Now your 403(b) is better than ever
If you work for a nonprofit employer, such as a school or hospital, you may be able to contribute to a 403(b) plan. Your 403(b) has always been a great retirement plan – and now it’s better than ever, thanks to changes in the tax laws. Among these changes is a new, higher contribution limit. In 2004, you can put up to $13,000 into your 403(b). And if you’re over 50, you can add an extra $3,000 in “catch-up” contributions. These limits will gradually increase over the next several years. New laws also permit greater “portability” of your 403(b) plan. Now, when you leave your job, you can “roll over” your 403(b) funds into another qualified retirement plan, such as a 401(k), assuming your new employer allows such rollovers. Take full advantage of your 403(b) plan today – and reap the benefits far into the future. Charlie Wick is an investment representative for Edward Jones in Eagle. He can be reached at 328-4959.Vail- Colorado
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