Show 132 - Are Teachers Losing Money in Their 403(b) Retirement Plans?
In this episode, I talk with Daniel Noles about how he lost money to his 403b and how he fixed, among other things! Enjoy a great conversation!
10/21/20261 min read
If you’re like most teachers, you were probably content to sign up for the first 403b you encountered and not think about it again. But sadly, the first 403b you encountered was more than likely a legal scam. In this episode, we break down questions to ask about your 403b and steps to take to get out of it as well as advocacy and other interesting topics. Enjoy!
Show Notes
The Teacher's Roadmap to Financial Confidence — a free five-question worksheet for teachers who want greater financial confidence.
403bwise.org
Recommended Books (Amazon Affiliate Links)
A Teacher's Net Worth Book
Key Ideas
Teachers need to understand what's actually inside their 403(b)
Fees and expenses can affect your retirement savings
Expense ratios and surrender fees can mean for your investments
Some 403(b) products may have caps on their investment returns
You shouldn't rely solely on the person selling you a retirement product for financial education
Teachers should understand the differences between a 403(b), Roth IRA, 457, and pension
Understanding your pension is an important part of planning for retirement
Starting financial education with your children can give them an enormous advantage
Bonus Tip
Here is a bonus tip I didn't get to in the episode.
For those that are encountering this 403b problem for the first time, we’ve barely skimmed the surface. I cannot recommend enough that you checkout 403bwise.org to learn more about getting out of a bad 403b.