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A 403(b) plan is a tax-advantaged retirement account that is specifically for public school employees and employees of some charities. Just like with a 401(k), both you and your employer can ...
You may have an excellent option at work, like a 401(k) or 403(b). If not, there are individual retirement accounts or IRAs and self-employed retirement plans you can open and contribute to on ...
A 403(b) plan allows you to save on a tax-advantaged basis, deferring taxes on your income and any investment earnings or enjoying a tax-free benefit, depending on which plan you select.
Beginning in 2006, 403(b) and 401(k) plans may also include designated Roth contributions, i.e., after-tax contributions, which will allow tax-free withdrawals if certain requirements are met. Primarily, the designated Roth contributions have to be in the plan for at least five taxable years and you have to be at least 59 years of age.
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
An immediate retirement annuity is an annuity that is purchased in a single lump sum, and payments on it begin immediately (30 days to 12 months), after the entry into force of the contract (there is no accumulation phase). An immediate annuity is good for turning a large amount of money into a source of permanent income (some kind of pension).
A 403(b) retirement plan is the type of retirement plan offered by schools, nonprofits and other tax-exempt organizations. These plans function similarly to 401(k) plans and allow employees to ...
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