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GSCalifornia

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  1. I saw Tony's post and I was given similar information when I was on the phone with a Vanguard rep the other day. He said that Vanguard may be making some changes soon and offering Roth 403b, Admiral Shares, and possibly changing the $15 per fund fee to $20 for multiple funds (if I understood what he said correctly). Sounds like some good changes are in the works. When school starts up next month, I am definitely going to be spreading the word. I plan to direct people to this website. It's disgraceful that these annuity salespeople are allowed to market to us using district email.
  2. Thank you so much for your help and sound advice. This forum has been such a wonderful resource.
  3. Thank you all for your help! After many hours on the phone, I figured out the process of how to transfer the money and I set up an account with Vanguard (their customer service was much better than National Life Group and the third party administrator, Envoy). I am so grateful that I found this forum to confirm my skepticism of National Life Group and indexed annuities. Ed, thank you for the Investing 101 link. I'm a rookie when it comes to investing so your overview was very helpful. Any advice on choosing to do 3 total market funds vs a single target retirement fund? Any further advice/resources for Vanguard funds to select?
  4. The surrender fees are: 12% year 1 11% year 2 10% year 3 9% year 4 8% year 5 7% year 6 6% year 7 5% year 8 ....etc. More info on plan here: http://www.glpagent.com/wp-content/forms/LSW%20-%20%20CA%20Only%20-%20SecurePlus%20Elite%205.pdf From what I understand, there are not any fees (based on the info in the link above). I have no idea how the broker is paid, which makes me suspicious. Looking over my past statements, I do not see that my money has grown since I opened it in May, 2016. Seems like the account only has what I have put into it. The statements list a Bonus Accumulation Value but it seems as if I have to keep my money in the account for the 10+ years in order to receive that. I really do not understand indexed annuities. Here is the explanation I found on the plan: SecurePlus Elite 5 is a flexible premium indexed annuity. The SecurePlus Elite 5 features a Bonus Accumulation Value that is equal to 5% of the Accumulation Value in years 1-10 and transfers to the Accumulation Value on the sweep date following the 11th-15th policy anniversaries. SecurePlus Elite 5 sweeps on the 14th of each month. Does this make sense to anyone??
  5. I've been working for the same school district for 3 years now. Two years ago I received an email from the district indicating that a retirement planning seminar will be held at the district office so I decided to go. A rep from Teacher's Pension and Insurance Services went over the importance of saving for retirement early and reviewed the different types of annuities (fixed, indexed, variable). At the time, I knew I wanted to start saving for retirement early and I was under the impression that the rep was someone from the district who would provide me an objective overview of my retirement options (I know, very naive of me). I met with the rep one-on-one and signed up for an indexed annuity through National Life Group/Life Insurance Company of Southwest. He assured me that I was doing the right thing by getting into something early and that it didn't matter so much what it was, as long as I started saving (big mistake). I signed my life away and as I am now learning more about these pesky insurance plans, I really regret what I did. I currently have $4,200 in the National Life Group indexed annuity (Secure Plus Elite 5). I want to get out of that plan but there is a 10% surrender fee. I'm 31 years old and have many years of saving ahead of me. I am thinking that paying $420 now to get out of this plan will not be too bad in the long run? Maybe I could make that back over time with another company with higher returns? National Life Group's website is terrible and super confusing... I cannot even tell how much my money has appreciated so far (I know it is not much though). My district offers several options for 403b: American Century Investments American Fidelity Assurance Company American Funds Ameriprise Financial, Inc. AXA Equitable Life Insurance Company CalSTRS Pension2 Fidelity Investments Foresters Financial (formerly First Investors) Franklin Templeton Bank and Trust Great American Life Insurance Company (Annuity Investors) GWN Securities Horace Mann Life Insurance Company Jackson National Life Insurance Company Life Ins of SW / National Life Group Lincoln Investment Planning Lincoln National Life Insurance Company Mass Mutual MetLife Insurance Company Midland National Life North American Company for Life and Health Oppenheimer Funds Distributor, Inc. Pacific Life Insurance Company Plan Member Services Corporation RSG Securities Security Benefit Group The Legend Group/Adserv USAA Life Insurance Company VALIC Vanguard Voya – ReliaStar Life Insurance Company Waddell & Reed, Inc. I have heard wonderful things about Vanguard and would be interested in transferring my money there. Are there any other reputable companies from the above list that I should look into? What are your thoughts about paying the 10% surrender fee to transfer the money to another company? Should I let the money sit or transfer? Thanks for your help!
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