Student: What Is A 403(b)?
Teacher: A 403(b) is an account that’s exclusively for employees of public schools and certain tax-exempt organizations to accumulate retirement savings.
This is very similar to a 401(k) used by private companies.
Student: So Why Does That Matter?
Teacher: Employees working for qualifying businesses can choose to have a portion of their pre-tax salary invested directly in this, which can help them save money on taxes while also investing and saving money for retirement.
Some companies will also match an employee’s contributions to a 403(b) up to a certain dollar amount, so that could be an additional monetary benefit on top of one’s salary.
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