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Teacher Stories

Julius, age 56

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Julius teaches mandatory honors, and college prep Personal Finance course at an all boys high school in Maryland. He loves when parents tell him that their sons came home and asked a lot of financial questions. His biggest challenge is not having enough time in a one semester course to do more hands-on assignments.

We asked Julius 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 my wife and I are both teachers in private schools and fully fund both 403(b)'s and Roth's, and I teach PF and stay up to date by spending a few hours a week reading PF topics.

What is your biggest money worry?

Health care.

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 TIAA-CREFF and now my wife has switched to Mutual of America. On a scale of 1 to 10, my satisfaction with my 403(b) plan is 5.

What prompted you to start a 403(b)?

That's what the first school offered and I wanted the free matching $.

Did you ever hear about the 403(b) in your teacher preparation program?

I came from the business world.

Do you know what a fiduciary financial advisor is? If yes, how would you describe a fiduciary to a colleague?

Yes. He or she has to put the investors interest before the companies interest.

If you could ask a financial advisor one question what would it be?

Would you sell your spouse all the different types of mutual funds based on Monte Carlo simulations when it would be easier and more profitable for your client to be in index funds?

Anything else you would like to share with us?

I am convinced when my wife and I retire I will move all retirement money to Vanguard index funds.

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