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NJ Educator

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  1. Aspire Financial has low fees. The options for investments however, can be determined by your district. If they offer an open investment platform, you can get into Vanguard funds through them.
  2. I have been looking forward to starting up with TIAA-CREF since I learned that they will be available to K-12 teachers in NJ soon, but just tonight I searched on " TIAA-CREF complaints" and found a myriad of complaints about people trying to get money out once they have retired.....and also about a class action lawsuit against the company..... Anyone have thoughts/ info to share.....?
  3. Can this possibly be a real suggestion! http://dealbook.nytimes.com/2013/07/09/pension-proposal-aims-to-ease-burden-on-states-and-cities/
  4. Can this possibly be a real suggestion! http://dealbook.nytimes.com/2013/07/09/pension-proposal-aims-to-ease-burden-on-states-and-cities/
  5. Just say NO to tax sheltered annuities!
  6. I agree. How do we get this in motion? Sorry, this posted twice and I didn't see a way to delete it....
  7. I agree. What can we do to get this in motion?
  8. Thanks Steve. I appreciate your advice and thanks for the links too. I am wondering if perhaps I should consider going a bit heavier in the equities area since I'll eventually have a pension coming in....what do you think? Also, should I dollar cost average in with TIAA-CREFF when I switch or just jump in?
  9. Thanks everyone for your thoughts. I am still trying to get a low cost vendor in my district so that I can move my 457 money into some good investments without the broker fees. I have not yet moved my 403b money out of the insurance co. because we don't have a low cost option approved as of now. I am excited about TIAA-CREF coming in July for the 403b account, but I am still nowhere with the 457 money. So, the question remains, how do you recommend I get back in after the lump sum transfer to TIAA-CREF or even after my recent 457 move to Lincoln.....?
  10. I'm 51. I'd like to retire in 10 years or less. I don't think I'll need to start taking much money out right when I retire because I'll have my pension from my school.... When I started investing in 1990, There were 2 insurance companies going after business in the lunchroom....everyone was going with them, and I knew no better. I bought a variable annuity from them. After 22 years of investing with them, I've contributed $213, 000 and now have a total of $244,000 in that account. Sad..... 70% of that is in a guaranteed fund (earning 3%), and, as I mentioned above, the remaining 30% is spread out in different "sub" funds.... All of these "sub funds" have high expenses...plus I know I'm paying the 1% Mortality fee too. Perhaps I should move all of that 30% into the Guaranteed fund at this point? Part 2 - the 457 About 8 years ago, my broker (shark) suggested that I could put more money away for my retirement by opening a 457 account too (since I was maxing out my 403b). He put me in another Variable Annuity with his insurance company in similar investments (high expense sub accounts)...I didn't know better. I've got a total of about $140,000 now in the 457, which I recently moved from the insurance co. to Lincoln Investments....Lincoln Investments is the only vendor in my district that offers custodial accounts and not just annuities.That $140,000 is the money just sitting in the Vanguard Money Market Account gathering dust. Lincoln offers a nice variety of funds...but, as I mentioned, I'm afraid of getting back in right now. Is it wise to consider a Vanguard Target date fund for that money when the market seems so high? Any thoughts appreciated.
  11. Hi everyone, Happy New Year. I'm still working on getting a low cost provider on the list of "approved vendors" for my district (so frustrating), but in the meantime have moved 70% of the money in my Variable Annuity into Guaranteed interest (3% guaranteed)....and the remaining 30% is in a variety of not so great investments within the annuity. I also have a decent amount of money in a 457b account that I was able to move out of an annuity with the same insurance co. last year (penalty free...that's a good story which I'll tell when I am done with this insurance co.!) and I moved it to another vendor (with lower fees) and put it in a custodial account - in a Vanguard money market fund. So, here I sit looking at my money doing nothing basically, but I'm afraid to move it back into the market since it seems artificially inflated right now...... I'd rather leave the bulk of my 403b money in a 3% guaranteed fund than move it to a money market fund with another company and be afraid to get back in (like I am with my 457 money)..... Any thoughts? Words of wisdom?
  12. Yes, why not try to get national perspectives? In my district, I still am having trouble getting a low cost 403b or 457b vendor on our "approved list". I am being blocked by our plan administrator.....It's infuriating really!
  13. Hi everyone, I have a 403b7 with Lincoln Financial (cheapest vendor in my district currently) and it is a custodial account (not an annuity). Perhaps asking your Lincoln rep if they can offer you a Custodial Account would be a good first move. Then you can invest in any mutual fund they offer (and you can follow it by it's ticker symbol). Of course, you want to look at the fund expenses before investing. With my custodial account I must still pay a broker fee (typically 1%), because Lincoln will not let me self direct, but at least I'm out of the insurance piece (and the associated fees). PS I'm still working on getting my district's plan administrator to sign an Information Sharing Agreement with Vanguard....then we could invest directly with Vanguard and save on the broker fees as well...I'm also looking at ASPIRE financial if I can't get Vanguard.
  14. What outfit administers your SD 457(b)? Joel Self Administer...... and what are the investment choices? To clarify the "administration" - 457 Accounts are offered through the municipality, the town I work in. Equitable/AXA or Lincoln Financial offer the investments so perhaps those companies are the administrators? I know that my district does not use a TPA....I guess I need a better understanding of who does what.....
  15. What outfit administers your SD 457(b)? Joel Self Administer......
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