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Paige

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  1. Just emailed Dan Moroney about the 457 plan!
  2. Thank you so much for your support! It is a little discouraging because I do feel lost and overwhelmed, but it's so nice to know I have found people on here to lean on and come to for help! I don't have kids and am not married so I think dropping the insurance sounds good. I will be calling Vanguard tomorrow. I'm meeting with HR Thursday about my health insurance, so I can bring up the 457 plan at that meeting. Does it need to be added to the district if the state plan is available for all? I'm a little confused as to how that works.
  3. This is incredible! Thank you all so much. Things have been hectic - school year has just started as well as my second job! You guys know how it is. I’m going to move towards the process of switching to the 457b. Have to do my research! Any tips along the way? Have I completely lost the money I’ve already put in? Switching the Roth IRA to Vanguard sounds like the right move as well. Should I keep my life and disability insurance with Mass Mutual or do we think there’s something better out there? I finally feel like I’ve found some real guidance! Thank you everyone. I know it’s taken me a while to respond to this but I have been reading the posts and am thinking about this everyday. It is towards the very top of my back to school to-do list!
  4. Hi Rich, Thank you for getting back to me. Your prompt response and willingness to help means a lot to me. Chicopeeeducators.org warns us against annuities, so I have some concerns over Mass Mutual being the only option. Is it possible for our district to implement other plans to help teachers get better options? Would the 457b plan be able to be implemented as an alternative to Mass Mutual plans? BELOW IS THE RESPONSE The options that the city affords are a big deal. Often they are dictated by law (like the retirement system), and often there are substantial contracts involved. The decisions on the options are made (I believe) by the city treasurer. The terms of those agreements are complicated. Your stuff is further complicated by the teachers retirement system that you are in. I'm not even close to an expert on this stuff, so I'd recommend that you talk to Dean Godek, who (I believe) is the broker/ agent. He helped me develop my own personal plan when I started in February. me Check in with him, and let me know how it goes. Dgodek@charteroakfinancial.com Rich
  5. Hi Dan... I do have a roth IRA but it is unfortunately through Mass mutual 😞
  6. Hi Tony! I am so confused! I didn't find his email clear either.... "If another City employee suggested another option, please let me know, and I will find out about it for you." I'm a little confused specifically by this response. Another option?
  7. Hi everyone! I have heard back from Human Resources with what seems to unfortunately not be such a great response. Below is his email. If anyone has any thoughts or could guide me in the right direction for what to do from here it would be so greatly appreciated! I’m still learning all this stuff and am happy to be able to connect with people so knowledgeable. Hi Paige- The Mass Mutual plans are the only options that Chicopee employees have. For the most part, they carry most of the investment options (mutual funds, safety accounts, etc) that other vendors have. I'd recommend that you show the list of options to your financial advisor, so that they can recommend the investment options that would work best for you.If another City employee suggested another option, please let me know, and I will find out about it for you.Best wishes for a successful school year.Rich
  8. I’m going to call them Monday and see!
  9. Thank you for the advice. I just read the page on investing 101. That’s a great place for me to start I have a lot to learn.
  10. Hi everyone! Thank you all so much for already being so willing to help. I have had a busy day traveling but am back on the forum and am so relieved to see so many caring people reaching out! Thank you. I don’t see a list of vendors but my district does have this site which explains different options. They even strongly recommend not to buy from insurance companies.. if only I had read this before! http://chicopeeeducators.org/planning-for-retirement/
  11. Hi everyone! My name is Paige. I'm a 25 (almost 26 in a week) year old teacher in Massachusetts. I am about to be entering my 4th year of teaching. I signed up for a 403b, and life and disability insurance all through mass mutual. I am ashamed to admit that it was all so confusing to me, but I knew it was something I needed. I signed up for it all going in kind of blind. Wanting to take more control of my finances, I found this podcast/website. I'm still very confused but have a feeling I do not have a good product. I'm thinking I'm going to need to sit down with a fee only financial advisor... but could someone please give me some insight? I'm on my online portal and it's still all so confusing!! Here are some screen ss that I took from my dashboard. I'm having a hard time finding the fees..... but it looks like my surrender is 9 years, which does not sound good! I found this through Mass Mutual, but don't fully understand. https://www.massmutual.com/efiles/ann/pdfs/an6102.pdf Any guide in the right direction, any insight, and any tips on what I should do next would be greatly appreciated. I also found this on my district's website that mentions and recommends the state’s Deferred Compensation or 457 Program. Also, any thoughts on whether or not I should keep the "whole life legacy" insurance and the disability insurance. Thank you everyone!
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