Dan and Scott try to help 6th grade teacher Joe Minnuto with his bad 403(b) choices. Topics covered include: 90-24 outside-of-plan exchange, 403(b) vs. a Roth IRA, Third Party Administrators (TPAs), Vanguard and TPAs, Aspire and open architecture plans, investor share class vs institutional share class, and the 457(b).
Dan drinks a Happy Camper IPA from Santa Fe Brewing Company of Santa Fe, NM; Scott drinks a Tower 10 IPA from Karl Strauss of San Diego, CA; Joe drinks a Buffalo Lager from Flying Bison Brewing Company of Buffalo, NY.
Dan and Scott offer advice on what to do if stuck with bad 403(b) choices. Topics covered include: How to know if you have a bad 403(b); Steps to take to get a better plan; and Foregoing a 403(b) for a Roth IRA. They also discuss the fee-finding resource 403(b)compare.com; Dan shares a bit about his recent trip to England where he took in a Liverpool football (soccer) match at Anfield. Scott shares a bit about his recent trip to Hawaii.
Dan drinks a Farmer's Tan Red Ale from Tractor Brewing of Albuquerque, NM; Scott drinks a Diesel Punk from World Brews of Novato, CA.
Dan and Scott continue their discussion on the much misunderstood 403(b). Topics covered include: pre-tax 403(b) contributions; post-tax Roth 403(b) contributions; options for a 403(b) when leaving an employer; penalty-free acess to the 403(b); hardship withdrawals and what happens to a 403(b) during a divorce. Scott gives his verdict on Dan's 2001 decision to roll over his CalSTRS pension into an IRA when he left California.
This is part 2 of our podcast on the 403(b) which was recorded right after part 1 where we drank beer. While two beers in one day of recording sounds like a good idea, it probably wouldn't make a good podcast. Two beers in one sitting might make us do something really unwise like recommend high fee variable annuities.
Dan and Scott discuss the much misunderstood 403(b) retirement plan. Questions addressed include: What is it? How does it work? How can it be invested? How much can be contributed? When can it be accessed?
Dan drinks a Riverwalker IPA from Bosque Brewing of Albuquerque, NM. Scott (with apologies) drinks a Blue Moon from Coors Brewery of Conglomerateville, INC.
Dan and Scott discuss how teacher pension plans work. Dan describes how in 2001 when he left the state of California he rolled over his CalSTRS pension into a Vanguard Rollover IRA. Scott is not sure that was a good idea.
Dan drinks a Wildflower Wheat from Marble Brewery of Albuquerque, NM; Scott drinks an Orange Wheat from Hanger 24 Craft Brewing of Redlands, CA.
Dan and Scott describe how they got into teacher retirement plan advocacy. They also lay out their vision for the Teach and Retire Rich Podcast.
Dan drinks a Red Ryeot from La Cumbre Brewing Company of Albuquerque, NM; Scott drinks an Upheaval IPA from Widmer Brothers Brewing of Portland, OR.