Since some of you are teachers

hippolover · May 2012

Do you have a 403(b) plan?

If so...tell me about it.

jtmh2012 · May 2012

In Response to <a href="http://forums.weddingchannel.com/main.aspx/wedding-club-boards_january-2012-weddings_since-some-of-you-are-teachers?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:5a1804e7-e8c8-4829-9e61-b9d49f3a9b5fDiscussion:8583d75c-c0cb-44d6-a1d3-72b0efafe285Post:901f9f5d-20bf-4c3c-9bbb-935865aef20d">Since some of you are teachers</a>:
[QUOTE]Do you have a 403(b) plan? If so...tell me about it.
Posted by hippolover[/QUOTE]

I wasn't a teacher, but I used to have a 403(b) plan under the Norfolk School system when I worked for them. It's basically a 401(k) for public employees and works the same way from what I was told. The big difference between the 403(b) and the 401(k) that I have now is that Norfolk didn't match our contributions. Not sure if other 403(b)'s operate the same way.

hippolover · May 2012

My packet doesn't say if they contribute or not. It just says I am eligible and they recommend it. Then gives me a list of 4 companies to choose from.

jtmh2012 · June 2012

In Response to <a href="http://forums.weddingchannel.com/main.aspx/wedding-club-boards_january-2012-weddings_since-some-of-you-are-teachers?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:5a1804e7-e8c8-4829-9e61-b9d49f3a9b5fDiscussion:8583d75c-c0cb-44d6-a1d3-72b0efafe285Post:432f0b00-800f-4062-8535-b49e95d0b24b">Re: Since some of you are teachers</a>:
[QUOTE]My packet doesn't say if they contribute or not. It just says I am eligible and they recommend it. Then gives me a list of 4 companies to choose from.
Posted by hippolover[/QUOTE]

It's a good idea regardless of whether they contribute. I put 6% into my 401(k) which is the max my company matches. What 4 companies?

Basically, your income will go into this pre-tax. You'll pay taxes on it when you retire. You should also look into Roth IRAs.

A little bit now can translate into a lot more later and it's an easy way to save for retirement.

hippolover · June 2012

Met Life
Valic
AXA Equitable Life
Ameriprise

I like Valic so far just because of the ease of their website.

I could do 6% with my new salary. For me thats $180/month. Totally doable.

All this adult stuff is super sucky. Yesterday my mom and I went over which healthcar plan to get.

sassygirl5401 · June 2012

I highly recommend doing it. DH has ameriprise and they seem to be pretty easy to work with. He took a loan out against it a few years ago and it was pretty hassle free. Start saving your your retirement now, and its a smart move to increase what you put into it each time you get a pay raise.

jtmh2012 · June 2012

In Response to <a href="http://forums.weddingchannel.com/main.aspx/wedding-club-boards_january-2012-weddings_since-some-of-you-are-teachers?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:5a1804e7-e8c8-4829-9e61-b9d49f3a9b5fDiscussion:8583d75c-c0cb-44d6-a1d3-72b0efafe285Post:d1ae6d9c-f4a3-4aee-afb3-28854f2af6a8">Re: Since some of you are teachers</a>:
[QUOTE]Met Life Valic AXA Equitable Life Ameriprise I like Valic so far just because of the ease of their website. I could do 6% with my new salary. For me thats $180/month. Totally doable. All this adult stuff is super sucky. Yesterday my mom and I went over which healthcar plan to get.
Posted by hippolover[/QUOTE]

I've only dealt with MetLife out of that group. I love my advisor, but honestly, their website and software support suck. I manage everything I can through Quicken and prefer doing business with places that support Quicken downloads. This may or may not be important to you. :)

I saw somebody else mention taking loans out against theirs, I suggest avoiding that if at all possible. Most people do it and don't realize that these loans become 100% payable in the event that you're terminated or otherwise leave.

The adult stuff isn't that bad, but then again, maybe I've just been doing it long enough that it seems easy. Guess I'm getting old....:(

TaraW1979 · June 2012

I have one but no longer add into it since I work in a Catholic school now.

Since some of you are teachers

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