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403(b) vs. 401(k): How they work. Both 403(b) and 401(k) accounts offer workers the ability to save money for retirement on a tax-advantaged basis: in traditional versions of the plans or Roth ...
A 403(b) plan is also an employer-sponsored retirement plan but is most often used by nonprofit organizations. It operates similarly to a 401(k), with the same contribution limits and tax treatment.
Continue reading → The post 403(b) vs. 401(k): Comparing Retirement Plans appeared first on SmartAsset Blog. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 ...
403(b) Plan. 401(k) Plan. Eligibility. Work for a nonprofit or government entity. Work for any private employer. Contribution Limits. $22,500 per year in 2023, plus an additional $3,000 per year ...
401(k), 403(b), 457. ... Employees can take a lump sum or convert it to an annuity in retirement. Pension equity plan: ... What’s a Defined Benefit Plan? Pros, Cons and How It Compares.
It’s like a 401(k), except for a different type of employee.
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