What is a 403 (b) Plan?

403 (b) plans are a type of a retirement plan that carries most of the characteristics of 401k plans. However, they differ from the latter since they are generally for religious, educational and other groups, which are defined as non profit. The investments in 403 b plans are annuities. Thus, 403b plans are often referred to as annuity plans. The contributions to 403b plans are deferred from taxes until you withdraw money from the account.

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