Student: What Is The Difference Between A 401(k) and a 403(b)?
Teacher: A 401(k) is a type of employer-sponsored retirement plan for private companies, and a 403(b) is the equivalent of this for qualifying employees in the public sector, such as employees of public schools, state colleges, and universities.
While they are very similar, there are some differences.
One major disadvantage of the 403(b) is that if one withdraws money from their account before age 59.5, they may be subject to a 10% penalty.
Student: This seems pretty complicated. I guess I’ll have to study up to learn more about this!
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