Financial Literacy
A 401(k) Versus a 403(b) for Retirement Savings
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May 31, 2022
You can save for retirement in a 401(k) plan or a 403(b) plan, depending on which type of account your employer offers. Both retirement accounts offer similar tax benefits, but there are also some important differences between a 401(k) plan and a 403(b) plan.
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Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
