Most teachers know they have to plan for their financial security far in advance of their retirement years. While there are several good options to choose from, many teachers will only look at the most common service providers and make their decisions based on convenience. This is a common occurrence with the 403b retirement plan.
No doubt throughout your teaching years, you have had the opportunity to speak with the 403b annuity reps who hang around the lunch room or faculty areas. Not only do they have to get in what they have to say in a short period of time, but there are many other teachers present who may be just as anxious as you are to ask questions pertinent to them. Unfortunately, the opportunity to have a good and personal discussion is with the annuity rep is few and far between.
This can be frustrating because your financial future is being decided over a ham sandwich. An alternative would be to find someone that is knowledgeable and does not represent a single product. Better yet, find someone who must act in your best interest. This is our goal and mandate at Mountain Pass Planning because we are well aware of the confusion and potential costly decision that can be made about the 403b service provider you select.
It is shocking to discover that many teachers are not aware of the other 403b options available to them. This is because they don’t get the chance to speak to others who are aware of the options, and end up being restricted to only talking to those who have an agenda to support a specific product.
Instead of having to deal with the frustration of trying to second guess whether you have made the right decision about your 403b option, you can become more pro-active by looking at resources who will give you an unbiased review of your 403b options, which will enable you to make an informed decision.
I hope that most will feel relief and comfort knowing that you now have a resource that is going to help educate you about your options. The 403b program provides a tremendous opportunity to save for retirement, however choosing to start is only half the battle. Properly vetting the service provider is equally important and can add tens of thousands of dollars to your bottom line at retirement. Don’t make retirement plan decisions over a ham sandwich.