Wondering how to keep your New Year’s Resolution for saving money in 2019? Have you thought about contributing into a 403(b) Tax Sheltered Account? 403(b) is a section of the IRS Code that permits the creation of a tax-sheltered account (TSA) for employees to supplement their retirement income. Too young to think about retirement? Now is the best time to think about retirement! Look at how much pre-tax dollars you can save over the next 25 years!
ALL SDoL employees are eligible to participate in the District’s 403(b) TSA program, whether you elect benefits or not. You may start your contribution, change the amount of your current contribution or stop your contribution at any time. The maximum amount you can contribute for 2019 is $19,000; the amount you contribute each pay is up to you!
There are three (3) good reasons why you should participate in a 403(b) TSA program:
- It reduces your current income tax;
- It provides for tax-deferred growth. That means your contributions and earnings are tax deferred until you withdraw the money;
- It supplements other retirement benefits, like personal savings, Social Security and PSERS, your retirement benefit through the District!
Interested? Want more information? Please click here and read all about it!