human
What is the difference between a 401(k) and a 403(b)?
assistant
The main difference between a 401(k) and a 403(b) is that a 401(k) is an employer-sponsored retirement savings plan, while a 403(b) is an individual retirement account (IRA) offered by certain educational institutions. A 401(k) typically offers more investment options than a 403(b), as well as tax advantages for employees. However, a 403(b) may offer higher contribution limits and fewer restrictions on withdrawals.