403b Plan Advisor In Boston Tim Hayes

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. #403b Plans # Retirement Savings

Understanding 403(b) and 457 Plans

Finding the Best 403b Plans for Teachers

Educators can save more pre-tax money than other public or private-sector employees. Two retirement plans are available for educators, both with unique catch-up options. Signing up for a 403b 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 403b 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.

403b Advisor Near Me

M – 403b Plans for Employees

N – 403b Plans for Employees

P – 403b Plans for Employees

R – 403b Plans for Employees

S – 403b Plans for Employees

T – 403b Plans for Employees

W – 403b Plans for Employees

403b Teacher Retirement

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

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

In 2024, educators can save $23,000 into a 403(b) and a 457 plan. Those 50 years of age or older can also contribute an additional $7,500 into both of the two programs.v

The 403(b) catch-up allows educators with low 403(b) savings who have worked 15 years with the same employer to save an additional $3,000 per year for five years.

One problem with this catch-up is that any contributions over $23,000 are credited first against the 15-year rule, so a teacher aged 50 or older could use up their 15-year catch-up without knowing it.

The 457 plan has a more considerable catch-up. It allows eligible employees to contribute $46,000 per year for three years before their “regular retirement date.”

The 403(b) catch-up can be used in conjunction with the age of 50 catch-up and a 457 plan. However, the 457 plan catch-up cannot be used with the age of 50 catch-up, although the employee could still contribute to a 403(b).

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 you with 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.

With So Many Investment Possibilities, How Do You Know What’s Best?

Tim is an independent financial advisor with the experience and knowledge you can trust to know which investment vehicles may be right for you. Whether you’re an individual, small business, or company executive, he’ll set you up with a portfolio attuned to your unique needs.

Finding the Best 403b Companies for Teachers

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

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

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

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. Content provided via links to third-party sites should not be considered an endorsement of content that we cannot verify completeness or accuracy of.

Please Share

Book a Free Virtual or In-Person Consultation with Tim!

The Advantage of an Advisor: Real Stories from Real People

Phyllis Gleason

Client

“I was fortunate to get a recommendation for Tim Hayes from a colleague many years ago, and I have benefitted greatly from our partnership. At our first meeting, I immediately felt that I was in good hands. Tim is a wonderful listener, and he asked great questions that allowed me to focus my long-term financial goals. He has always been very responsive to any questions I have had and keeps me informed about the impact the vagaries of the investment world have on my portfolio while, at the same time, giving me advise on our next steps. I would highly recommend Tim to anyone needing investment services. Both his knowledge and his thoroughness are refreshingly impressive.”

“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

Client

Maria J

Client

“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.”

Reviews on this site may or may not be by clients of the firm. No compensation is being provided for sharing of opinions and experiences on this site. The reviewer’s comments may not be representative of any other person’s experience and is no guarantee of future performance or success.

Scroll to Top