Your 403(b) Is One of Your Most Powerful Retirement Tools — Are You Using It Well?

A 403(b) and other retirement accounts can be the foundation of a secure retirement, but most people leave real money on the table by defaulting to whatever's easiest. We help employees and pre-retirees in Southeast Minnesota get deliberate about how their 403(b) is invested, managed, and eventually converted into retirement income.

A 403(b) comes with more decisions than most people realize — and the choices you make in the years before retirement carry the most weight. We work with clients at every stage of their career and transition, including those still actively contributing, those approaching retirement, and those deciding what to do with their account once they leave their employer.

 

The questions we address most often:

 

  • How should my 403(b) be invested given my timeline and income goals?
  • Am I contributing enough — and to the right account type?
  • Does it make sense to roll my 403(b) into an IRA when I retire?
  • How do I coordinate 403(b) distributions with Social Security and pension income?
  • What happens to my 403(b) if I leave my employer before retirement?
  • Can I work with an outside advisor while I'm still employed and contributing?

What We Help You Think Through

Many employees assume they have to manage their 403(b) on their own until they retire. That's not the case. In many situations, we can work with you as an outside advisor on your existing 403(b) — reviewing your investment lineup, helping you think through contribution strategy, and building a plan that connects your 403(b) to the rest of your financial picture.

 

This is one of the most underused options available to employees who want professional guidance without waiting until retirement to get it. If you work for a nonprofit hospital, university, or other tax-exempt employer, there's a good chance your plan allows this — and we can help you find out.

 

If you're a Mayo Clinic employee specifically, we have more than 20 years of experience working inside that plan structure. Visit our Mayo Clinic employees page for details on how we work with Mayo staff and retirees.

Outside Advisors Can Work With Your 403(b) — Even While You're Still Employed

When you leave an employer or retire, you'll typically have the option to roll your 403(b) into an IRA. That move can offer more investment flexibility and simplified account management — but it isn't always the right call for every situation.

 

We walk through the full picture with you: tax implications, investment options available inside versus outside the plan, required minimum distribution rules, and how the rollover fits into your broader retirement income strategy. The goal is a decision you understand and can stand behind — not just the path of least resistance.

Rolling Over Your 403(b): What to Know Before You Decide

Accumulating money in a 403(b) is one challenge. Turning it into reliable income in retirement is a different one. We help clients think through withdrawal sequencing, tax efficiency across different account types, and how to coordinate 403(b) distributions with other income sources like Social Security, pensions, and annuities.

 

This is where our Retirement Roadmap comes in. It's a structured process we use with every client to map out assets, income sources, and spending needs — and run the numbers on what a successful retirement actually looks like for your situation. It's not a generic projection. It's a probability model built around your life.

Turning Your 403(b) Into Retirement Income

  • Both Nathan and Andrew Tiarks hold the AIF® (Accredited Investment Fiduciary) designation — a credential that requires ongoing training in investment fiduciary standards and plan analysis.
  • We serve clients across Southeast Minnesota with no minimum asset threshold. You don't need a large account balance to get sound, personalized advice.
  • We're a full-service firm. 403(b) planning doesn't happen in isolation — we connect it to your pension, Social Security, life insurance, and Medicare decisions under one roof.
  • Nathan Tiarks has been published in Kiplinger, providing an independent editorial credibility signal beyond our own materials.
  • We're based in Pine Island and serve clients throughout the region, including Rochester, Owatonna, Austin, Faribault, and Albert Lea.

What Makes Tiarks Financial Different for 403(b) Planning

Whether you're still contributing, approaching retirement, or trying to figure out what to do with an old account, we're glad to take a look. There's no minimum balance required and no pressure — just a straightforward conversation about where you are and where you want to go.

Common Questions About 403(b) Planning

  • What's the difference between a 403(b) and a 401(k)?

    Both are employer-sponsored retirement savings plans with similar contribution limits and tax treatment. The main difference is who offers them: 403(b) plans are available through nonprofit organizations, public schools, hospitals, and other tax-exempt employers, while 401(k) plans are offered by for-profit companies. The investment lineup and plan rules can vary significantly between employers, which is why plan-specific guidance matters.

  • Can I contribute to a 403(b) and an IRA at the same time?

    Yes. Contributing to a 403(b) through your employer doesn't prevent you from also contributing to a traditional or Roth IRA, as long as you meet the income and eligibility requirements. In many cases, using both accounts together is a smart way to diversify your tax exposure in retirement.

  • When does it make sense to roll a 403(b) into an IRA?

    For many retirees, a rollover makes sense because it opens up a broader investment lineup and consolidates accounts. But there are situations where keeping money in the employer plan has advantages — particularly around certain withdrawal rules and creditor protections. We review both sides before making a recommendation.

  • How much should I be contributing to my 403(b)?

    That depends on your retirement timeline, other income sources, current expenses, and what you're trying to accomplish. The IRS sets annual contribution limits, but the right number for you is a planning question, not just a math question. We help clients figure out where their 403(b) contributions fit within a broader retirement strategy.

  • Do I need a financial advisor to manage my 403(b)?

    You're not required to work with an advisor — but most people find that having one makes a meaningful difference, particularly when it comes to investment selection, contribution strategy, and the transition into retirement. We work with clients who want a second opinion on their current allocation as well as those who want ongoing management and planning support.

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