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Jericho Office

500 North Broadway,

Suite 251A
Jericho, NY 11753

What's with the dog?

May 16, 2019

What’s with the dog you ask?

Here is the story. I’ve worked closely with educators for many years, so I understand just how hard it is for you to find time to focus on your retirement. You arrive at school early, leave late, your evenings are filled with grading assignments, private tutoring and, oh yeah, you have a family of your own that relies on you. All the while, it’s possible your 403(b) needs your attention, and you don’t even know it. An initial glance at your 403(b) statement may not cause you much concern, but there could be serious consequences as you near retirement.

That’s why I use Diggy, my ten-year-old Norfolk terrier, in my marketing. He is a friendly reminder for you to make time to take a look at a serious issue. If you picked up a free bookmark at your school or were given one by a colleague, it serves as a friendly reminder to get a second opinion. Book a quick, free twenty-minute call from my website link or call me at 516-719-0145.

When it comes to 403(b) plans, I’m surprised by the number of educators who still have their money invested in variable annuities. Commonly they go by names such as AXA, Brighthouse, MetLife, and Voya, to name a few. The short of it is, variable annuities have a feature called an annual mortality fee – typically 1% or more of the balance of your account. That could add up to an additional annual fee of $1,000 if your balance is $100,000. You don’t have to teach math to see how the fees associated with these plans can quickly add up. Thankfully, you have other choices available and approved by your school that does not charge the annual mortality fee.

If you would like to learn more about how I assist educators in reducing the fees that could be cutting into their 403(b) savings plan, call me today. Or schedule a quick, free twenty-minute call to open up a dialogue and give me the opportunity to see how I can be of help. I look forward to hearing from you. John Carbonara, Certified Financial Planner™