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About MoeMoney

  • Birthday April 13

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    New York
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    Cycling, learning, teaching

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  1. 2) I recognize it’s walking away from “a massive amount of money” and most people would not do that, therefore they were surprised that I did. The golden handcuffs. I suppose that should not surprise me. But the employer changed the terms of employment so would they not consider the employee would choose not to accept it? That is what surprised me. I know it all comes down to the same thing - finances. But there comes a day, or a dollar amount saved, that makes someone realize they have enough. (Or reach a magic number of years, or a certain age, or should have enough.) Some people don’t know what enough is so they are afraid to walk away. Some people do, and walk away no matter what’s still on the table. 1) Loving what I do also means I can do it anywhere else. Some people wouldn’t do that but some would embrace the opportunity. It surprises and saddens me to think that employers have, or think they have, so much control and that employees feel they have no control (or responsibility) over their life or career decisions. Here’s the tie-in to this forum - if I hadn’t taken control of my deferred compensation plans and learned how to do that here (thereby taking responsibility of my money/future). I’d have to accept their terms.
  2. That’s right, it was proposed and not passed yet. Thanks Ed. the Roth IRA rmd makes no sense to me. Why does it matter if the taxes have been paid? I wonder what Alexander Hamilton would think of our system today?!
  3. I’m stepping out of my comfort zone.Enough. Why I Decided to resign. It’s far from perfect and I’m not a master but it’s a start and a work in progress. I have way more to learn still but time waits for no one! Thanks for enlightening me in many ways.
  4. It’s my understanding that Roth IRA’s have no RMD to you or your heirs whereas traditional IRA’s do, of course. Additionally, heirs can no longer stretch them over their lifetime. IRS wants the taxes sooner.
  5. Of course, Ed, that is correct but more don’t then do have access to index funds, such as Vanguard, I believe. The difference between 0.3 on the phone with Vanguard, and 0.6 (I thInk they lowered their fee even since then) for an in-person advisor is worth it and at least it is not an annuity salesmen in-person but rather, an index fund in-person advisor. Education will take them only so far.
  6. While some see the 403(b) model at Ritholtz Wealth as still too expensive, it invest in low-cost index funds and is unheard of in the 403b annuity-laden world, as we know. No one else is less expensive that I am aware of in this space. Especially when you add that Tony is a former teacher and one that is vehemently opposed to high-cost products and acts with his clients best interests in mind. When you compare it to a do-it-yourself 403b, you might say it's high but that is not the case as very few teachers, have the vehicle or the wherewithall to DIY within their 403b. You can be happy with providing your service for free or low cost but again, that is not a business model that is sustainable or scalable. At best, you can educate and direct "clients" to resources (like Ed describes and Steve does, and Dan does here and others too) but how long will they stick around if they get something for free. It devalues the product. And that does not solve the problem that most want someone to hold their hand. And yes, Tony, you are correct again (no surprise) that the PD will call in a "free" provider to "teach". I wrote a blog post on that the other day, after I met with my superintendent. I called it "When the superintendent doesn't get it". He suggested doing just that, only with the multitude of vendors we use. He mentioned VOYA and I knew my audience immediately. What I want to do will definitely take spearheading and ingenuity, networking, references and resources. I am building my plan out and the summer hiatus might slow me down, but I'll have a new audience in Sept. bjackson, what state are you in? Don't get me wrong here. You are 100% right, it is lofty and altruistic and others do it. Reach out to Tony and Scotty D (Dan's cohost on this podcast). He makes a living doing what you envision. And there are many others too on twitter. Follow them, make connections. And then there's also One Million Apples podcast, a new one by Breanna Reisch, out of CA who is a CFP and teacher advocate. Be the change agent you want to be in your school, your district, your county, your state, etc.
  7. And that’s it. Months later, where is 403bannuitysalesman now?
  8. Wow- great post and awesome news Steve! For the record, I was teetering about going to Joshua Tree’s CampFI 2018 until Steve told me he and Georgiana were going. I got on the wait list and scooped up a ticket and never looked back. It was wonderful being in person with like-minds, and meeting Steve in person, and some where in their 30’s, 40’s, 50’s, 60’s and up too. The shared mindset was present and support and sense of community too, regardless of age. Great pos, thanks for sharing and for your role in producing it Steve!
