A 403(b) is a retirement savings plan offered by certain employers—typically schools, hospitals, nonprofits, and religious organizations. If you work for one of these employers, you may have the option to contribute part of your paycheck directly into a 403(b) account before taxes are taken out. The money grows tax-deferred, meaning you don't pay income tax on it until you withdraw it in retirement. Understanding how your 403(b) works, what you can contribute, and how it affects your taxes is essential for making the most of this retirement benefit.
These articles explain the mechanics of 403(b) plans in straightforward terms: how contributions reduce your taxable income, what the annual contribution limits are, how to handle withdrawals without penalties, and what happens to your 403(b) if you change jobs. You'll also learn about catch-up contributions if you're age 50 or older, how loans from your account work, and what tax forms you'll receive and file related to your 403(b).