An AXA 403(b) was not music to the ears of Elementary music teacher and his teacher wife. They have successfully moved to a lower cost option.
Scott helps Dan and his wife consolidate their many retirement savings plans from past and present employers.
Dan interviews a New Jersey teacher and his wife who are getting their financial lives in order. They discuss tackling debt, sharing money management duties, working multiple jobs, and, of course, being stuck with a bad 403(b).
David Martin, Vice President, Client Analytics and Research, Fidelity Investments, discusses the 2017 Higher Education Faculty Study.
Key takeaways:
Retirement Readiness Survey for Higher Education Professionals
Micah Hauptman is the financial services counsel at the Consumer Federation of America. Micah and his organization are fighting to save the Department of Labor’s Conflict of Interest Rule (a.k.a. the fiduciary standard) which is under assault by the Trump administration.
Conflict of Interest Rule Fact Sheet
Email comments to: EBSA.FiduciaryRuleExamination@dol.gov. Include RIN 1210-AB79 in the subject line of the message.
To President-Elect Trump: What If Everything You’ve Been Told About the DOL Fiduciary Rule Is Wrong?
The Committee For The Fiduciary Standard
We discuss the latest NY Times 403(b) article When Teachers Face the Task of Fixing Their Retirement Accounts. We also speak with Connecticut state representative Matthew Lesser (D) who is trying to improve 403(b) plans in the state.
Christina and Matt, two New York educators who live in Connecticut, discuss past investing mistakes, steps they are taking to save better, and they have questions about saving for college.
Beer
Misty Mountain IPA by Back East Brewery of Bloomfield, CT
Hurricane Kitty by Keegan Ales of Kingston, NY
Saturday Morning Cartoons Breakfast Cereal Milk Stout by Brew Rebellion of San Bernardino, CA
Double White by Marble Brewery of Albuquerque, NM
In episode 18, Ed Mills, a.k.a. "The Millionaire Educator" described how he and his teacher wife socked away more than $100,000 in 2015. In this episode, Ed describes how he and his family did what many dream of doing.
Accessing money prior to age 59 1/2
Dan interviews 23-year-old soon to be teacher Melissa of Albuquerque, NM. She is about to be married and she is about to enter the classroom full time. What should she know about saving for retirement?
Think Your Retirement Plan Is Bad? Talk to a Teacher
Even Math Teachers Are at a Loss to Understand Annuities
Nonprofit Employees, Already Underpaid, Face Special Challenges in Retirement
How to Fix a Retirement Plan at a School or Nonprofit
Mellody Hobson, president of Ariel Investments, and one of the most impressive women in finance, talks Cubs baseball, investments, the power of internships, and other really cool topics.
Ariel Investments
TED Talk: Color blind or color brave?
Vanity Fair interview with Mellody
Ariel Community Academy
Scott interviews retired teacher and reform advocate Steve Schullo about Los Angeles Unified School District's award winning 457(b) plan. They discuss what the 457(b) is, how it is different than a 403(b), how it is similar to the 403(b), and how Steve's work led to a strong plan for LAUSD employees.
Planner Tony Isola, CFP of Ritholtz Wealth Management, joins Scott and Dan to discuss the first two New York Times stories in a series on public 403(b) plans. They also take on the teacher bashing expressed in some of the comments to these stories.
Think Your Retirement Plan Is Bad? Talk to a Teacher
Claymation: What do a fox, a wolf, and sheep have to do with the 403(b)?
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” — Upton Sinclair
Our guest, Jennifer Polk, PhD, helps graduate students and PhDs achieve "career and life goals" often beyond academia.
We interview planning couple Dina and teacher turned planner Tony Isola. Together they head up the 403(b) division at the powerhouse Ritholtz Wealth Management firm.
Dina strives to provide clarity and common sense to demystify the “jargon” of the financial world, so that investors stop feeling intimidated or inadequate when considering their financial planning options.
Tony is a former teacher who gets it. He saw first hand the abuses in the 403(b) world. While the profession lost a great classroom teacher, it gained a strong 403(b) advocate.
We interview one of the unsung heroes of the 403(b) world: Ed Derman, retiring Deputy Chief Executive Officer of the California State Teachers Retirement System (CalSTRS). Ed discusses the work he has done on behalf of teachers in the state of California.
We discuss recent class action lawsuits filed against Duke, M.I.T, N.Y.U., Penn University, and Vanderbilt University, and Yale University for excessive retirement plan fees.
We talk 403(b) Church Plans with Chicago area rabbi Evan Moffic of the Congregation Sole.
Mark Eichenlaub, a 7th grade teacher in Illinois, discusses how he was able to get his employer to add a quality, low-fee vendor.
Inga Chira brings a unique perspective to the Higher Education market. She is a professor and a CFP®. In episode 31 she talks to us about teaching and saving in higher ed.
In episode 29 high school social science teacher Dustin Voss talked about teaching financial literacy at Fenger Academy High School in Chicago, Illinois. In this episode, two of his students share what they have learned in his class.
Dustin Voss began teaching in 2007 in Chicago Public Schools. After his first year of teaching at South Shore School of Technology, he was laid off and did a year of substitute teaching. in 2009 he was hired at Fenger High School and has taught civics, personal finance, entrepreneurship, and other social science classes since. He has a masters degree in curriculum and instruction and achieved National Board Certification in 2013.
Debby Karton of IPPFA Benefits helps employers move to a single vendor.
Dan's daughter Lily discusses the process of choosing a college. She also offers tips for high school kids just starting this process.
Scott and Dan discuss how two groups — The NTSA and the NEA — make saving for retirement harder for teachers. They also discuss the redesign of 403bwise.
Retired teacher Steve Schullo and 403bwise founder Dan Otter share what it is like to lose a spouse. They also discuss the financial implications of losing a loved one.