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403b Retirement Plan Calculator


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403b Retirement Plan explain:

Hello there alexis kane here certified financial planner professional with lincoln investment in this segment we will be discussing your important 403 b benefit a benefit offered exclusively to employees of schools hospitals and churches you might have friends and family that work for for-profit companies and they save for retirement and 401ks they mirror each other in many ways the 403b plan is a way to save for retirement in a tax-deferred manner what that means to you is that the contributions in the account are not currently taxed. 

More funds in the account compounding on each other and the end result is an accelerated account value for your retirement years it really is powerful for your retirement plan efforts there are two tax types in 403bs traditional and roth there are many nuances involved in pre-tax and wrath but i'm gonna keep it short um pre-tax they are deductible the contributions and roth they are not deductible how i decide which one makes the most sense for you is that we have a conversation you talk about your goals your needs and your circumstance and then we can make a sound decision on what makes the most sense for you if you want to learn more about pre and post tax investing you can click the link here 403 b plans were established to incentivize americans to save for retirement. 

If you tap into the account prior to age 59 and a half there's going to be a penalty and there's also going to be taxes owed on the distribution so it's really important to keep that in mind there is a loan provision on the 403 b account if an emergency arises you can take a loan against your account value there are annual contribution limits that increase year by year and if you're over age 50 there is a catch-up provision who said getting old doesn't have its perks the minimum to contribute to a 403 b is 25 per paycheck if anything i said today resonated with you um contact me if you're working with a 403b vendor and maybe not satisfied with service it's an easy switch i'll take care of it you can reach me.

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