What is a 403(b)?
A 403(b) is a retirement plan for tax-exempt organizations. Similar to a 401(k), they offer unique tax advantages. They can be a powerful tool to help people reach retirement goals, especially with the 15-Year Rule. If you work for a school, a hospital, or a 501(c)(3) nonprofit, you’ve likely been offered a 403(b) plan. This […]
403(b) Contribution Limits
A lot of people are familiar with 401(k)s, even though the name could not possibly be less catchy or memorable (if you didn’t know, it’s named for a tax code). Fewer people are familiar with 403(b)s, which are essentially retirement vehicles for those working for nonprofits, such as teachers, the military and other government workers. A 403(b) is very much like a 401(k), but there are some differences that are worth knowing if you work for a nonprofit, such as what the contribution limits are.