A 403(b) plan is a U.S. tax-advantaged retirement savings plan available for public education organizations. Employee salary deferrals into a 403(b) plan are made before income tax is paid and allowed to grow tax-deferred until the money is taxed as income when withdrawn from the plan. Some 403(b) basics can be found on wikipedia.com. An economics teacher in the early career members network recommended this article from practicalretirementskills.com as an introduction to retirement options.
Learn more about 403(b) plans on NJEA’s Financial Literacy page.
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