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About ScottO

  • Birthday 09/06/1982

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    Santa Clara, CA

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  1. You young kids and your tweets... I re-watched the episode over the weekend and it's all still very valid. Maintaining an understanding of the impact of fees and that "advisors" aren't working in your best interest are good concepts to revisit periodically.
  2. PBS recently reposted the Retirement Gamble on 9/21: https://youtu.be/lkOQNPIsO-Q Looks like Martin Smith is still working for Rain Media making Frontline documentaries: http://www.rainmedia.net/ . I wonder if he'd consider revisiting the topic or crafting an update.
  3. Source: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-403b-contribution-limits I'm nearing 15 years of service and would like to confirm that, if I've contributed more than $75,000 ($5,000 * 15) over that time, my elective deferral limit is increased by $0(?) It would certainly be the "lesser of."
  4. 2021: https://youtu.be/gx-OzwHpM9k 2020: https://youtu.be/69rm13iUUgE One of the strangest ways I've calmed myself down about investing during this period of uncertainty has been watching Warren Buffet speak during the Berkshire Hathaway shareholder meetings. 2020 included a neat presentation on "the American tailwind" and I'm still working my way through the 2021 video. They are at least four hours long, so maybe it just exhausts my brain on the topic for the year... does anyone else watch these?
  5. Getting employees to go through the trouble of establishing the system is hard enough... I think we have like a 25% participation rate among all groups, 37% among classified staff. It's unfamiliar, so right now I'm thinking baby steps and low-effort/risk introductions to the experience. The calculator might make it all seem to complex, but I do like the chart that summarizes the "annuity, mutual fund, index fund" picture.
  6. 👍 I'll include that in the presentation, great suggestion.
  7. I'm a classified employee and California Ed Code designates the third full week in May as Classified School Employee Week. As a part of this we have a professional development flex day where I get the chance to highlight 403b and 457 plans. I was thinking about giving my colleagues all the answers up front without any background first: Create a 403(b) account with Fidelity using the district plan id # Configure elections for your contributions to go 100% into a target-date index fund (choose the year closest to when you'll retire) Contribute a minimum of $20/mo. to that account automatically no matter what Contact me in 30 years and let me know if this was a good decision How do you all think that would go over? I kind of want to highlight that this can be extremely hands-off and you don't need any knowledge of stocks, bonds, markets, crypto, beanie babies, etc. to get (most likely positive) market returns. It's seems like an low cost ticket to experience the show. I have an hour to work with. The rest could be Q&A or data that supports the argument. It's an opportunity for interaction, so I could get some of the people who've been utilizing the plans to share experiences or ask, "tell me why I shouldn't put money in a 403(b)?"
  8. Have you pointed out your forum marketing and engagement feedback/suggestions to Dan? He doesn't seem like a malicious fellow with a hidden agenda to burn down the message board... @Admin
  9. I prefer the format of forums, but there's not a lot I can do if all the cool kids are giving away their personal information on Facebook and supplying Zuckerberg with ad revenue. Lately much of the investing conversation has been overshadowed by speculation and FOMO. Crypto currency, shorting Gamestop, r/WallStreetBets... it's all too much for a passive Boglehead to comment on. Stay the course and pay attention to the business of living.
  10. Opt-out enrollment is supposed to yield higher participation than opt-in. Getting colleagues started is often the most difficult and confusing part of the process for those who are new to it. I see the advantages, but I also understand those who need their entire paycheck to make ends meet.
  11. Nice! You're ahead of CalPERS - 71% funded I have co-workers who are more stock heavy with their allocations due to having a pension. I know retirees who've never utilized 403b/457 accounts and take home more than 100% of their working salary in retirement (classified staff get social security.) Dan & Scott get asked the question quite a bit during Q&As... I feel like they treat it as a separate component, neither a stock nor a bond, with no affect on asset allocation. Some articles I see argue that the stable income means you have the ability to be more conservative to achieve your desired outcomes, but it probably depends on your timeline, years of service, etc. (it's pretty common for most personal finance questions to be answered with "it depends.") I wish I could find something from Vanguard or the Bogleheads wiki (not the forum) with advice on the topic. I may have to flip through a few books to see if there's advice in them... "Teach and Retire Rich" or ""The Intelligent Asset Allocator"" might mention it. Perhaps the topic is omitted and treated the way you're looking at social security?
