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Hi Bob,
I am no expert, but I will tryo to answer to you what I think I know.
Basically, the difference between 401k and 403b is 401k is for corporations and 403b is for non-profit organizations like churches, schools, etc.
Most 403b plans that I have heard about from clients is that they offer several investment options similar to a 401k. I imagine different school districts or different states may adopt different options. As far as I know they will not allow for self-direction as I believe 401k plans do not either. This is a real drag for us foolish investors, but with tax advantages and employer matching it still is in our favor to contribute.
I am sorry I do not have more information, but hopefully both of you have an index fund investment option and this will be better than a manged fund or God forbid annuity plan.
Also, congratulations on not being able to contribute to a ROTH I.R.A. This means you and your wife make over $160,000.00 joint. This is great and if you are a subscriber to the LBYM board then you probably have plenty extra to use for your own foolish portfolio? Please let me know if you have any success stories to share or at least your foolish plans! Very interested.
Dan
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