Teacher Stories
John
As a Speech Language Pathologist/Speech Teacher, John assess and treats students who have difficulties with communication., and He loves getting to work with great students, teachers, administrators, and support staff. His biggest challenge at the moment is teaching during the global coronavirus pandemic.
We asked John some questions about what he knows or wants to know about the 403(b) and saving for retirement, and this is what he said.
On a scale of 1 to 10, with 10 being total understanding, how well do you understand saving for retirement? Why did you pick this number?
I picked 10 because I know you need to be out of debt, save, and invest to be financially free and live comfortably.
What is your biggest money worry?
Not being able to be financially free of debt and not having a good lifestyle for my family.
Do you have a 403(b)? If yes, are you satisfied with your investment? If you do not have a 403(b), why not?
I have a 403(b) with Vanguard and Nationwide. On a scale of 1 to 10, my satisfaction with my 403(b) plan is 9. If I could change anything about my plan, I want to see more education for my colleagues so they don't fall victim to sales agents from the other companies.
What prompted you to start a 403(b)?
I started my 403(b) because of Schools First Federal Credit Union.
Did you ever hear about the 403(b) in your teacher preparation program?
I did not learn about the 403(b) in my teacher preparation program.
Do you know what a fiduciary financial advisor is? If yes, how would you describe a fiduciary to a colleague?
Yes. I would say it is someone who you retain to help you with your finances.
If you could ask a financial advisor one question what would it be?
Can you look at my current statements and what do I need to do to live comfortably now and in the future?
Anything else you would like to share with us?
You can retire early but I think it takes a lot of financial education, living below your means, staying out of debt, a commitment to start and stick to it, and an understanding that it is a slow process. Also, I plan to work with my union to open up better options and provide education so teachers aren't taken advantage of by sales agents.