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403(B)/ TSA Plans

What Are The Benefits Of A 403B Plan?

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A 403B Plan is an excellent way to put money away for retirement or disability. It may also be a source of cash in financial crisis.

The Benefits of a 403B plan include:

Saving pre-tax dollars.

    • A 403(b) account, like a 401K Plan, or Individual Retirement Account, allows you to exempt part of your salary from current income taxes

Tax-deferred growth of your money.

A 403(b) account lets that money grow without paying any taxes on the earnings of growth until you take the funds out of the Plan.

Extra income.

Your employer can make additional contributions to your TSA account which are tax free to you.

Forced savings.

A TSA can help you save. The money is taken out before you receive your paycheck. For many people, money they never see is money they don't miss.

Professional investment management.

TSA plans allow you to invest in professionally managed annuities and mutual funds that you might not have access to if you were only depositing a little bit of money at a time.

  • Available cash should you need it.
    • Although you may have to pay penalties for making an early withdrawal or pay interest if you take a loan, you may be able to get your hands on the money when you need it (for instance, to pay for medical expenses).

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