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sschullo

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Everything posted by sschullo

  1. Never heard of "advantages" of annuities claimed by the sales force? My goodness, you need to listen to the agents. The agents are very good at telling those horror stories about the big bad stock market and how you can lose all of your money overnight! So, an annuity protects your assets because you never lose money in a down market, NEVER! (they never mention that insurance companies can go bankrupt too and the fact that the returns in an annuity are so pathetic that they never will keep up with the pace of inflation. SOOO, you lose money to inflation and taxes over time). Another advantage claimed by the sales force is that the agent will hold your hand throughout (they fail to mention that once the ink is dry by the teacher's signature on that terrible contract, the salesperson is gone!) And lastly, the insurance guarantees that you will get your principal back. WOW! Isn't that neat? The agent doesn't tell you that this is rarely if ever used. Yet those absolutely hideous and completely useless M&E charges are up to 1.25% year after year on top of the other expenses.
  2. I was very happy to be there and talk with some of the teachers. Two were from Wisconsin! BTW, one said that "investing is not as complicated as I thought!" That is a huge personal development for anybody interested in financial literacy either for themselves or teaching their students.
  3. Yep, CalSTRS Pension2 https://www.calstrs.com/pension2. It is one of the best 403(b)s in the country.
  4. Yeah! The action that has taken place there on FB so far has surpassed the combined action here for the last six months! Our colleagues just don't like forums as much as they like to post on FB. With all of the FB problems, it is surprising.
  5. Ed, Sorry for the delay. Go to the playing with FIRE homepage CONTACT and email Scott that you want a DVD with the promise that you will show it to friends too. They have a program for this as I am going to do this in the fall with some of my friends. Steve
  6. Yes, it's great the way you said it. We know that was broken and remains broken by the powerful insurance industry lobby at our state insurance commissioners. We can fix it when enough teachers say no to these horrific and costly products. I cannot wait for the WSJ to get their two articles published. It looks like it would put yet another cannonball dent on this annuity ship that refuses to sink. But it is going to sink eventually.
  7. Also joined the FB group. Awesome job Dan. We are going to win this fight against the 403(b) sales abuse that has taken place for sooooo long.
  8. Thanks for fixing. This link did not work for a week. I thought it was the only link, didn't see the archive link. Steve
  9. Anybody going? I might go just to support this wonderful film about a courageous young couple who decided to stop the insane spending and live a more balanced healthful life. https://www.tugg.com/events/playing-with-fire-bqyc Has 40 tickets left and will probably be sold out soon.
  10. The annuity people attend and present at administration associations such as the California School Boards Association and California Association of School Administrators. There are ones in every state.
  11. Congrats Karen. We all have similar stories. Thanks for sharing and reminding newbies that you have to stay on top of this because the 403(b) system, the people and the educational institution will not lift a finger. However, as you and MNGopher found out there is one person somewhere in the system that will help.
  12. pushing this up. Anne is still looking for people.
  13. I have heard from a teacher in a small school district in San Bernadino county that has School's First (I think) for both the 403(b) and the 457(b) plans. He tried to form a committee to oversee the plans but was s down by the Superintendent and no interest among his colleagues. You are probably the only one who cares enough for you and your colleagues best interests that you reported this. The bigger question is who in the district or the union decided to have National Life Group with another 457 plan. LAUSD also has a policy that no 403b agents selling or talking with teachers on school grounds PERIOD! but the agents violate this all the time. A friend of mine called me and reported that they were presenting at district HEADQUARTERS! I was so angry I wrote an email to the board members about this. Where those agents found and disciplined? Of course not. It was I who was chastised in front of the committee by the chair of the committee for going over her head. I WAS CHASTISED while our teachers are still getting a raw deal and agents violated LAUSD policy. (No worries! I am a big boy). You are just getting wind of just how corrupted the entire defined contribution plans are with public k12 school districts with regard to all of the fees that our teachers are paying and they don't even know it. I have been at this for 25 years and I find it totally fascinating that what you are experiencing is still going on. Just think about this, there are thousands of teachers and administrators across the country who must know what we know, but our educational culture absolutely prevents them from speaking out. I am still not sure why people are so afraid. There are many publications over the years reporting how bad the situation is as you know. But none of the published media print articles made much of a dent yet. The WSJ will be coming out with 2 reports soon and she is looking for teachers to talk to as we speak. She wants to know the connection between the unions and their endorsements of products. The teacher I spoke of above just talked with this reporter. Steve
  14. Hi Anon, Very happy you reported this. Takes a lot of courage, but you are not alone. Teachers everywhere in the country are getting a raw deal. As Dan said, only use Calstrs Pension2, it's a great plan offered by our pension plan. Stay the heck away from all of the rest! Steve
  15. One teacher emailed me and said one word about this two-day workshop: "Excellent"
  16. Pushing this up. Great Arich! This is not just "anyone." It's the Wall Street Journal and Anne and her colleague are interested in your story. Call Anne ASAP: (212) 416-3225 Keep up the fight! Steve
  17. No, I don't think it makes much difference. 5 bps difference is not a big deal. Bottom line is that the fees are high. Valic: .91% Lincoln total fee: .86% I would go with a diversification plan offered by Valic and the three fund portfolio of index funds.
