When Can I Withdraw My 403(b)?
You can withdraw your contributions to your 403(b) before you officially retire. However, to avoid a penalty, you must still wait until you are 59 ½. If you retire early (at age 55, for example), you may still be able to withdraw funds without penalty. Regardless of when you retire, you must withdraw the minimum or more by the time you are 70 ½.
What Happens to My 401(k) or 403(b) if I Change Jobs?
Fortunately, if you change jobs, you won’t have to worry about losing your retirement plan. You have the option to roll over your 401(k) or 403(b) into a traditional IRA. If your new employer offers a 401(k) or 403(b) of their own, you can also transfer your retirement savings from your old plan to your new one.
Can I Contribute to Both a 401(k) and 403(b) Plan?
Some employers offer their employees both a 401(k) and 403(b). If your employer does this, you can contribute to both accounts. You must still follow the guidelines about maximum tax- deferred contributions ($19,000 per year, or $25,000 a year if you are over the age of 50). If you have two plans, these numbers are calculated separately.