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  1. The Commissioner of the SEC will be the Keynote speaker at a very rare meeting RISE (Retirement Investment Summit in Education). The SF and LA SEC offices have stepped in to help educate teachers (They read the NY Times series 3 years ago. And who would not be shocked by the annuity sales behavior?). I have posted their website with educational materials about a year ago. This meeting is a repeat of what they presented last year in Sacramento. Next week, it will be held in Los Angeles. Scott, Dan and I were disappointed as all they talked about is what they did, not the problems. This year, three advocates will be on the panels and were told they are free to talk! We are happy these two offices are trying to help, they do not have to do this. Imagine that. It is not their job to educate teachers but they are doing it because IT IS THE RIGHT THING TO DO, and nobody else in the education, the unions or the districts, are doing this publically that I know of.
  2. "Of all ages" were polled. Heck, I would have said I had nothing saved for retirement from age 18 till 37, but that doesn't tell the whole story. Most people probably started after 30, 35.
  3. I asked him which article he was referring to.
  4. In the 403b world, teachers have little or no "rights", until enough teachers create a sh..storm. FYI, it is well known around here that SB is not in the business of letting NEA members know that there is this low-cost Vanguard plan. Also, I am told it is very difficult to enroll in direct invest because SB will not get any revenue and so they will never lift a finger to help any teacher in the country to enroll. Tell us more about your education program. You can copy and paste just about anything from this website. What is the article you are referring to? Here are previous discussions about SBL directinvest:
  5. Thanks Tony. Its the three year anniversary of this tremendous 403(b) series. It got the SEC, Consumer Federation of American and Tim Ranzetta (next gen personal finance) all involved. But wait, there is still another WSJ article coming out any day now. Some of my teacher friends were interviewed two or three times, and one of them has a daughter, a young teacher. Her father said to me "my daughter who went through the gamut of investing with shady folks." Imagine how much she will save in her career! Tens of thousands or more.
  6. I am sure NEA and Security Benefits discussed this at length. Both read the news, and they both know that their secrecy will be blown wide open soon and that the 403(b) world is changing. While we will never know the behind closed door discussions (because they live in the 20th-century secrecy about 403b), both organizations know that teachers don't go to websites and sign up for a 403b. Security Benefit lucrative sales force will always be in full force and will decide which products they will sell to the teachers. I seriously doubt that the millions that are pilfered from the teachers will decrease. The ONLY reason why NEA created Direct Invest is a reaction to their lawsuit. NEA escaped a huge legal bullet, and they know very well that it ain't over yet because as I said the 403(b) world is changing, and that 4 million teachers cannot be the only ones left unprotected in employer or union-sponsored 403(b) tax-deferred retirement plans.
  7. Return: 10.2%, year to date. What a great year for both stocks and bonds. My international and total bond market indexes increase big time, 9.3% and 8.7% respectfully. Stock bond split: 33% Stocks / 67% Bonds/cash My Asset Allocation appropriate for a retired 72-year-old teacher.
  8. Finally the first of two parts was published today. I could not read it because I do not have a subscription but those of you who do, enjoy, and tell us a little about it. These articles have been in process for six months. They are just the latest horror stories going back through almost 40 previous publications since 1994 all saying the same thing, teachers are getting hammered with useless, expensive and inappropriate annuities in their 403(b) plans. https://www.wsj.com/articles/new-york-state-officials-open-probe-on-403-b-sales-to-teachers-11570031322?shareToken=st6687f77921854f2cae9557ee3181c4b6
  9. pushing up. This is part of the overall literacy education. The policies and politics that support with an iron fist the physical presence (sales force is on public school campuses) and a psychological monopoly (scaring educators to stay away from the big bad stock and bond markets) on 403(b) in public school districts for almost 60 years. They need us, regular consumers of 403(b) products, educators, and district benefits administrators. The vast majority of people attending this meeting are from the industry, and most do NOT want change.
  10. Hi Paige, What Tony said in response to this insurance agent should be on unions and school district bulletin boards all over the country. This is the topic that the financial literacy community needs to cover also. It's one thing to learn the investment basics at a one or a two day workshop or here on this discussion forum, but when people go back into the world, there are a heck of a lot of predatory insurance agents who are paid to obfuscate and steer people to their terrible insurance products, under the impression that you can have your cake (high returns) and eat it too, (costly guarantees not to lose money in the stock market). To top it off, there are plenty of savvy investors (unfortunately) who reject the passive investing strategy which is a boring low-cost fully diversified portfolio. These folks still think that either they can pick individual stocks or pick an active-manager of their mutual fund who can pick them so they can beat the market. It's a tough world out there! Where do you turn for objective information or genuine help? Self-education is 99% guarantee that you can protect yourself: It takes time and some effort to discover how to invest without an adviser, but its soooooooo worth it! Tony's responses to that sales pitch are pure genius. You came to the right place Paige. Steve PS stay tuned. I will be posting my year-to-date "BORING" fully indexed and balanced between stocks and bonds portfolio soon. It's the quarterly report time!
  11. Ok, you have a letter from the company that you were enrolled. What did they say? If you already talked to the company, your district and your rep about this letter and no one knows what happened, then talk to an attorney to answer your question about legality. Hint, you have to prove that you were harmed in some way.
  12. Vanguard just released its Robo Advisor for $5,000 minimum for retail accounts ($5 minimum for 401k) and 0.15% annual advisory fee (15 basis points): https://www.mymoneyblog.com/vanguard-digital-advisor-services-vdas-lightning-review.html Robo advisors have been around for a few years and these nonhuman advisers will only get better. This is one huge step in taking the emotions out of having to resort to meditation (A Guided Meditation when the Stock Market is Falling) to keep from panicking when the market acts up, but also in the maintenance of your plan, rebalancing. Rebalancing is one of the best strategies around for reducing risk while sticking with your original plan (assuming one knows what a diversified worldwide equity index portfolio with an appropriate allocation to fixed according to your need and willingness to take risk. That's a lot to comprehend first before using Robo advisers). The first Robo advisors only rebalanced when allocations get out of whack at 5% or more, and did tax harvesting, but Vanguard takes it several steps further including tax-deferred retirement plans. That's a significant development. Critics have a valid point that Target Retirement funds do almost the same thing. I might use it as it might reduce my taxes more than my CPA does. But .15% is about $2500 which is a hell of a lot more than the $485.00 I already pay for my tax man. Needless to say, I am sticking with my tax man! I am happy with the tax efficiency of my portfolio.
  13. There are a lot of questions that you have not answered. Bottom line, if you have no paperwork that substantiates that you were enrolled from Principle, at least temporarily, then you have no case. If you have the paperwork that you enrolled, then the question is why were you dropped? Steve
  14. RISE 2, this year it will be held in Los Angeles. With a full slate of great panelists that are given full freedom to tell the world about the 403(b) with public k12 school districts. It will be held at the UTLA headquarters, the teachers union of Los Angeles Unified School District. Rise 2.0 Draft Agenda October 17 2019.pdf
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