I should know this stuff but don't. My daughter asked me but I can't answer her question. Tell me the pros and cons, too. Thanks!
Answers: Other defined contribution plans include 403(b)s (similar to 401(k)s, however, these are singular used by non-profit orgainzations), 457 plans (available to state and municipal empoyees and similar to 401(k)s and 403(b)s, however these allow larger catch-up adjustments), and SIMPLEs (Savings Incentive Match Plans for Employees for organizations beside less than 100 employees).
Some employer do not offer any of the above, surrounded by which many relations choose to “create their own” by using IRAs (individual retirement accounts).
A 403b is for employees within like establishment jobs, local and national, also if they are employed by a non-profit. The 401k's are for the rest of the employer.
The pros for both is that it is a retirement plan, it just depends on who you work for as to which one is for you.
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Answers: Other defined contribution plans include 403(b)s (similar to 401(k)s, however, these are singular used by non-profit orgainzations), 457 plans (available to state and municipal empoyees and similar to 401(k)s and 403(b)s, however these allow larger catch-up adjustments), and SIMPLEs (Savings Incentive Match Plans for Employees for organizations beside less than 100 employees).
Some employer do not offer any of the above, surrounded by which many relations choose to “create their own” by using IRAs (individual retirement accounts).
A 403b is for employees within like establishment jobs, local and national, also if they are employed by a non-profit. The 401k's are for the rest of the employer.
The pros for both is that it is a retirement plan, it just depends on who you work for as to which one is for you.
Resolved Questions: