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Do you work for a nonprofit or tax-exempt organization? In that case, you’re probably driven by your desire to help others. But, who’s going to take care of you when it’s time to retire?
Unlike your peers you’ve put in their time at a corporate gig, you probably don’t have access to a 401(k). Does that mean you have to self-fund your retirement? Not necessarily if your employer offers something known as a 403(b) retirement plan.
What Is a 403(b) Retirement Plan and How Does It Work?
403(b)s are retirement plans offered by non-profit organizations and some tax-exempt employers, such as not-for-profits and some governmental organizations. A 403(b) plan is named after the section of the Internal Revenue Service (IRS) code for which they are designed.
