Articles

Financial Literacy

A 401(k) Versus a 403(b) for Retirement Savings

Rodney Brooks
|
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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Authored By Rodney A. Brooks


TRAFOTFBThe 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.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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