S3E32: 457b Retirement Plans for 2023

457b plans are a hidden gem for people who work in the public sector such as Teachers, firefighters, police officers, and maybe nurses.

There are significant tax advantages for participants in a 457(b) plan:

• Contributions to a 457(b) plan are tax-deferred.
• Earnings on the retirement money are tax-deferred

As of this recording the max contributions for it is $22,500 for 2023. If you are retiring in 3 yrs, you get to double that amount for the next 3 years.

One of the coolest things about 457(b) is that you are able you contribute to your 403(b) at the SAME TIME!!

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Resources:

(Fidelity) Traditional vs Roth Retirement Savings Plan Modeler: https://nb.fidelity.com/#/public/nb/401k/tools/calculators/rothmodeler

(Montgomery county) 403b and 457 Retirement Savings Plan Chart - https://nb.fidelity.com/bin-public/070_NB_PreLogin_Pages/documents/mcps_403b_457b_plan_compare_chart.pdf

IRS 457(b): https://www.irs.gov/retirement-plans/irc-457b-deferred-compensation-plans

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DISCLAIMER: I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in this audio are for educational purposes only. You must do your own research and make the best choice for you.  Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments. If you need advice, please contact a qualified CPA, CFP, an attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with.

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