  9. Hello bjackson, Welcome and thanks for posting. I could have written the same post but I recognized what Tony and Steve have said to be spot on. Being an advocate for change is the big picture while leading professional development and in-services for teachers is effective for the present situation in order to educate teachers. But understand, as you observed, some will hear and take action and some will hear the message but still won’t take action. It’s inexplicable. This is where I am but there is room for so many more teachers who learned the hard way to speak from experience. I led a PD recently. The administrator behind it told me straight out he wanted me to present it because it is clear there is no conflict of interest and I am not selling a product. While that is well and good, this model is not sustainable unless I figure out how to get a sponsor. Though I would gladly volunteer to present, there comes a point where one person can’t scale it. Perhaps like-minds can join together, form a consortium of teachers who can lead workshops throughout the country, find a sponsor and educate teachers. In the meantime, do what you need to to spread the message: blog, tweet, website, PD, YouTube, one on one, etc.
  10. Getting burned is what made you smarter. And yes, Thanks Dan, for not booting the topic:)
  11. Kelly, My guard is up because I met a rep who promises you can invest in Vanguard funds, leading you to believe it is wonderful and low-cost. He failed to mention you can do it through his company and he will get the AUM fee. However, the way you listed your options leads me to be hopeful you can use Vanguard directly (unless you received an out-of-date list). Let us know how you do.
  12. Patrick, Congratulations on your new opportunity. If you do end up using Aspire you have two options. One is to self-direct, which is very possible and you can read it here how that's done optimally. The other is to use one of their approved FA's which is searchable using your zip code. The key is identifying the "right" one because some "wrong" ones can and do fall through the cracks. I found the right FA who offers a managed portfolio comprised of low-cost index funds, set up to mirror a target date fund and the total fees are 0.64%, unheard of in the industry. All that through the Aspire platform which adds the annual fee of $40 pus their 0.15 basis points. That is the least expensive managed option I have found if you choose to invest in index funds and cannot directly invest with Vanguard or Fidelity or Security Benefit's DirectInvest.
  13. Tony, I can't tell you how valuable your contribution was! I was ready to rush to sign up for a monthly premium before retiring. I will continue to have coverage as a spouse and when it becomes necessary to have a supplemental, I now understand I can buy it like everyone else who does not have their own supplemental, barring no changes to the current system at least. I did research and reached out to boomer benefits to examine alternatives and I'm satisfied with the findings enough to make an educated decision with nominal risk and expense. Thanks a million Tony.
  14. Oh, I'm not giving up, I'm just taking my education off-campus. I'm giving a mini presentation on Wed. to the PD committee about this very topic. The idea was to get approval for me to lead a full two hour PD in August. Now that I won't be there in August, I doubt they'll "hire" me to present. But I still want to make the mini presentation on Wed. to educate them on what they are missing out on. And to get my feet wet on presenting to teachers and vested interests. I believe I can bring value but admittedly, I feel defeated after conversations with folks like this superintendent. And Tony, I am a CTE teacher too. There are so few of us that in April 2018 a new regulation was enacted giving districts who could not find a FCS or Tech or Business teacher the leeway to meet the mandate by having either a Bus or FCS or Tech teacher satisfy the mandated hours. My district decided to lower the FCS mandate (me, senior member, larger salary) and have a Tech teacher (untenured, lower salary) satisfy the mandate. I told the superintendent this was not the intention of the regulation change as he already had a FCS and Bus and Tech teacher and he had no shortage. He told me that was my opinion and he had the right. Tony, are you saying that for $275 you have secondary insurance? I was wondering about that. If I don't have to be beholden to my own insurance policy then I can simply buy a secondary policy upon turning age 65, like you described. Thanks for telling me that. I am going to look into that now. My husband's insurance stayed with him as secondary when he turned 65 this year and it is still my primary. Awesome information.
  15. UPDATE: After considerable thought, my husband and I just decided I will retire instead. A huge part of that decision is based on health insurance. If I leave now, I'll pay 18% for the rest of my life. If I retire as a .5, I'll pay 69%. My husband has lifetime insurance for both of us, but if I'm the one widowed, I'd have no secondary insurance, and buying into his plan at that time would be quite costly. It is a risk I don't think is necessary. Had it not been for this forum - for teachers like Dan, Steve, krow, and you Tony, and contributors like Ed and others - I would not have made significant changes and contributions to my 403b and 457 and would have little to fall back on.
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