YOU HAVE FOUND OUR OLD WEB SITE. BE SURE TO CHECK OUT OUR NEW AND IMPROVED SITE!     403(b) Stories In an effort to personalize the 403(b) plan so that participants can learn from one another, 403(b)wise profiles real people who contribute to the 403(b) retirement plan.     Mike, 35, middle school math teacher Olney, MD What is your estimated current balance? I currently have about $15,000.   What got you started investing in a 403(b)? A pleasant gentleman sitting on a sofa in the teacher's lounge called me over to him and inquired about how I'm investing in my future. I responded, "Ummmmmm...investing?" He had a plate of cookies, so I listened to his spiel and enrolled with Valic.   How long have you contributed to a 403(b)? Seven years.   Who do you invest with today and how much do you contribute monthly? After learning about the high fees that Valic charges, I have just switched to TIAA-CREF. I also increased my investment to $400 per month, but will hopefully be contributing even more soon.   Do you contribute to a 457(b)? No, but one is available.   What is your risk tolerance? On a scale of 1-10, with 10 being the most risky investments with the potentially greatest returns, I'm about a 7, a moderate risk taker.   What is your approach to asset allocation? I used five or six asset allocation calculators on the web. Then, I took the approximate averages of all of the calculations (e.g. about 10% for international funds). I am careful to avoid funds with a lot of overlap concerning their investment sectors or specific companies.   What is your feeling on using an advisor? Advisors can be terrific, but I want them to be totally independent of sales, and I want to pay for each session at a time, so that I have a handle on how much I'm spending for advice (e.g., this advice cost me $200 as opposed to 0.8% of the money in a particular fund).   What is your investment philosophy? Research your funds, choose them carefully, and then give them time to work for you.   What have you learned about investing? That management fees can really hurt.   When would you like to retire? As soon as I can.   What is your advice for the beginning investor? Avoid high fee providers. There are plenty of low fee providers that can beat the performance of the high fee providers — and at less cost for you.   What is your advice for the late-start investor? Don't be scared of starting the process. Investing can actually be fund!   What else would you like to share about your 403(b) and/or 457(b) experience? As my reward for paying their high fees over the past seven years for mediocre fund performance, VALIC charged me a $500 surrender fee to transfer my money to another 403(b) provider — a fee that many other providers don't charge. Thanks, VALIC.   Read details of Mike's ordeal in exiting his variable annuity.   Would you like to share your 403(b) story? If so we want to hear from you! We are especially interested in participants who use an agent or advisor, and participants who have a 457(b). For your participation we will send you a complimentary copy of The 403(b) Wise Guide. If you are interested email us at: contactus@403bwise.com and type "403(b) stories" in the subject line.   Home | Disclaimer | © 2004 bWise Guys, LLC. All rights reserved.				Back to the most recent 403(b) story