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Dan's Blog

Updated How to Get Out of a Bad 403(b) Plan 💸

April 8, 2021

My podcast partner Scott Dauenahuer CFP® and I may be the faces of 403bwise, but our secret sauce is our community. This has never been more clear than when a Southern California teacher — and active member of the 3,000 plus strong 403bwise Facebook Group — recently came to us with an idea...

Background

On a daily and almost hourly basis, new Facebook Group members were posting their frustation with their 403(b) plans. The stories were almost identical: New teacher sold something s/he thought was good for them only to (recently) learn they were sold-high cost products which containined onerous surrender charges. To say they were angry and frustrated would be an understatement. 

As too many have found out, it's easy to get into a bad 403(b) plan, it's hard to get out. This is by design and leads many to simply give up. 

Updating a Popular Resource

Since our relaunch as a non profit in June 2019, our single most popular story has been one called How to Get Out of a Bad 403(b). It was one of the first stories we wrote for the new site but it was in need of updating. Thanks to Southern California teacher Crystal Duffy and retired teacher Dan Dews, it is now a step-by-step guide on getting out of a bad 4039b). It also includes a listing of the best vendors and bad vendors who actually make available a low cost choice.

You can read the new story here: How to Get Out of a Bad 403(b).

Stay wise and well (and thanks to all of the 403(b) advocates fighting for a better 403(b) plan).