Independent Financial Advisor Tim Hayes

Financial Advisor Tim Hayes

I am an Investment Adviser Representative at Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser (RIA) based in Fairfield, IA. I am also registered with Cambridge Investment Research, Inc., an independent broker-dealer with over 3,000 registered representatives nationwide.

Most clients pay fee-only or an hourly rate. The size and complexity of the client’s wealth management and financial and retirement planning determine that fee.

Some clients pay a commission, mainly those with smaller accounts, i.e., Roth IRAs, some public-school teachers with 403b retirement accounts, or parents or grandparents who set up a 529 college savings plan.

The first introductory and fact-finding appointment can be in-person or by phone. The next meeting where I provide my recommendations should be in-person.

Subsequent meetings during which we monitor your progress and investments can be done in-person or by phone, email, Zoom, or Skype – or, more likely, a combination of these meeting types.

Tim Hayes Financial Advisor for Teachers and 403b Plan Advisor In Boston

Summary: Are you a teacher looking for the best 403b plans? Learn about the advantages of signing up for a tax-sheltered annuity and maximizing your savings. With the right plan, you can secure a strong financial future. #403bPlans #RetirementSavings

Finding the Best 403b Plans for Teachers

Educators can save more pre-tax money than any other public or private-sector employee. Two retirement plans are available for educators, both with unique catch–up options. Signing up for a 403(b) plan (tax-sheltered annuity) is a great way to start saving money and paying fewer taxes. Financial advisors can help you set up, invest, and service your 403(b) plan. With the right plan, educators can maximize their retirement savings and enjoy a secure financial future.

403b Advisors

Beginning June 30, 2020, broker-dealers (B/Ds) began operating under a new Regulation Best Interest standard. This requires them to better align their product recommendations and services with their client’s best interests by eliminating conflicts of interest, such as proprietary product requirements, sales quotas, or sales contests.

Registered Representatives will now be called financial professionals. Any advisors who are fiduciaries can continue calling themselves financial advisors. Some critics complain that the new standard does not meet the uniform standard’s original intent.

Financial professionals representing broker-dealers or insurance companies provide most of the 403b plans in public schools. So, from now on, most purchases of 403b plans will fall under the Regulation Best Interest Standard.

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403b Teacher Retirement

Public school educators, including university professors and administrators, can save more pre-tax than any other public or private-sector employee.

That’s because educators are eligible for two retirement plans with unique catch-up options.

In 2023, educators can save $22,500 into a 403(b) and a 457 plan (Smart Plan). Those fifty years or older can contribute an additional $7,500 to both.

The 403(b) catch-up allows educators with low 403(b) savings who have worked fifteen years with the same employer to save an additional $3,000 per year for five years.

One problem with this catch-up is that contributions over $22,500 are credited first against the 15-year rule. A teacher aged fifty or above could use their 15-year catch-up without knowing it.

The 457 plan has a more considerable catch-up. It allows eligible employees to contribute,000 per year for three years before their “regular retirement date.”

The 403(b) catch-up can be used with the age fifty catch-up and 457 plan. However, the 457 plan catch-up cannot be used with the age fifty catch-up, although the employee could still contribute to a 403(b).

Putting considerable savings into a 403(b) and 457 plan does not reduce your income for the Massachusetts Retirement System calculations.

Not everyone can afford to save the maximum; however, it is good to know that educators have a well-deserved potential benefit.

Your school system provides a list of 403(b) companies. The 457 plan is different. The city/town usually provides one company. Both typically give you a broad range of investment options.

Plan Considerations

  • School systems should consider eliminating the fifteen-year catch-up from their 403(b) plan, especially if there is no tracking system when the catch-up contribution starts.
  • Any employee saving the maximum in a 403(b) plan and wanting to save more money can open up a 457 program.
  • Remember, if you are eligible, you can use the 457 catch-ups with the 403(b) plan, plus the age fifty catch-up, making it an excellent option for any educator who wants to defer sick buybacks.

Finding the Best 403b Companies for Teachers

Since 1990, I’ve been a financial advisor helping educators set up, invest, and service their 403(b) plans.

During this time, I have accumulated knowledge on your retirement system, the social security offset/windfall elimination, 403(b) plans, and other financial issues specific to educators.

Because I am an independent financial advisor and provide flexible payment options (fee-only, hourly rate, or commission), I can work with most of the companies in your school system’s 403(b) plan. (Partial list of companies I work with Fidelity, American Funds, Putnam, MFS, Aspire, Security Benefit, Axa, Oppenheimer).

I can meet you at work either before, during, or after the school day.

These are the opinions of Financial Advisor Tim Hayes and not necessarily those of Cambridge Investment Research. They are for informational purposes only and should not be construed or acted upon as individualized investment advice.

These are the opinions of Financial Advisor Tim Hayes and not necessarily those of Cambridge Investment Research. They are for informational purposes only and should not be construed or acted upon as individualized investment advice.

Name of Retirement Plan Basic Contribution Limit Age 50 and up Catch-Up Basic + Age Fifty
401(k) Retirement Plan $22,500 per year deferral $7,500 per year $30,000
SIMPLE IRA Retirement Plan $15,500 per year deferral $3,500 per year $19,000
SEP IRA Cannot exceed the lesser of: 25% of compensation, or $66,000 per year N/A N/A
403b Plans $22,500 per year deferral $7,500 per year $30,000
457 Retirement Plan $22,500 per year deferral $7,500 per year $30,000
Public School Employees Are Eligible for Both a 403b and 457 $45,000 per year deferral $15,000 per year $60,000

Client Testimonials

"Over the past 30 years I have had three different account mangers watching over my tax sheltered annuities. I can say without reservation that Tim has been the best communicator of them all. He made my transition to securing my required allotments annually very easy because he “answers his phone”. He has taken the worry out of its for me."

Dennis C. Bentley


Maria J


'My name is Maria J., I work as a teacher and Tim has been my financial advisor for roughly 18 years. He has been good with my money, giving me advise and explaining clearly what I should expect when I invest my money. He is to the point, always asking you how comfortable you feel investing your money; are you more of a risky investor or more traditional investor? He can guide you and he acts upon your level of comfort. Some years I made money, some years I didn't, but this is a long journey that will pay off at the end.'

These testimonials are based upon an individual client experience and may not represent the experience of other customers, and should not be considered a guarantee or indication of future performance of success.

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