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 It is taxed as ordinary income when withdrawn from the plan.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...
Leah Hadley, AFC, CDFA
I'm Leah Hadley, a financial planner and money coach. Believe me when I say that I am no stranger to financial challenges. Becoming a mom to 3 children overnight, job loss, divorce...I've experienced a lot of financial challenges in my adult life and it has fueled my passion to help others reach their financial goals. I am here to support you every step of the way. Thank you for the opportunity to support you on this journey.
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