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jebjebitz

Drafting Letter to Help Colleagues

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So I submitted this to my union.  Unfortunately, they have decided that they are unable to post this information on our union website.  They are concerned about the liability of offering financial advice.

I was unable to distribute information through school email and now I’ve been denied by our union.

Since I’ve talked about this I’ve been able to help 4 people.  I guess I’m content with getting this information out as people ask for it.

thank you all for taking the time to look at this and for your feedback.  

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17 minutes ago, jebjebitz said:

they have decided that they are unable to post this information on our union website

Sorry to read that.

In another life I’m an uncompromising union boss that is entirely focused on teacher pay, benefits, and working conditions. I am 100% behind unions, but sometimes the things they focus on really upsets me.

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3 hours ago, jebjebitz said:

  They are concerned about the liability of offering financial advice.

 

And yet annuity salesmen are allowed in the schools and give questionable financial advice (if not outright false information).

 

 

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On 6/30/2019 at 3:36 PM, MNGopher said:

And yet annuity salesmen are allowed in the schools and give questionable financial advice (if not outright false information).

 

 

It’s scary.  They all push the annuity with a “guaranteed return”.  I hear some say a guaranteed 6% or a guaranteed 5% but, it’s always paired with a pitch about 2008 and plays on their fears.

I’ve called some of the salesman pretending to be interested and it takes a few questions to get to the heart of what the “guaranteed return” actually is.  It’s basically a guaranteed lifetime payment equal to 6% of the value of your account.  But the pitch makes it seem like you get a 6% return on your investment year after year.  Not surprisingly, the salesman do little to clear up this misunderstanding.

People close to retirement go to these people for advice and they try to get them to transfer from one annuity to another.  It’s pretty disgusting.

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3 hours ago, jebjebitz said:

 It’s basically a guaranteed lifetime payment equal to 6% of the value of your account.  

Exactly, some of that 6% is the principle!--the teachers own money that they had already contributed!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 How they can get away with this lie is in itself one of the most fascinating stories of the insurance and financial industry. They are GOOD. Never underestimate how good this people are in selling their self conflicted products. The advisers in the 401k world could never say things like that for long. 

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