Estimate your 403b retirement plan balance, required contributions, and more. Plan your nonprofit or public sector retirement with our free 403b calculator.
A 403b plan is a retirement plan designed for employees in nonprofit organizations and government workers in public institutions such as hospitals, the police, fire service, public schools, religious organizations, etc. The plan's structure is like a 401k, with tax advantages that allow employees' earnings to grow tax-free until you withdraw the money. Hence, 403b plans are also referred to as Tax-Sheltered Annuity (TSA) plan.
Like the other employer-sponsored retirement plans, 403b plans are also payroll-deducted contributions where the participants can direct how the funds get invested towards their financial goals. There is not much difference between these plans. A common feature is that some 403b's may have an employer-matching contribution. There is a traditional contribution (before-tax dollar contribution) and a Roth contribution (after-tax dollar contribution) option with the accompanying tax implications or treatment. The IRS elective deferral limit limits maximum annual contributions to $19,500, with an additional $6,500 as a catch-up contribution for individuals aged 50 years or older. You must begin taking withdrawals or required minimum distributions (RMD) by age 72.
Set your salary, contribution rates, ages, and other plan details. The calculator will estimate your final balance, required contributions, or other values depending on your goal. Review the results and chart to plan your retirement savings strategy.
