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  1. This is great news for investors. Early in my teaching career (early 90's) I was talked into contributing into an annuity product that I unfortunately can't remember the exact name of. I only put in about a $100 per check for about a year. I received a notice of a class action law suit against this company about a year later. It stated that the insurance company was being sued for falsely representing itself as an investment product. I signed up for the class action and got quite a bit of my contributions of the past year back. That would be great if the SEC investigation opens doors to keeping these annuities out of our schools and maybe even suing these companies on the basis of falsely representing themselves.
  2. I bought "Teach and Retire Rich" used on Amazon. I highly recommend it also. I don't remember what I paid but it was fairly inexpensive. As an extra special bonus the inside cover appears to have an authentic note and signature from Dan Otter dated 2008. Does this greatly increase the value of the book?🙂
  3. "Have you been listening to Dave Ramsey?" I'm chuckling at that response. These guys are friendly and personable, but make no mistake they are ripping you off. The standard to sell insurance is very low. He is not acting in your best interest and none of his plans are cheaper than Fidelity or Vanguard.
  4. I once had about $75 in a 401K from a non-teaching summer job that I did years ago. They kept sending me statements, but I didn't do anything with it because I figured it wasn't worth hassling over such a small amount, and that I would just wait and spend it at age 59.5 and buy a nice dinner or something. A couple years ago, I guess they wanted to clean things up, and they asked me to either cash it out (taking an IRS penalty) or roll it over to a different account. I did exchange it over to Vanguard, but for all the calls, paper work, and trips to the post office, it probably wasn't worth the 75 bucks. Your amounts are over a thousand, so I think this would definitely be worth the hassle of exchanging it to Vanguard.
  5. It's unfortunate that you didn't get enrolled when you thought you did. I don't mean to be blunt, but you should have checked your pay stub. This sounds like it was a 4% match of your contribution, but you never contributed any money, so there was nothing for them to match. Maybe I am misunderstanding.
  6. Is your wife's financial advisor the salesman for both AXA and Aspire? If he is just the AXA guy, I wouldn't trust him to help with the exchange to Aspire. Just get help from the new company. I haven't had personal experience with either company but Aspire has a better reputation. As far as the surrender penalty, you should call and find out when the penalty period ends. If it's just a couple years away, you might want to just leave it dormant, while meanwhile starting contributions to the new company. This might be better than taking the $780 hit.
  7. I could be wrong but I thought 403B's required employee contributions (defined contribution plan). You might have a different kind of thing here.
  8. I think the DOL fiduciary rule was pretty much negated (or maybe just delayed) by the current administration. So a salesman saying he is a fiduciary really has no legal meaning that I know of.
  9. Yes, the first is a link to the image from the Bogleheads website. https://www.bogleheads.org/wiki/File:Slide2.JPG And this one is an article and 5 minute video that explains it. https://financinglife.org/learn-how-to-invest/tax-advantaged-accounts/#transcript
  10. On a $100,000 account there is a hundred dollars difference in annual cost between VTSAX and most of the Target date funds. You decide if it's worth it. As the size of the account grows, owning the funds separately might become more desirable.
  11. I found this chart useful when trying to decide which funds belong in which account.
  12. You didn't mention your age, but from the information given I'm guessing maybe early 50's? At that age most people would recommend a stock/bond asset allocation of somewhere between 50/50 and 75/25 depending on your risk tolerance. How much more expensive is the target date fund you are considering than the vanguard total stock market fund (VTSAX)? The difference between my 2025 TDF and VTSAX is only 0.14 - 0.04, so I use the TDF in my 403B for the convenience. As far as which funds go in which account, I like the following rules of thumb. 1. Highest risk funds (stocks) with the most potential for long term growth go in the Roth IRA. The reasons being you won't need it for a long while and the (hopefully large) gains won't be taxed. 2. Bonds, including those in a target date fund, are better in your tax deferred 403B. Bonds kick out a lot of dividends that would be taxed as ordinary income if you don't have them in a tax advantaged account. In tax deferred you have control of when you pay the taxes. 3. In a taxable (brokerage) account you also want tax efficient funds like VTSAX that don't pay out a lot of distributions. What else you have here depends on how long until you need it and personal preference. Besides VTSAX, I also have some VTIAX for foreign exposure, and also some total bond market (not too efficient) and a money market fund. I'm sacrificing tax efficiency for liquidity, because I will want to spend some of this before age 59.5.
  13. I'm confused about why he keeps mentioning "the city" in his responses to you. Is there a third party that oversees both the school districts and other city employees retirement plans?
  14. That's great that your district puts a warning about annuities and insurance salesmen right on their website! I bet if you call the HR/benefits office at your school they could tell you which companies are allowed vendors for 403Bs. The fact that they warn you about annuities indicates that you probably have some low cost mutual fund custodians available to you.
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