It is always good to have a retirement plan you need to first decide what you want,this site http://www.nationwide.com/403b-retirement-plans.jsp will tell you about a 403b plan which differs from a 401k plan which is usually offered by your company.
There are not any special benefits of a 403B retirement plan when compared to the more familiar 401K retirement plan. The only difference is that if your work for the government or are in a civil service type job the retirement plan is called 403B.
You can cash in your 401K plan upon retirement or after a penalty before your retirement age.
You can talk about your 401k retirement plan to people that know about retirement or companies that deal with retirement. Basically it is best to talk to people that deal with retirement.
401k
A 401k plan is a retirement plan. Unlike a savings account you can withdraw money instantly but for a retirement plan you cannot touch that money till you reach the recommended retirement age.
There are not any special benefits of a 403B retirement plan when compared to the more familiar 401K retirement plan. The only difference is that if your work for the government or are in a civil service type job the retirement plan is called 403B.
You can cash in your 401K plan upon retirement or after a penalty before your retirement age.
You can talk about your 401k retirement plan to people that know about retirement or companies that deal with retirement. Basically it is best to talk to people that deal with retirement.
401k
A 401k plan is a retirement plan. Unlike a savings account you can withdraw money instantly but for a retirement plan you cannot touch that money till you reach the recommended retirement age.
A 403b retirement plan is offered to employees of certain non-profit organizations as well as educational instituitions. It is a tax deferred program in whcih you let the tax grow deferren until withdrawal.
A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.
A 403b retirement plan is employees of educational institutinos, such as colleges and universities or high schools, and some non-profit organizations as well. Some people who are eligible to have a 403b retirement plan are doctors, teachers, librarians, professors, etc. A 403b plan works by the employee setting money aside from their paycheck, before taxes. This money is put into the 403b account until retirement and at that time becomes taxed. It is tax free up until that time. Check here for more information: http://www.403bwise.com/faqs/
A 401k Plan generally is offered to employees by their employer. If you are self-employed, you may start a 401k or other retirement plan.
Fidelity Net Benefits is a 401k retirement plan company that also offers workplace savings tips and financial advice in order to get the most out of your retirement savings plan.
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A 403B plan is a tax deferred retirement program that allows certain employees of schools and some non-profit organizations to defer taxes on income earned working for these organizations. It is almost the same thing as a 401K program. These plans allow income to be sheltered from income taxes until you withdraw this income from the plan. Pensions and 403B plans are not taxed until you receive the income.