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The 403 (b) is a type of retirement savings that is tax-favored and offered to workers in a school system, certain non-profit organizations, or even religious organizations within the United States. It is like a 401(k), whereby workers can contribute a part of their salary to investment accounts in form of mutual funds or annuities. The contributions are typically on a pre-tax basis and this reduces the taxable income during the year. The earnings of the investment are not taxed until they are withdrawn at retirement. There are also employers who contribute the same amount. The 403b plan enables the employees to save towards retirement over the long term and have the tax benefits.
what is 403b
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