As a teacher, you might be wondering if your 403(b) plan is the best way to save for your retirement. There’s an easy way to figure that out and it starts with looking at your district’s plan.
First, are your contributions matched? If so, it’s usually best to contribute enough to get the full match. If not, then you should make sure to do your homework on the different companies on your district’s approved vendor list.
Unfortunately, many districts have lists full of vendors that charge high fees, provide poor investment options, and lock your retirement money up in unnecessary variable annuity contracts. Large insurance companies are the worst culprits, so if your vendor list is full of them, it may be best to save for retirement outside your district’s 403(b) plan.
There are many different options available to do this, but one of the best for teachers is to start a Roth IRA.
If you’d like to learn more about the best way you can save for retirement, give us a call or drop us an email and we’ll be happy to help make sure you’re on the right path.
If you have any questions or would like help figuring out what the best options for your 403(b) are, don't hesitate to reach out to us.