retirement plans

M

Mean Mr. Mustard

< 25 Posts
i know very little about retirement plans. can anyone tell me what the difference is between a 401K, 457 and 403b? remember, i won't understand the fancy terminology, so try to be as uncomplicated as you can about it. the basic differences would be great. thanks.
 
401k - normal business (sole p, s corp, c corp)

403b - non-profit (schools, some hospitals)

457 - government, municipalities

Not much difference otherwise.
 
Just to clarify, 401k's can operate without matches as well. A traditional 401k doesn't have to have a match. The employee contribution rules for 403b's and 401k's are virtually identical, 14K this year plus 4K catchup for over 50.
 
yeah, i was wrong. sorry. i can only get the 403b. i thought i could get all three because they're all listed on the sheet they gave me, but that's not the case.
 
I can do both 403b and 457.
What don't you like about them, midtown? Aside from the fact I don't have any matching.
 
MMM,
I am assuming you are young, if so and if not, invest/contribute as much as you are allowed to. Skip some movies/drinking etc if you need to but put away as much $s as possible. Granted when I was younger the 401 K was just starting and the government was screwing around about rules etc. Now is the time to really use COMPOUND INTEREST!!!!!!!!!!!!!!!!!!!!!!!!!!! So you don't need to have SS when you retire.
 
You must log in or register to reply here.

Weekly Prediction Contest

* Predict HORNS-AGGIES *
Sat, Nov 30 • 6:30 PM on ABC

Recent Threads

Prediction Results Threads

2024 Schedules

Back
Top