A 403(b) plan is a type of retirement savings account available to employees of certain public schools, non-profit organizations, and some churches. It works a lot like a 401k, allowing participants to set aside part of their paycheck for retirement before taxes are taken out. Some 403(b) plans also offer a Roth option, where contributions are made after taxes and qualified withdrawals in retirement are tax-free. Employers can choose to match part of what employees contribute, which helps the savings grow faster. Investments in a 403(b) typically include mutual funds and annuities, and the money grows over time with the goal of providing income in retirement.
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