A 403(b) retirement program is a tax-saving opportunity available exclusively to employees of certain tax-exempt organizations or public educational institutions. It is a voluntary tax-deferred savings plan that enables you to save a portion of your salary on a pre-tax basis through payroll deduction. With the exception of death, disability or financial hardship, you cannot withdraw any money prior to age 59 1/2 or termination of employment without a tax penalty. The general rule is that you must start taking distributions by April 1 of the calendar year in which you reach 70 1/2.