Best Fee Only Financial Advisor for Teachers

A Fee Only Financial Advisor for Teachers  can look at your 403(b) investment options and see how the use of a Roth IRA may broaden your retirement investment options.

Most 403(b) plans are fairly “plain vanilla” in that they don’t offer much leeway in investment alternatives. By coordinating a Roth with your 403(b), you most likely be able to diversify your funds to reduce market volatility.

403(b)s provides tax benefits to you now, but may or may not be the best for you in the long term.

Because it’s anyone’s guess as to what the tax structure will look like in the future, it’s probably best to have a diversified approach to your tax planning in the same manner you would have a diversified approach to your investments.

Financial Planning for Teachers Roth IRA

Teachers should think about funding a Roth IRA instead. Roth IRA contributions are made with after-tax money and you lose the ability to have it taken directly from their paycheck, but that’s a small price to pay for the money you’ll save.

Inside the Roth, you can invest in low-cost funds that are often 1/10th the cost of many of the 403b accounts.

Difference between 403(b) and Roth IRA

The difference between 403(b) plan and the Roth IRA plan is the amount you can contribute. Like the private sector 401(k), participants in a 403(b) can contribute up to $18,000/year; $24,000 if you are over 50. You can only contribute $5,500 a year into a Roth IRA, or $6,500 if you are over 50. If you do have the ability to contribute more than the Roth maximum, one option would be to direct the excess to the 403(b) plan.

Best Fee Only Financial Advisor for Teachers

A  Fee Only Financial Advisor can help you look at the options to determine what may work best for you.

Fee-Only financial advisors are legally registered as investment advisors and have a fiduciary responsibility to you to create a plan in your best interest.

Retirement planning can be daunting for anyone, and while teachers’ pension plans allow them to cover basic expenses, money saved in supplemental retirement plans will be what defines the quality of their retirement.

With an ever-increasing workload, many teachers find themselves too busy to think about their finances and retirement plans. That’s why our experienced Financial Consultants are here to help.

Contact us for a complimentary meeting if you are in New York Phone:716- 565-1300 or Florida Phone: 813 964 7100

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