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403(b) FAQs

There are a lot of questions you might be thinking about when going over your retirement planning. Below are a few that we get asked most often and hope they help to clear things up for you!

403(b) Tax advantages

Depending on the account you set up, your contributions to your 403(b) may be tax-deferred or your withdrawals may be tax-free. 

When can i start withdrawing?

The minimum age you can start withdrawing from your 403(b) account is 59 1/2 years old to not incur any penalty fees. There are also special situations before you turn 59 1/2 that you can make a withdrawal from the account. 

How much can I save each year?

In the year 2024, you can contribute up to $23,500 to your 403(b). 

Catch-up Contributions

In 2024, if you are 50 years old or older, you can add an additional $7,500 to your 403(b) each year as a catch-up contribution. 

Roth vs Traditional

Traditional 403(b) accounts are tax-deferred meaning a portion of your pre-tax salary is taken to contribute and a ROTH 403(b) grows tax-free!

Beneficiaries

You can add, change or update your beneficiaries throughout your lifetime.

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