Research shows that people are Americans that are living well past retirement years. Are you saving enough to be able to enjoy those years? A 403(b) plan can help you get there.
It’s an IRS-approved retirement plan that allows you to set aside money on an after-tax basis for your retirement. Contributions are conveniently made through payroll deduction, so money is moved from your paycheck into the account automatically. Now is the time to take full advantage of this opportunity to maximize your retirement savings!
The 457(b) plan is an employer-sponsored voluntary retirement savings plan that allows you to save money for retirement on a tax-deferred basis. The plan contains most of the same features of the 403(b) plan, but is different in one unique way. Distributions from a 457(b) Deferred Compensation Plan are not subject to the 10 percent excise tax for early withdrawal.
In 2019, you can contribute 100 percent of your includible compensation up to $19,500, whichever is less. If you are age 50 or older, you can contribute up to an additional $6,000 for a total of $26,000.
FICA Alternative plans to provide all employees the opportunity to have retirement savings and to lessen the employer’s Social Security tax burden. Participating employees are not subject to Social Security taxes while covered by this plan. Contributions to this plan are made on a pretax basis.