retirement

What is a 403(b) plan?

 

What is a 403(b) plan?

The Bankrate.com financial term of the day is: "403(b) plan."

Some categories of employers won't offer you the chance to save for retirement in a 401(k) plan -- but only because your option has a slightly different name. It's called a 403(b) plan. It's similar to a 401(k) but is set up for people who work in government or for nonprofit organizations.

A 403(b) plan is your version of a 401(k) if your job is with a charity or a public agency.

For answers to all of your retirement questions, visit the Retirement section at Bankrate.com.

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