Teach and Retire Rich

Teacher Tim Whelan of Illinois succinctly describes the many benefits of having a single vendor 403(b) plan. 

Illinois math teacher Tim Whelan discusses his career, family, effort to earn a CFP®, and his fight to stop NTSA-backed legislation that would deny Illinois school district's the ability to offer a single vendor 457(b) plan. He also makes a strong case for why single vendor 403(b) and 457(b) plans are best.

• Mr. Whelan Financial
• Illinois Education Association
• SB 0734
• Learned by Being Burned (teachers share 403(b) horror stories)
• Meridian Wealth Management
• 403bwise.org

Listening to the education and advocacy podcast series Learned by Being Burned: Teachers and the K-12 403(b) motivated South Carolina high school teacher to advocate for and get better 403(b) investment choices in his South Carolina school district. 

• York 3 vendor list
• Learned by Being Burned (teachers share 403(b) horror stories)
• Meridian Wealth Management
• 403bwise.org

After their own missteps, New York music teachers Hana and her husband James are helping colleagues get wise to the 403(b). Hana may have the best story ever for how and where she first signed up for a 403(b). 

Episode begins with Dan talking about his current living arrangement. 

• Learned by Being Burned (teachers share 403(b) horror stories)
• Meridian Wealth Management
• 403bwise.org

Scott calls them the "boring administrative sh*t" but investment committees can be game changers in ensuring quality 403(b) and 457(b) plans. What are they? How do they work? And why you should consider starting or serving on one. 

• New York State laws on Deferred Compensation Committee
• Learned by Being Burned (teachers share 403(b) horror stories)
• Meridian Wealth Management
• 403bwise.org

NTSA pushing bill to ban single vendor 457(b) plans in Illinois. But only for K-12 institutions. Not police plans. Not firefighter plans. Not government employee plans. 

Bad New Jersey 403(b) legislation is on the move despite sponsors telling teachers it was dead. 

• SB 1233 (Illinois)
• Senator Michael W. Halpin (D) 36th District
• Representative Stephanie A. Kifowit (D) 84th District
• Bill A1974 (New Jersey)
• Learned by Being Burned (teachers share 403(b) horror stories)
• Meridian Wealth Management
• 403bwise.org

We talk about our recent talk with CalSTRS, and take another look at how to access 403(b) money.

• Accessing 403(b) Money
• Learned by Being Burned (short pod series that explains why the K-12 403(b) is so bad and what teachers are doing to fix it)
• Meridian Wealth Management
• 403bwise.org

We dig into the two advising services firm offers: 1) Vanguard Digital Advisor; and 2) Vanguard Personal Advisor.

• NerdWallet Ratings
• Learned by Being Burned (short pod series that explains why the K-12 403(b) is so bad and what teachers are doing to fix it)
• Meridian Wealth Management
• 403bwise.org

We go over the insurance policies every educator should consider having. 

• Learned by Being Burned (short pod series that explains why the K-12 403(b) is so bad and what teachers are doing to fix it)
• Meridian Wealth Management
• 403bwise.org

Taylor Swift is amazing for so many reasons: talented singer-songwriter, role model, activist. But did you know that she has written 10 songs about the K-12 403(b)? 

• Learned by Being Burned (short pod series that explains why the K-12 403(b) is so bad and what teachers are doing to fix it)
• Meridian Wealth Management
• 403bwise.org

SB 263 — which could be a model for other states — will decrease the number of sales of life insurance and annuities to consumers that are not in consumers’ best interests by prohibiting insurance producers from receiving incentives beyond allowable commissions or fees (such as prizes, rent reimbursement, etc.) for their sales and also prohibiting producers from making sales when they do not know if the product is in the consumer’s best interest.

Bill also covers sale of life insurance products. 

• SB 263
• Insurance Agent (Producer) Compensation Disclosure
  For Annuities and Life Insurance Policies Form
• Learned by Being Burned (short pod series that explains why the K-12 403(b) is so bad and what teachers are doing to fix it)
• Meridian Wealth Management
• 403bwise.org

If only Congress had adopted a 2003 Bush Administration plan to drastically simplify saving for retirement. We interview William Sweetnam the Benefits Tax Counsel at the Treasury Department from 2001-2005.

• 2003 ERSA/LSA/RSA Plan
• Learned by Being Burned (short pod series that explains why the K-12 403(b) is so bad and what teachers are doing to fix it)
• Meridian Wealth Management
• 403bwise.org

Classic bank run has many wondering how they can protect their savings.  

• Learned by Being Burned (short pod series that explains why the K-12 403(b) is so bad and what teachers are doing to fix it)
• Meridian Wealth Management
• 403bwise.org

Lobbying organization is actively working to make saving for retirement more expensive for educators.

• Link to Soundbite of NTSA Lobbying Against Single Vendor 403(b) in LAUSD
• Banned by the NTSA
• NTSA Works Against Teachers Best Financial Interests (Contains links to Illinois and Maryland bills)
• Mike Halpin Sponsor of Illinois 457(b) Bill  SB1233
• Learned by Being Burned (short podcast series)
• Meridian Wealth Management
• 403bwise.org

Matt Raleigh on teaching and co-writing a saving-for-retirement guide for California teachers.

• TL;DR: Financial Literacy for California Public School Teachers: Optimizing Financial Decisions Based on Your CalSTRS Benefits
• Learned by Being Burned (short podcast series)
• Meridian Wealth Management
• 403bwise.org

Teacher turned travel-hacker/blogger extraordinaire, Zac Hood talks leveraging credit card use to travel "freely." 

• Travel Freely
• Award Hacker
• Point.me
• Learned by Being Burned (short podcast series)
• Meridian Wealth Management
• 403bwise.org

That is how much money teacher-turned planner David Gourley has saved teachers in student loan repayment. 

• Teach Plan Retire Newsletter
• New Biden Student Loan Repayment Plan (January 2023)
• July 2022 PSLF Waiver Event (Podcast)
• Learned by Being Burned (short podcast series)
• Meridian Wealth Management
• 403bwise.org

On January 31, 2003, the Bush Administration announced a plan to drastically change how Americans save in defined contribution plans. Unfortunately that plan never got the public debate it deserved. Scott and Dan discuss the never implemented plan. 

• Bush Administration Retirement Savings Plan
• Learned by Being Burned (short podcast series)
• Meridian Wealth Management
• 403bwise.org

Horrified by complexity of SECURE Act 2.0 and saving for retirement in general, Dan and Scott devise a better way to save for retirement, medical expenses and college.

• Learned by Being Burned (short podcast series)
• Meridian Wealth Management
• 403bwise.org

We welcome back Barb O’Neill, CFP, AFC (Accredited Financial Counselor) and 403bwise columnist to discuss wise 403(b) and other money moves to make in 2023. 

• 403(b) New Year's Resolutions
• Learned by Being Burned (short podcast series)
• Meridian Wealth Management
• 403bwise.org