Review:
403(b) Retirement Savings Plan
overall review score: 4.5
⭐⭐⭐⭐⭐
score is between 0 and 5
A 403(b) retirement savings plan is a tax-sheltered annuity retirement plan for certain employees of public schools, tax-exempt organizations, and certain ministers.
Key Features
- Tax-deferred contributions
- Employer match options
- Investment choices
- Early withdrawal penalties
Pros
- Tax advantages for contributions and earnings
- Potential employer matching contributions
- Wide range of investment options
Cons
- Limited contribution limits compared to other retirement plans
- Early withdrawal penalties before age 59.5