Retirement | What is a 403"b" Plan?

A 403(b) plan (tax-sheltered annuity plan or TSA) is a retirement plan offered by public schools and certain charities. It works in the same way as a 401(k) plan that you would find with a for-profit company. Like a 401(k), a 403(b) plan allows employees to move some of their salary into individual retirement accounts. Usually this portion of the salary that is deferred is generally not subject to federal or state income tax until it has been distributed. However, a 403(b) plan may also offer Roth accounts. Contributions to Roth accounts are taxed as usual. Therefore, distributions and withdrawals are totally tax-free. Check out our 403 (b) FAQs Page for more information on this tax savings retirement account.

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Financial Goals and Questions to Consider

“Fail to Plan….Plan to Fail” is a great saying that we live by at ATRS, LLC. Advisors within the ATRS, LLC. network will help you come up with a plan for a stress-free retirement.
 
Some Questions to Think About..
  1. How old should I be when I retire?
  2. Will I sell my home and move closer to relatives or to another destination?
  3. Did I want to take some time to travel?
  4. When I retire, what debt will I have, such as credit cards, car loans, or a mortgage?
  5. When I retire I will receive a lump sum. Should I take those funds and pay off my mortgage?
  6. Will I need to continue paying for my life insurance?
  7. Do I need long-term care insurance?
  8. How much money am I going to need when I retire?
  9. Do I want to go back to work after I retire?
  10. What will my end of year taxes look like after I retire?
  11. Will I receive my spouse’s social security?
ATRS, LLC.’s licensed and insured Retirement Advisors can assist you with these questions and any other questions that you might have. 

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