Oh wow - where was this forum when i started years ago! Thank goodness I found you now!!
>>>HI everyone. well idk if there's any help at this late date for me, but here goes...
I have a similar story only even longer, im afraid. I have 3 products with NGL: 457(b) ELITE, IRA ELITE 5, and a 403 (b) ELITE 5.
I did EXACTLY as stated in NYTIMES article I came across tonight >> and even though it's an older article - it is still VERY TRUE!
I started w/Paul Revere in 1988 at the advice of older teachers when I started as a brand new teacher. I just thought "that's how it is" since (like so many have already described) these people come to our school through an arrangement w/our district HR. AND they are given access to our work emails and more. So, I figured our district allowed them to give us additional options to supplement our CALSTRS! Plus, 'everyone' or at least so many colleagues also have them! Still, that's so naive, yes.
Recently I started looking on youtube or daveramsey, the moneyguy etc. AND then, I realized>>> WHOLLY MOLELY!!! I got INSURANCE ANNUITY!! ...and that's what has put me on a search or how to get out of it?? Or What is the BEST investment for me at this such later date?!!! I am thinking of retiring within about 5 years or less from teaching, but then working in another field, starting another career/job so as to not touch my funds until I am 70. I am virtually 60 at this point.
For the last 2 weeks, the young man who always works with me around my contribution, well, he and one of his friends, who has his own financial business, have been explaining Universal LIfe Insurance to me so that I buy yet another product. I had to STOP because I needed to do some serious research. WHY IS ALL THIS SO HARD TO UNDERSTAND OR TO FIND INFO ON?!??! It really should be a crime. I have worked hard and kept to a very simple lifestyle, own no property, raised 3 children, and as I approach the end of my ed career>> I want to make sure I have the BEST plan possible given my circumstances (Including, 2 children still living at home). I did not get years of service credit for many years I worked bcz I took off many years and/or taught less than 75% to raise my children (and drained my first annuity until it was only about $7-8K left) because I did not know any better or that taking a loan would have been better! And then I started to 'build it up' all over again thinking I was safeguarding my retirement!
I'd just like straight forward information so I can do the most with my funds. Please, can you offer and help or questions for me to consider or suggestions about any of the 4 products I mention? (The three I have w/NLG: 457(b) ELITE, IRA ELITE 5, and a 403 (b) ELITE 5 AND the 4th one: Universal LIfe Insurance) Even when I go to NLG's website to look up my accounts and their details, information on fees, commission rates or service fees, etc. >> i can not find anything!
Thank you in advance either way!
PS ~ IT SEEMS THAT ALL THIS WOULD BE ILLEGAL?? Is it?? FEELS like a set-up, teachers are easy prey. Every year, these reps come around >>always pushing for more and more, or talking about some new deal, some special product, or a new "bonus": you can get by signing on the line! To date, just this month I was contacted by 5!!! Sometimes I make appointments just to see if I can get myself schooled a little more on all this>> but NOW I realize there is SO MUCH that I was never told, so many details I missed. No wonder I never really could wrap my head around it!