Crypto
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What is a 403(b)? | 403(b) Explained | Titan
Titan's John De Yonker explains 403B retirement funds, how they work, and how they differ from a 401(k). Click to watch this quick explainer video.
Video Transcript
A 403B is a retirement savings account established by nonprofit entities on behalf of their employees. Think hospitals, charities, public schools, government institutions, just to name a few examples of types of workplaces which may offer a 403B. Now, similar to a 401K, money will typically go directly into that 403B account from each paycheck. And in many cases, employers will also provide a match up to a certain percentage of an employee's salary. Now, again, there are some limitations to a 403B. You cannot tap into the money until retirement age, which the IRS has determined to be 59 and a half. If you do, there is a 10% penalty associated. So be mindful there. You can contribute up to $20,500 a year. But investment choices may be a bit bland. There could be some hidden fees. But again, 403Bs, especially with that employer match, are a really great tool to bolster your retirement savings when available to you.
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