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CTSSHAH
@ctsshah
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#403Bplan #SaturdaySchool So more retirement savings accounts for Saturday School this weekend... WHO should invest in a 403(b)? - Qualifying employees of public schools and tax-exempt organizations such as teachers, school administrators, professors, government employees, nurses/doctors, and librarians. - You should consider investing in a 403(b) if this is your employer's retirement savings account and especially if a match is provided WHAT is a 403(b) plan? - "The features and advantages of a 403(b) plan are largely similar to those found in a 401(k) plan" - Both have the same contribution limits; however, 403(b) vests sooner and can do a lifetime limit of additional $15,000 catch up after 15 years of service w/ qualified organizations WHERE can I learn more about 403(b) Plans? - This is unique to certain employees of public schools and tax-exempt organizations and so I would first start with the resources provided to you by your Human Resources specialist - I don't think external resources are honestly going to be much more help over the Investopedia page in the comments section or much different from info on 401(k) plans WHEN should I invest in a 403(b) Plan? - If this is your work's equivalent to an Employer 401(k) and has a matching program, the 403(b) Plan should be the first place to save for retirement so that you get that match money - As with any retirement savings account, the earlier you can fund the account and allow for time and compounding to grow your investments, the better it is for you - If you qualify for additional $15,000 contribution for 15 years of service with the organization, this is also something you should consider WHY should I invest in a 403(b) Plan? - If there is a match then this is free money from your employer if you contribute the max - 403(b) plans can come in Traditional and Roth which means that they have the benefits of their respective category whether tax savings on front or back end - 403(b) plans are a tax advantage account meaning it can grow and compound tax free for retirement HOW do I start my 403(b) Plan? - Step 1 - Talk to HR and figure out how to start the 403(b) Plan whether Roth or Traditional - Step 2 - Figure out how to fund the account and at least get the maximum match - Step 3 - Be sure not to forget to pick which fund to invest in depending on risk tolerance Resource: Investopedia / Video: https://www.youtube.com/watch?v=U9GakjGrB7c P.S.: Who here has 403(b) over a 401(k)? I had this when I was in residency #WeekendVibes #TaxEfficiency #TaxTail
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