00:00 – What is the difference between a 401k and a 403b retirement plan?
00:40 – What happens to my 403b if I quit?
01:08 – Can I borrow from 403b?
01:41 – What are the disadvantages of a 403 B?
02:18 – Can you lose money in a 403 B?

Laura S. Harris (2021, April 23.) What is the difference between a 401k and a 403b retirement plan?
AskAbout.video/articles/What-is-the-difference-between-a-401k-and-a-403b-retirement-plan-239945

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When it comes to retirement planning, two of the most commonly used plans are the 401k and the 403b. Both of these plans are tax-advantaged retirement savings accounts, but there are some important differences to be aware of.

The 401k plan is typically offered by employers as part of an employee’s benefit package. It allows employees to set aside a portion of their pre-tax salary into an investment account. Employers often match a portion of their employee’s contributions, allowing them to grow their savings more quickly. The money in the 401k is invested in a variety of stocks, bonds, and mutual funds, and the returns are taxed when the money is withdrawn at retirement.

The 403b plan, on the other hand, is typically offered by non-profit organizations and government agencies as part of their employee benefit package. It works similarly to the 401k plan, but the contributions are made with after-tax dollars. This means that the money is taxed when it is deposited into the account, but not when it is withdrawn. The 403b also has a wider variety of investment options, including annuities, life insurance, and even real estate.

Both the 401k and the 403b are great ways to save for retirement, but it is important to understand the differences between the two plans. By doing so, you can make sure that you are making the most of your retirement savings.