I work for a school district and have access to a 403b or 457 plan.
I have never contributed to a tax deferred plan, but would like to this year. I will most likely contribute $18k (max) since my wife does not have a tax deferred plan.
I spoke with the sponsored company fr my district and was told they are the only ones who can set up my 403b. She said I have 3 options:
1. Fixed annuity. Average return of 1%, low risk. (Obviously not picking this one)
2. Variable annuity. Stated that this is a mix between stocks and mutual funds. It is high risk and has high fees. Returns of 2-3%
3. "Fixed Indexed" she was obviously selling this one hard and made me think it was too good to be true. Said you keep your gains in the stock market but can't take any losses. Stated that it has no fees and average returns of 7%. Honesty, it sounded like whole life insurance to me, but she never used that term.
I have a Roth IRA with trade kings and I just put money in whenever I want and buy/sell for $4.95/trade. Can't I set up something I self manage like this for a 403b? They specifically stated that I have to go with my employer sponsored company.
Can I self manage option 2? What would slowtwitch recommend?
http://www.ironmanglib.com
I have never contributed to a tax deferred plan, but would like to this year. I will most likely contribute $18k (max) since my wife does not have a tax deferred plan.
I spoke with the sponsored company fr my district and was told they are the only ones who can set up my 403b. She said I have 3 options:
1. Fixed annuity. Average return of 1%, low risk. (Obviously not picking this one)
2. Variable annuity. Stated that this is a mix between stocks and mutual funds. It is high risk and has high fees. Returns of 2-3%
3. "Fixed Indexed" she was obviously selling this one hard and made me think it was too good to be true. Said you keep your gains in the stock market but can't take any losses. Stated that it has no fees and average returns of 7%. Honesty, it sounded like whole life insurance to me, but she never used that term.
I have a Roth IRA with trade kings and I just put money in whenever I want and buy/sell for $4.95/trade. Can't I set up something I self manage like this for a 403b? They specifically stated that I have to go with my employer sponsored company.
Can I self manage option 2? What would slowtwitch recommend?
http://www.ironmanglib.com