Retirement tax questions

No, but they both are tax deductible retirement savings plans that grow tax deferred.  

The 403(b) is a Qualified retirement plan. A 403(b) is only available to employees of certain organizations, and it has higher annual contribution limits.  

• The limit on elective salary deferrals - the most an employee can contribute to a 403(b) account out of salary - is $22,500 in 2023 ($20,500 in 2022.
• Employees who are age 50 or over at the end of the calendar year can also make catch-up contributions of $7,500 in 2023, and $6,500 in 2022, 
• Retirement Topics - 403(b) Contribution Limits

The IRA (Individual Retirement Account) can offer a variety of options for tax and investment purposes.

• Traditional IRAs can be held by banks, investment firms and brokerages, so there are many options for investing and growing your savings. 
• You can contribute up to $6,000 annually toward all of your IRAs 
• ($7,000 if you’re age 50+) or up to your maximum taxable income for the year, whichever is higher.
• Retirement Topics - IRA Contribution Limits

If this does not completely answer your question, please contact us again and provide some additional details.