This article is provided by Security Benefit, the provider of investment opportunities for NEA/IEA members.
When you’re ready to retire, your state pension may not be enough to replace your pre-retirement income (even if you also qualify for Social Security). A 403(b) or 457 retirement account, a supplemental tax-deferred saving opportunity offered through your school district, can help fill income gaps when you leave the workforce.
Contributions are made through automatic payroll deductions and some school districts match a
portion of your savings percentage. Your savings grow tax-deferred until withdrawal, at which time you owe regular income taxes on the money you take out.
Wherever you are in your career, contributing to a 403(b) or 457 can help you automatically provide for a comfortable, confident retirement.