  12. https://www.sec.gov/teachers-guide/planning-for-retirement https://www.investor.gov/additional-resources/information/saving-and-investing-resources-teachers https://www.investor.gov/sites/investorgov/files/2019-02/Teacher_Investing_Guide.pdf https://www.sec.gov/teachers https://www.sec.gov/page/teachers-outreach-podcast I always tell employees at my school to consult multiple sources and make up their own minds about how to proceed with financial advice. This could be a new thing to recommend in addition to 403bwise.
  13. *high five* CalPERS members get COLAs after they've retired. I've heard of some pensions that don't. I'm a "classic" member, so my pension is based off the highest single year, .02 @ 55 which grows gradually to .025 @ 63. Sick leave can be used toward years of service if you retire with the district and collect from the pension within a set # of months. It's worth sitting in on a retirement workshop to hear the options you have. Early on when I was hired there was the option to purchase years of service, but that has since gone away. There could be some unique things you can take advantage of. The COLA with my pension is kinda special because our district hasn't been giving COLAs to current employees due to financial shortfalls, so you can get raises that you otherwise wouldn't. What does the 89.6% funded mean? Is that where you need a number of years of service in order to collect? With CalPERS I need a minimum of 5 years to collect. My wife holds me accountable for investment practices we've agreed upon: Maintain 6 months expenses of emergency fund Credit card statement balances paid monthly Contribute to tax deferred retirement plans Contribute monthly to Roth IRAs Anything over that goes into our taxable account monthly There's a set day of the month when the Roths and taxable buys happen... if I'm persistent I get to do it a day early 🙂 I appreciate that she helps keep us on track - consistency is key. DCA. Stay the course. Live long and prosper.
  14. We'd probably need to know more about you pension to optimize or leverage it and overall financial situation to give accurate advice (as accurate as a rando on the internet can provide.) I'm 38 and have been using the lazy portfolio style setup consistently for a few years. I try to mirror the target date fund investments 90/10:
  15. The book certainly contains a good amount of "gobbledygook" to wade through, but there are also unique concepts inside that make it worth reading. You could find it at a local library and skim through it quickly or not pick it up at all and be fine - I doubt I'll persuade you to and have a feeling that each person posting in this thread probably has their finances in order. Understanding the psychology behind the way you manage money can lead to long-term changes in habits that mathematical reasoning alone may not. "Save what you can, when you can" is a soft introduction to the idea of saving. Hard rules like, "save % of your income," tend to alienate people who currently feel unable to meet that goal. Money is a difficult topic to discuss and a lot of advice tends to come across as shaming. We're all products of a system which is intentionally designed to kick us around as it is. "Do not carry debt on credit cards" could be unrealistic for someone in a crisis (and if they are taking advantage of 0% balance transfers it might not be so harmful [as long as it's paid off before that term ends.]) I even have my doubts about "predictable income" as a dependable thing in the world we live in after going through global and personal catastrophic events. Society continues to evolve in unanticipated ways. Higher education can be slow to respond which may leave it on shaky ground: ‘No college degree required’: Google expands certificate program for in-demand job skills (msn.com) Values can go beyond creating the ultimate selfie portfolio. An underpinning of many financial movements is environmentalism through reducing consumption and waste. Emphasizing spending in your local community and keeping your money from being extracted from it can also be a value. "Voting with your dollars" by making choices, such as not to get your next pillow from Mike Lindell... All of the beliefs, math, and psychology really take a backseat to this though: Warren Buffett says the most important decision is who you marry (cnbc.com) ("A Random Walk Down Wall Street" by Burton Malkiel is excellent.)
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