward to your comments and participation. - Dan Note: If you are new to the Discussion Board and would like to post a comment, you can register to post at the top right. Scott Dauenhauer, CFP® responds to Annie's "Teacher Story" First, congratulations on saving in a 403(b). Believe it or not, the vast majority of teachers are not currently saving in a retirement account. The rate of teachers under 30 who are savings is even lower. You are building a great money habit. I understand that you work in the San Francisco Unified School District. In checking 403bCompare.com, a website run by the state of California, I see that your school district offers three high-quality vendors: CalSTRS Pension2, Vanguard and Fidelity. One thing you can do to improve your current and future financial circumstances is to upgrade your current 403(b). Unlike an upgrade at a el or an airline, you don’t need any special status, you just need to fill out some paperwork. Companies like the one you currently have your money in charge high fees, which are often hidden. By upgrading to a high quality vendor, your account balance could be 60% larger over your career than if you stay where you. I encourage you to research those three companies. CalSTRS Pension 2 is run by the state of California. It was created to ensure that California teachers have access to at least one low cost vendor. You can learn more about CalSTRS Pension here. You can learn more about Fidelity's 403(b) here. You can learn more about Vanguard here. All three high-quality vendors offer target date or target risk funds that will manage your money for you at a low cost. 403bwise has information on asset allocation and target date funds which you can access here https://403bwise.org/education/investment. If you need financial advice, you should get one from an advisor who is a fee-only fiduciary. Here is some general information on working with an advisor. Here are three resources for finding fee-only Certified Financial Planners XY Planning Network, Garrett Planning Network, and the Fee Only Network. Always get in writing from your advisor that they are a fiduciary 100% of the time and they will always work to put your interest ahead of their own. You can use the 403(b)wise Fiduciary Pledge. I know you have student loans, look into the PSLF program and keep up your payments, but always put something into that 403(b) (even if it’s just $25 per paycheck). You might also consider starting a Roth IRA. Here's is some general information from Nerd Wallet on the Roth IRA. Scott
  3. Good input and questions, Ed. And thanks for posting 403wtf (an awesome user name, BTW). - Dan
  4. Thank you for this. We will review and be in touch. Do you contribute to the 403(b) in Riverside? It's one of the worst vendor lists I have seen, but it does have CalSTRS Pension 2. I believe FBC is the exclusive 457(b) vendor in Riverside which is a bit shocking. All in all, Riverside seems to be failing its teachers.
  5. I want to go. How do I get on the list?
  6. Awesome, Steve. You have now played a key role in two personal finance movements: 403(b) advocacy and the FIRE movement. Proud to know you. Teaser alert: Steve appears on our next pod which comes out tomorrow!
  7. Hey Pennsylvania K-12 Teachers: The Insurance Industry Just Made Your 403(b) Plans Worse Pennsylvania law requires multiple record keepers for 403(b), 457 plans (check out quote by spokesperson of PA Senator who sponsored this crazy legislation).
  8. Kelly, Welcome to the site and board. Are you able to share where you work? BTW: Many, many teachers wish they had access to Vanguard.
  9. Was just in Philadelphia presenting to teachers at Olney Charter High School. I told them they were lucky to live near Vanguard and unlucky not to have them as a 403(b) choice!
  10. Fascinating. Which of your two kids do you love most? 😀
  11. Thanks MoeMoney and Steve, I did go full Liverpool at back end but figured most would turn it off. Reds might argue there wasn't enough Liverpool! 🙂
  12. New pod up http://teachandretirerich.libsyn.com/utla-talk-65 We discuss recent UTLA retirement plan workshop. There's also maybe a little bit of #YNWA #LiverpoolFC talk
  13. Hi Karen, Thank you for the kind words. We are really happy that our resources have been helpful. Please spread the word to your colleagues! krow36 is giving you some good advice. It's great that you have Vanguard available. It also seems that a good chunk of your SB money is no longer subject to a surrender charge. I would contact Vanguard about initiating a transfer. Explain the surrender charge situation. They should be able to provide guidance. Since they are potentially receiving the money, they should be more motivated to help than SB! 🙂 Stay in touch and let us know how it goes. - Dan
  14. Great event. My presentation focused on the fact that despite having three solid vendors (CalSTRS Pension 2, TIAA-CREF and USAA), approximately 84% of LAUSD money goes to high fee vendors. Reaction was surprise, a bit of anger, but mostly: "I am going to be making changes." It was great to have Kevin Kirkpatrick of CalSTRS there to share info about 403bCompare, and Barbara Healy there to share information about LAUSD's terrific 457(b) plan. I also learned a lot about fraud issues from the SEC's Peter Kane. Thanks so much to all of the organizers! Special thanks to Leonard Goldberg and Sandy Keaton. - Dan
  15. I agree with krow26. Generally, your retirement takes precedence over children's college costs. The home equity line of credit may be a better way to go.
  16. Hi Megan, Welcome to the site and I apologize for my tardiness in getting you approved to post. Do you have a Roth IRA? If not, you could start with that at say Vanguard and then work to get better 403(b) choices. Here's a story comparing the 403(b) and the Roth IRA: https://403bwise.com/k12/content/23 Also, what state are you in? - Dan
  17. Scott and I had the privilege of attending (along with 403(b) warrior Nancy Bachety) and presenting at the Next Gen Personal Finance Changemaker Summit 2019 in San Fransisco this weekend. You can read about this amazing event here. So many highlights including Steve Schullo getting a shout out from the great Bill Bernstein. - Dan
  18. Hat's off to you as well, whyme. I am hoping this becomes a growing trend. I know NY Times digital subscriptions have been growing: https://www.nytimes.com/2018/08/08/business/media/new-york-times-earnings-subscriptions.html I still contend that of all of the 403(b) stories, no series meant more to the movement than Tara Siegel Bernard and Ron Lieber's work for the NY Times https://www.nytimes.com/2016/10/23/your-money/403-b-retirement-plans-fees-teachers.html
  19. Good to hear about LA Times subscription. Their new owner is pumping money into them. Several years ago I decided to subscribe to a wide variety of media. When you get the Sunday NY Times delivered like we do, you get access to online as well. - Dan
  20. An Unlikely Effect of Jack Bogle’s Creation: Helping to Keep Inflation Low by The New York Times Excerpts... In January alone, the Bureau of Labor Statistics found, overall portfolio management costs in the United States “plunged 5.2 percent,” Michael Feroli, the chief United States economist at J. P. Morgan, said in a note on Feb. 14. By December 2018, Vanguard accounted for 24.8 percent of all stock and bond mutual fund assets in the United States, according to Morningstar. And Vanguard and BlackRock together controlled more than 34 percent of those assets. The two companies continue to attract enormous sums of money around the world: $176 billion flowed into Vanguard last year; $167 billion went to BlackRock. Fidelity was a “distant third’ with $24 billion, Morningstar said. --- Note: I am a NY Times subscriber and we need great journalism more than ever. I hope you will support great journalism. - Dan Otter
  21. Thanks for posting Tricia C., and thanks to the community for their feedback.
  22. Great discussion. It was asked if this was a new article by Joel and it is. - Dan
  23. Tax Deferred Investing: The Unexpected Tax Trap Many assume taxes will be lower in retirement. This may not be the case when Required Minimum Distributions (RMD) kick in.
  24. Hey 403Learning, Glad site can be of use. We have a great discussion board community. Did you try checking his CFP credentials: https://www.cfp.net/utility/verify-an-individual-s-cfp-certification-and-background
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