Posted by Saaib Uppal, CPA
Whether it is when we are growing up, in school, or in our careers, we tend to gravitate towards those who are most like us and form groups. Each group has certain characteristics that make it unique from others and provides benefits to its members, which they find attractive. It makes sense then that when we start to think ahead to the future and retirement plans, we would do the same. The government thinks the same and has established 403(b) and 457(b) plans in addition to the standard 401(k) plan for public schools, colleges, charities, governments, and other nonprofits.
We’ve outlined these plans and compared them below so that you can review what make each unique.