What Is a 403b and Is It the Right Option For You?

A 401k retirement plan has been a standard part of employee benefits packages since the late 1970s. This type of retirement plan involves withholding contributions from each worker’s paycheck and holding those monies tax-deferred in an investment account until that worker retires. 

Nonprofit, tax-exempt organizations were not able to offer 401k plans to their workers until 1996. Before that year, the only employer-sponsored option for nonprofits and their employees was known as a 403b plan.

The 403b plan is still an option for nonprofit workers and exists alongside traditional 401k offerings. But what is a 403b, exactly, and is it a good investment? Read on to find out.

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What is a 401k? Must-Know Retirement Plan Basics

What Is a 401k? Must-Know Retirement Plan Basics

Did you know that 48% of older Americans have no savings in retirement plans (such as an IRA or 401k)? If you’re one of them, there’s a good chance that you’ll face very serious financial issues as you grow older.

The good news is that it’s never too late to get started! Once you understand the must-know retirement plan basics, you can open an account and start putting money away for your future. 

Stick with us as we answer important questions like “What is a 401k plan?” and “How does a 401k work.” By the time we’re done, you’ll feel confident opening up one of your own. Read More