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  1. MNgopher Lets hope she will return to get the helped she asked for. As is often the case with some posters ,they ask for help but never return. Sometimes they end up seeking that help from the very people that are screwing them in the first place.
  2. Don't blame yourself. I think its often intentional because the fees are usually high.
  3. Life insurance often isn't needed for a single person with no children. Some may say, "Buy it while you're young and healthy." The reality is that, if you don't need coverage, the money toward a life insurance premium could be better utilized by contributing to retirement savings or building an emergency fund. I know an ex teacher who went to work for an insurance company and sold a bunch of single teachers these type policies attached to an annuity. Most of these folks ended up dumping those accounts one they got smarter. Disability insurance is often offered by some school districts for free or reduced cost or through your union NEA dues. Mine was. Check to make sure if you don't already have it included as part of your retirement benefits package or through your NEA membership if you have a union membership. I don't know your situation so in general if you decide to buy life insurance i would go with term insurance (Term life insurance is the easiest to understand and has the lowest prices)and I would buy it independently of any investment annuity and not from an annuity salesman LOL!!. Disability insurance if you decide you must have it is also purchased separately and not as an add on product. Tony with a new school year insurance salespeople are in full force to sell teachers products that will give them fat commissions. Walk away.
  4. Paige I am so glad you found this website and discussion board. I wish more teachers would . Without getting into too much detail at this time could you find and list all other vendor choices( companies) your school system might offer in a 403b or 457b account. Sometimes they are posted on your district homepage or you may have to request the list from the person who oversees these accounts within your school or district. I would say at first glance we need to get you out of the contract you are in. Once we have your other choices available to you we can advise you better. Please don't be hard on yourself for not understanding investments. Its a common problem and all of us have made mistakes and have fallen prey to these fake advisors. I don't think you need to see a fee only advisor at your age. We here can set you right and I would save the fee only advisor when you are older and your finances are a bit more advanced and complicated. Right now your bst advice would be to save all you can in a low cost 403b plan. Hope to hear from you, we are anxious to help Tony
  5. She could literally be living a middle class lifestyle for the rest of her life, just in what she is paying in annuity fees! She probably would have been worth over two million without those fees as well. Think People!!
  6. Yes MNGopher thanks for adding that about SS. I believe the right annuity for the right person in certain circumstances might be an option. But for teachers it's just most logical to invest in low cost index funds outside an annuity. That doesn't stop the industry from selling them inappropriately to teachers. I am irritated that superintendents and school boards don't understand the ridiculousness of allowing these peddlers of steaming piles of BS to continue taking advantage of their employees.
  7. Chocklita Did you receive monthly transaction notices? Did you and your employer both contribute to this 403b ?. I'm sorry but I am still struggling to understand your situation. The employer can stop a plan it offers going forward and they should have notified you of any changes going forward in writing. But the money that was in the account can't just disappear. It should be yours. You must have some paperwork/statements somewhere that shows the progress of this account over the years. Any year end statements? Also how much money do you think was in this account and how much actually was your earned money if any? Please try and fully explain your situation . For now on you need to save your documents and check them for accuracy every month in any new plan you may enroll in and file it. You can/should also check your accounts online. Tony
  8. I was stunned. My family was watching a rerun of the “Teachers Tournament” on “Jeopardy!” I got excited because I knew the correct response to this question: “This proposed federal rule would have required all retirement planning advisers to act in their clients’ best interests.” But before I could get my answer out, my 21-year-old son shouted, “What is the fiduciary rule?” https://beta.washingtonpost.com/business/get-there/millennials--its-not-too-early-for-you-to-start-investing-now/2019/08/15/c76be55a-bf69-11e9-9b73-fd3c65ef8f9c_story.html?noredirect=on
  9. This might help you understand fees in annuities. Fees are more than you might think and often well hidden. https://www.forbes.com/sites/davidrae/2019/07/01/variable-annuity-fees/#28527fea7de2 As you read this keep in mind your teacher pension is in itself an annuity as is social security so it might not be wise to buy annuities and instead better to invest in low cost index funds outside an annuity.
  10. Here is a lengthy article on escaping annuities with examples. Please feel free to comment. Fairly comprehensive info. https://www.forbes.com/sites/davidrae/2019/07/25/what-is-the-best-way-to-escape-a-dreadful-annuity/#6159d9c932e2 As you read this keep in mind your teacher pension is in itself an annuity as is social security so it might not be wise to buy annuities and instead better to invest in low cost index funds outside an annuity.
  11. Folks Tony Isola deserves an award for journalistic excellence for that title. I'm still laughing but also realize it's no joke. Actually its quite sad.
  12. tony


    I think Ed gave you plenty of information that is highly accurate and correct I think you should take a very close look at Vanguard Life Strategy Funds. They come in different allocations and are self managed so you can let them sit and you won't have to worry about rebalancing or diversification. I'm in one of them myself. They will cost you slightly more since they require extra work on the part of Vanguard to keep things balanced but they pretty much have the same index funds you would own if you set up a 3-4 fund index fund portfolio. Ed is a do it your-self kind of guy but he has good knowledge and is comfortable with what he is doing. If you feel the least bit timid about handling details by your self than its hard to beat the Life Strategy funds at Vanguard. https://investor.vanguard.com/mutual-funds/lifestrategy/#/ Tony
  13. yeah I'm on the fence about joining facebook actually.
  14. gotta love this article's title https://tonyisola.com/2019/08/two-steaming-piles-of-403b-s/
  15. that's a funny analogy MN Gopher!!
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