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Getting Started

When should you start saving for retirement? As soon as you can. Start saving today and discover the benefits of contributing to your workplace savings plan.

You can see the effects of saving early

Here's how time and compounding impact a $5,000 pretax yearly contribution when saving starts at various ages.

This hypothetical example assumes the following: (1) $5,000 annual contributions on January 1 of each year for the age ranges shown, (2) an annual rate of return of 7%, and (3) no taxes on any earnings within the qualified retirement plan. The ending values do not reflect taxes, fees, or inflation. If they did, amounts would be lower. Earnings and pre-tax contributions from qualified retirement plans are subject to taxes when withdrawn. Qualified retirement plan distributions before age 59½ may also be subjected to a 10% penalty. Systematic investing does not ensure a profit and does not protect against loss in a declining market. This example is for illustrative purposes only and does not represent the performance of any security.

403(b) plan

A 403(b) is a retirement savings plan for employees of nonprofits, like universities. With a 403(b) retirement plan, you can save money before you pay taxes on it. The earlier you start contributing, the more time your money has to grow. That's called compounding, and it can really help you reach your retirement savings goals. Enroll now.

403(b) vs. 401(k): What is the difference? 

403(b) plans are offered by non-profit employers, like universities while 401(k) plans are typically offered by for-profit employers. Both types of plans can be rolled over into other retirement accounts and both have the same contribution rates. If you're interested in learning more before you get started, review the documents provided by your employer. They'll include additional details about your specific retirement plan.