A 403(b) is an employer sponsored retirement plan for non-profit organizations that makes it easy for employees to save for retirement through payroll contributions. With pre-tax contributions, you can save on taxes, and some plans even offer employer contributions to get you even closer to your retirement goals.
- Additional catch-up contributions can be made if older than age 50
- Some plans may offer a Roth 403(b) feature
- Taxes are deferred until distributions are made
- Penalty free distributions after 59 ½
- Distributions must begin by age 70 ½ unless still employed at that company
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