Which is better a Traditional IRA or 403B?
@starchee.stanback It depends on what you are looking to do.
Are you the employer deciding which plan to provide? Or just asking in general?
There are many differences between those two types of retirement plans. In a very general and basic overview a 403(b) has higher contribution limits than a traditional IRA. However, an IRA has greater flexibility for getting the funds if needed.
There really is too many differences to note here in this forum. Here is a site I found with some basic differences for you to take a look at.
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Thank you so much Michael. I spoke with a financial advisor who is going to help me convert my 403B into a Roth IRA and my reason for doing so is that I can contribute to my retirement, being self employed now, I wasn’t able to do anything with the 403B that I left behind at my job.
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We have traditional IRAs for tax benefits. We are older, but our income is not low. We have a conservative fund with a guarantee interest rate, with no penalty for early withdrawals. We put the max in for 2019, and will do as much as possible for 2020. I have an old Roth with a little money in it.
