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Michael Snowhite, Safer Money Specialist of California Educators, has been assisting educators, seniors and boomers throughout Southern California for 15 years. He has been helping people make better choices with their finances. He is an expert in helping retirees and pre-retirees with preserving assets, reducing taxes and increasing income. Michael Snowhite educates his clients on the variety of safer money options available in order to reach retirement goals including plan 403 b Michael Snowhite, laid down various techniques on how teachers and educators alike can maximize their 403(b) retirement plans to support their pension come retirement. A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, tax-exempt organizations, and ministers that aims to help people supplement their income once they are no longer part of the workforce. .
In general, 403(b) plans share many of the same benefits of 401(k) plans. Both plans allow employees to elect to have part of their salaries set aside on a pre-tax basis, creating immediate tax savings over those who elect not to participate. However, unlike 401(k) plans, 403(b) plans don't necessarily require substantial administration and involvement by the employer. "Employees may therefore miss out on employer matches, but the lack of employer contributions make 403 (b) plans administration much simpler" said Michael Snowhite.
In general, 403(b) plans share many of the same benefits of 401(k) plans. Both plans allow employees to elect to have part of their salaries set aside on a pre-tax basis, creating immediate tax savings over those who elect not to participate. However, unlike 401(k) plans, 403(b) plans don't necessarily require substantial administration and involvement by the employer. "Employees may therefore miss out on employer matches, but the lack of employer contributions make 403 (b) plans administration much simpler" said Michael Snowhite.
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