My wife has been with her employer's 403(b)(7) plan for about a year now. I have a standard 401(k) from one of the big three auto makers. My question concerns the 403(b)(7). It is called a 403(b)(7) but in some of the documents it is also called a TSA (or Tax Sheltered Annuity). My concern is that I have heard that annuities are not your best option for retirement investing, although the plan we are a part of allows us to invest in the Vanguard Index 500 fund. When we reach retirement age (we are both 30) are the distributions from the 401(b)(7) any different from the distributions from my 401(k)? Also is there anything else I should know about 403(b)(7) plans. I would like to become very foolish on this subject and any help or feedback is greatly appreciated.Thanks everyone.
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