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If you are no longer with your employer, 403 (b) rules may be more flexible than 401 (k) early withdrawal rules.
You can set aside money on a pre-tax basis into your 403 (b) plan, where it can be invested and grow tax-deferred until you start making withdrawals during retirement.
Early withdrawal penalties: Withdrawals from a 403 (b) plan before age 59 ½ are subject to a 10 percent early withdrawal penalty in addition to the potential for income tax.
If a person has taken a 403 (b) plan and their age is less than 59½, then they cannot initiate an early withdrawal unless they can demonstrate a triggering event such as financial hardship, disability, or separation from service.
The post 403 (b) Retirement Plan Withdrawal Rules and Strategies appeared first on SmartReads by SmartAsset. A 403 (b) plan is a tax-advantaged retirement account that is specifically for public ...
Retirement plans such as a 401 (k) or 403 (b) may allow you to take hardship withdrawals. The situation is a bit different for IRA accounts, which permit early withdrawals at any time.
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