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roybrown

Should I Dump Axa?

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New to this website, it is terrific. Read the faq's and a bunch of the articles. I currently have a TSA with AXA. I am 99% sure that I should transfer my money out of AXA after reading this site. Anyone out there want to confirm or tell me where I am going wrong? Thanks.

 

PS Not going to be retiring for at least 20+ years.

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Welcome to this sight!!

 

You will need to give us more information.

 

How much are you currently paying (Expense Ratio) check Prospectus. Look for the bottom line "Total Expense ratio"

 

How much are you investing a month.

 

How are you diversified-List the different funds you are in

 

What are your other choices? Very important to list. Does your employer have a match?

 

Might you have a 457 plan besides a 403b plan?

 

Are you married? Does your partner have access to a better plan

 

If you will take the time to research this info and share other information, I am sure we can guide you on the right track

 

Tony

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Just adding some more questions that Tony asked:

 

When you look at your employer's list of other companies besides AXA, look for low cost companies such as TIAA CREF, Vanguard, Fidelity (spartan funds) and TR Price. All of the other companies are higher priced including AXA. With 20 years to retirement, you are in an excellent spot to change course and have a wonder retirement portfolio. It was about 20 years ago that I started to learn this stuff and now I am 64 and I am super happy I did. I have saved so much money from fees and my valuable time trying to work with so-called financial advisers or agents, who know much less than I do about investing with low cost funds. The vast majority of the pros need you in high cost funds to make money--STAY AWAY from them! I learned to do this myself and so can you. If not, we can show you how to find a fee only financial adviser, pay by the hour. Most of us are teachers on this site so we have no conflicts of interest. We do this because we want to help.

Have a great day,

Steve

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Thanks for helping out with the replies. I have been trying to find the answers to some of the questions, but hard to find the time.

 

Here we go:

 

1. I think I am paying 1+ percent a year with AXA, need to email them

 

2. Am doing $450 a month ###### 10 right now, do a little more each year

 

3. I think this is what you mean by different funds:

Guaranteed Interest Account 35%

EQ/Com Stck Index 15%

EQ/Equity 500 Index 10%

EQ/Global Multi-Sector Equity 10%

Multimanager Mid Cap Value 15%

EQ/GAMCO Small Company Value 15%

 

4. No employer match. Am in the process of getting the list. I know First Investors is an option. They are the people that sent me to this website.

 

5. No 457, just a 403B

 

6. I am married, wife has a 401k and I think they may match up to 3%.

 

Once again, thank you so much for the help. I want to take my time and get this right now. Don't want to have to come back to it when I will be losing big money. I'm still in my 30's so I have plenty of saving to do still.

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Should you dump AXA ?

 

I guess that depends on what your other choices are. AXAi is not doing you any favors selling you a 500 index fund for an expense north of 1%. You can do better.

 

What are your other choices? Your central office should have a list of them and maybe they are on your divisions website. After you find them we'll have a better idea of your options.

 

Depending on the laws in your state concerning splitting of assetts in the likelihood of divorce, you may to max out your wife's plan since she gets the 3% match. That would negate the ehigh expenses.

 

Also, you have no bonds, you might wish to add them to further your diversification .

 

 

Keep investigating. You are doing great

 

Tony

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Found out that my wife has a 6% match and she maxes that out, so that is nice.

 

Got the list of providers for my district. A few of them seem to be similar to AXA. Anyway, here it is:

 

Axa Equitable

Metlife

Oppenheimer Funds

First Investors

Great American Life Insurance

Security Benefit Life Insurance

Valic

 

That was it. Thought there would be more. The only ones I have had contact with in the last year or two are AXA, Valic, and First Investors.

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Found out that my wife has a 6% match and she maxes that out, so that is nice.

 

Got the list of providers for my district. A few of them seem to be similar to AXA. Anyway, here it is:

 

Axa Equitable

Metlife

Oppenheimer Funds

First Investors

Great American Life Insurance

Security Benefit Life Insurance

Valic

 

That was it. Thought there would be more. The only ones I have had contact with in the last year or two are AXA, Valic, and First Investors.

 

 

These all suck. I would not use any of them. I was lucky to have a no load mutual fund and TIAA CREF for my 403b. Call Tiaa Cref and ask them yourself why they aren't a choice on your district's list: http://www.tiaa-cref.org/public/support/contact/index.html?tc_lnk=toputlity.

 

In the meantime, fund a Roth Ira and start with Vanguard. Its not tax deferred, but everybody needs a Roth IRA too. Worry about the tax deferred later. Read Dan Otter's book.

 

Regarding time, you will never have enough time to do this. Nobody that teaches has the time. You came here asking questions and it would be a shame that you got some answers to start with a good plan and you don't follow through because of time. What I see is that you have the courage to ask questions as you knew that going with AXA was not in your best interests. That is huge! Do you realize what you know, how precious that is and how investing in low cost funds will do for you in the future?

 

My family of origin are immigrants from Italy and they used to say "Rome wasn't built in one day!" Of course, it's an old cliche' but it still applies. Keep at it even if it takes a year or two to get this turned around for you.

 

Dan's book is a quick read and it will help you decide how to invest with the Roth IRA. That's your only choice now. Keep asking your district to add a low cost mutual fund company.

Stay in touch,

Have a great weekend,

Steve

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