I’ve always felt a deep connection to teachers. Your dedication to nurturing future generations often goes unrecognized and underappreciated. But what concerns me most is hearing from so many teachers about the shortcomings of their retirement plans, be it a 403(b), pensions, or options like Florida’s FRS. It seems too many of you are stuck with plans that are not serving you well, burdened by hidden fees, poor financial advice, or broken promises. I’m here to offer help, not to sell anything. If you’re uncertain about your retirement strategy, I’m ready to provide a free review. It’s all about ensuring you’re informed and set for the future. If you decide to use the information to seek further advice elsewhere, that’s perfectly fine. My aim is simply to ensure that those who’ve dedicated their lives to teaching are well taken care of when they retire. If you need help or a second opinion on your retirement plan, feel free to reach out. It’s time someone took care of you for a change.
I didn’t know 403bs could have hidden fees. I manage my own funds. Also, isn’t a Roth IRA another good option? Some states actually have excellent pension systems, like New York for instance.
Linah said:
I didn’t know 403bs could have hidden fees. I manage my own funds. Also, isn’t a Roth IRA another good option? Some states actually have excellent pension systems, like New York for instance.
A lot of teachers got caught with high fees from providers like Equitable, which was fined heavily.
@CathyGenesis
It’s a good idea to avoid Equitable if you can. If that’s not an option, try pushing for other providers in your district.
@CathyGenesis
Absolutely. You can set up a self-managed 403b and invest in target retirement funds. It’s simple—just set it and forget it.
Linah said:
@CathyGenesis
Absolutely. You can set up a self-managed 403b and invest in target retirement funds. It’s simple—just set it and forget it.
I’m currently with Equitable. Can I move my funds, or am I stuck with them?
@Mitchelle
It’s pretty tough to move funds out of Equitable. They make it very difficult with hurdles like needing notarized documents they won’t provide. You might be able to transfer to another 403(b), but even that’s a hassle. They really try to keep your money.
@CathyGenesis
Thanks for the info. Maybe I should just stop contributions and start a new 403(b) with someone else.
Mitchelle said:
@CathyGenesis
Thanks for the info. Maybe I should just stop contributions and start a new 403(b) with someone else.
Yes, you can have multiple 403(b)s as long as you don’t exceed the contribution limits across them.
Linah said:
@CathyGenesis
Absolutely. You can set up a self-managed 403b and invest in target retirement funds. It’s simple—just set it and forget it.
People often fear financial decisions, but it’s worth learning about.
Linah said:
@CathyGenesis
Absolutely. You can set up a self-managed 403b and invest in target retirement funds. It’s simple—just set it and forget it.
Financial management can be complex without a basic understanding of the terms and options. Retirement planning isn’t just a lucrative field for advisors; it’s also crucial for your future.
@Jason
That’s true. Educating yourself about your financial options is important. I’ve actually developed a basic finance course that can help with understanding these concepts.
Linah said:
@CathyGenesis
Absolutely. You can set up a self-managed 403b and invest in target retirement funds. It’s simple—just set it and forget it.
Keep in mind that in some states, you can only choose from a specific list of funds, which might limit your options.
Linah said:
I didn’t know 403bs could have hidden fees. I manage my own funds. Also, isn’t a Roth IRA another good option? Some states actually have excellent pension systems, like New York for instance.
I had a 403b that barely grew due to high fees. Over a decade, it only made $500.
Linah said:
I didn’t know 403bs could have hidden fees. I manage my own funds. Also, isn’t a Roth IRA another good option? Some states actually have excellent pension systems, like New York for instance.
It’s true that 403bs, like any retirement plan, can have hidden costs. It’s vital to understand all aspects of your retirement plan, not just the basics.
@thomashearns
Which states are known for good pension systems? I’m curious because I’m in New Jersey.
Mitchelle said:
@thomashearns
Which states are known for good pension systems? I’m curious because I’m in New Jersey.
New Jersey’s system isn’t the best. It requires a long-term commitment and higher contributions compared to some others. It’s wise to explore various retirement options.
@thomashearns
What happens after ten years in the NJ system? I’m currently thirteen years in but had a break.
Linah said:
I didn’t know 403bs could have hidden fees. I manage my own funds. Also, isn’t a Roth IRA another good option? Some states actually have excellent pension systems, like New York for instance.
My sister is a teacher in NYC, and it seems the pension plan has changed significantly over the years. The benefits for newer teachers don’t seem as good as they once were.
@Barbara1
Yes, the newer pension tiers aren’t as generous, but they still offer a decent fallback compared to other investment strategies.