How one teacher learned they were being fleeced on fees, and switching to Sagewell saved thousands of dollars

by: Jocelyn | in 403(b), Retirement, Teachers

Sam*, from Portland, Oregon, was enjoying his first few years of retirement. He was spending time in his garden, cooking and with his friends and family.

A teacher his whole life, Sam simply followed the advice from his colleagues on how to financially prepare for retirement, selecting the same 403(b) they had chosen. He figured they had done the research, so why should he.

A 403(b) with too high fees

Originally happy with the amount he was able to withdraw monthly, after speaking with a friend who was using Sagewell, he realized he was spending far too much on fees, and by the time he was 85 he would have no money left in his 403(b). The entire situation was incredibly confusing and complicated, and he desperately wanted some help.

That’s where Sagewell came in

With Sagewell’s much lower monthly fee and savings program, Sam realized he would be in a much better situation than sticking with his 403(b). With a much smaller management fee of only .5% with a Sagewell IRA, vs. the 3% Sam was paying now on his 403(b), he would be able to make his money last much longer, and even live comfortably – without having to worry about the details or managing it daily.

A quick call with Sam’s free Sagewell Retirement Advocate mapped out two scenarios, one with Sagewell and one without, helping Sam see what it would look like if he had his normal monthly withdrawals, but now he had much more left to live on, comfortably well beyond 90 years old.

The results were incredible

Leveraging Sagewell for monthly savings of $100 from cashback, renegotiated monthly bills and more, plus drastically reduced fees, made a difference that really compounded over time. And having the Sagewell representative walk him through it over the phone made it simple, easy to understand and trustworthy.

With all the figures in, and assuming 6% market returns and even factoring in rising costs of living due to inflation, with Sagewell Sam would still have $162,000 in his 403(b) – but sticking with his current plan he faced a $167k debt. Sam couldn’t believe the difference. He was getting absolutely hosed on fees with his 403(b) and couldn’t believe that was even legal.

Helping our clients like Sam make the most of their golden years is why we built Sagewell – reach out today for a free consultation with one of our Retirement Advocates. We are passionate about helping folks’ like Sam live out their golden years comfortably, the way they’ve dreamed of, and frankly, deserve.

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and other features built for senior-specific financial planning
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*Sam’s story is an amalgamation of stories from Sagewell members. We have thousands of members just like you, who are retired and looking to ensure financial security while retired.

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