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403(b) Plan Definition: What is a 403(b) Plan?

June 6, 2021 admin Comments Off on 403(b) Plan Definition: What is a 403(b) Plan?

While most people are more familiar with a 401(k) account, it’s important to note their cousin: the 403(b) plan. Therefore, are you looking for a 403(b) plan definition? It’s another type of retirement account that functions much like a 401(k). The chief difference comes from the fact that this type of account is generally reserved for public schools, health service professionals and tax-exempt organizations. This makes it the de-facto retirement account for teachers, professors, doctors, healthcare administrators and more.
As a retirement vehicle, a 403(b) plan is an important resource in wealth building. If you’re employed in a profession that …read more […]