  18. Anne the WSJ reporter informed me that she got a call, but she needs more K12 teachers who have been sold an annuity that was recommended or endorsed (or on some type of "approved by your union" list, etc) by any teachers union (local, state or national). It doesn't matter if you didn't know the product you were sold was endorsed by your union, chances are the agent who sold it to you had access to you and your colleagues because of the union endorsement. Please spread the word on all of your SM connections.
  19. I listen to podcasts of people stories of who retired young. This is the second time I heard of somebody throwing up they were so stressed out. No wonder these folks want to retire. Throwing up over work environment stress was never my experience. I was just very tired after a teaching day.
  20. Pushing this up. I got permission to post a notice on Bogleheads: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=285438&newpost=4637635&view=unread#unread. Please spread the word to any of your teacher friends, acquaintances or relatives.
  21. The WSJ will be publishing two articles. It is always great to get publicity. This hidden, and costly, 403(b) world with K12 school districts must be exposed. Please consider telling your story.
  22. Thanks Moe Money for bringing this up. Just a few minutes ago, I have spoken to this reporter (and dozens of others over the years). She stills needs to talk to teachers who were sold 403b produces endorsed or approved by their union. PLEASE CONSIDER TALKING WITH the WSJ. This paper is politically on a different mission against our public education values, but this reporter and the WSJ are totally correct when it comes to exposing the 403b with what it really is: a money maker for the powerful insurance industry and its minions, the sales agents. For those of you who will not speak to this or other reporters, please realize that you are not alone. If you are reading this message, you know this website is full of previously published articles and information that our colleagues are still getting sold costly and inappropriate annuity products. Furthermore, this website has been in existence for almost 20 years! We need you to talk to this reporter. The only bad experience I have had about the 403b was when I was sold two terrible annuity products in the 1980s. I never got any so-called "retribution" from my district or the union for going public with my 403b story in several newspapers and publications including U.S. News and World Report. In fact, the opposite was true. When my face and story was first published in the Sunday edition of the L.A. Times, 25 colleagues wrote me an old fashion paper and pencil letter and offered support! I thought I was the only one who wanted to improve the 403(b). Was I wrong! Some of these colleagues are still friends for all these years! So you might make more friends. As we have reported here by many contributors, the unions and the districts do not care about the 403b. By association, these same unions and districts are way too busy to be concerned about one teacher or one union member being quoted by the WSJ. In fact, you too might find more friends! thanks in advance Steve and the entire reform 403(b) movement,
  23. Yes, M* averages out the column. What I intend to do is calculate the dollar amount from each fund and add all expenses and divide it with the total amount of my portfolio. That will provide a more accurate expense ratio.
  24. My Wellesley returned 10.64% YTD. How did the other balanced or Target Date Funds do? Take a look at the halfway mark returns for Vanguards Target Date Funds. There is something positive about the find it, auto-rebalancing as the years go by, and, last but not least, you can forget it. It's a million times better than any costly annuity.
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