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403(b) vs. 457(b)

The 403(b) Retirement Plan

The 457(b) Retirement Plan

The 403(b) is a tax-deferred retirement plan designed to help you invest regularly for your retirement. It is offered to you through your employer and is available to employees of qualifying hospitals, educational institutions, and many not-for-profit organizations. Your contributions are taken directly from your salary before it is taxed, and each plan offers you a selection of investment options.

The 457(b) is a tax-deferred retirement plan designed to help you invest regularly for your retirement. It is offered to you through your employer and is available only to public employees and certain employees of many tax-exempt organizations. Your contributions are taken directly from your salary before it is taxed, and each plan offers you a selection of investment options.
 

Basics and Benefits

There are several benefits to consider when joining a 403(b) plan.

  • Your retirement- A 403(b) plan is an easy way to invest for your retirement.
  • It's easy!- You contribute through the convenience of automatic payroll deduction.
  • Employer Match!- Your employer may match all or a portion of your contributions.
  • Tax-deferred growth- Your money grows on a tax-deferred basis.
  • Consistent savings- Saving a set amount on a regular basis, such as every payday, can help increase your earnings.
  • Reduced taxable income- Your gross taxable income will be reduced by the contributions you make.

Learn More!

Basics and Benefits

There are several benefits to consider when joining a 457(b) plan.

  • Your retirement- A 457(b) plan is an easy way to invest for your retirement.
  • It's easy!- You contribute through the convenience of automatic payroll deduction.
  • Tax-deferred growth- Your money grows on a tax-deferred basis.
  • Consistent savings- Saving a set amount on a regular basis, such as every payday, can help increase your earnings.
  • Reduced taxable income- Your gross taxable income will be reduced by the contributions you make.

 

Learn More!