Wealth with Intention
Money Wisdom for Your Next Chapter
Teachers, do you know the answers to these questions about your 403(b)?
As some of you know, I started my career as a teacher. Also, as a mother of three, I am frequently interacting with teachers so it should come as no surprise that many of my clients are teachers or school administrators. Through this work, I have learned that there is a lot of confusion among educators when it comes to saving for retirement. For today, I am going to focus on one specific element of the retirement plan and that's the 403(b) account.
403(b) Basics
Before I get to the questions about your 403(b) that you should show know the answer to, let's start with the basics. What is a 403(b) and why would you be contributing to it? A 403(b) is a tax-deferred retirement plan. That means the money goes in with pre-tax dollars and grows tax-deferred. It is taxed as ordinary income when withdrawn from the plan. A 403(b) is available to employees of schools and certain non-profit organizations. It's named after the section of the IRS code governing it. For 2018, the IRS contribution ...
Leah Hadley, AFC®, CDFA®, MAFF®
Founder/Senior Wealth Manager
Leah Hadley is the founder of Intentional Wealth Partners and Intentional Divorce Solutions, a Cleveland-based financial planning practice serving clients nationwide. She specializes in helping women and couples navigate major life transitions with confidence and clarity. She is also the host of the "Intentional Divorce Insights" podcast and a sought-after speaker.
Disclaimer
Great Lakes Investment Management, LLC, dba Intentional Wealth Partners may transact business only in states in which it is registered, or in which it is excluded or exempted from registration. Intentional Wealth Partners is currently registered in Ohio, California, Florida, Texas, and Virginia. All written content on this site is for information purposes only. Opinions expressed herein are solely those of Intentional Wealth Partners, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. This website may provide links to others for the convenience of our users. Our firm has no control over the accuracy or content of these other websites.
