How Many Bank Accounts Should I Have?

3. 403(b) or 457(b)

For employees who work in tax-exempt institutions such as non-profits, public schools or even church ministers, a 403(b) plan is the typical retirement plan offered up. This plan is available to teachers, school admins, nurses, doctors, government employees and professors among others.

While a 457(b) is for state and local government employees, including police officers, firefighters, and other civil servants. Mutual funds and annuities are typically the investment options of choice under this option.