People often get confused in the “400” space considering the fact that there are a few options, 401k, 401(a), and 403(b). Ultimately, they all work almost the same way, and all have the same IRS contribution. In 403b’s, we don’t usually see money matching as much as we see in the other account types. However, they all share the same purpose, to help people save for retirement by allowing them to save their own money, with a possible match from their employer. 401k’s are usually used by companies, and 403b’s are usually seen in non-profit organizations. Moreover, 401a’s are typically seen at non-profit organizations and government entities. The different names represent how the documents are written in the back end, but for employees saving for retirement, all of these different accounts have the same goal. Download our eBook, "Buyer Beware: Why do they keep trying to sell you that annuity?": Schedule a consultation with one of our financial advisors: Subscribe
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)