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!!

Sign up for the About That Wallet Newsletter

aboutthatwallet.com/newsletter

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

Check out the sponsors for some cool deals!

________

AFFILIATES/SPONSORS:

DISCLAIMER: **This post contains affiliate links and I will be compensated if you make a purchase after clicking on my links.

Get Eco Friendly Stocking stuffers with Earth Breeze Laundry Sheets:

aboutthatwallet.com/earthbreeze

Survey Junkie - Make some shmoney for the holidays!!

aboutthatwallet.com/surveyjunkie

My equipment:

Rode Caster Pro - https://amzn.to/3i596tF

Streamyard - https://streamyard.com?pal=4718936395612160

SHURE SM7B Dynamic Microphone - https://amzn.to/3AbV040

Microphone Stand - https://amzn.to/3NIeBfz

Listen to the show on Audible:

Try Audible and get 2 free books - https://amzn.to/3tWuDdJ

Listen to the podcast on your favorite listening platforms such as Apple, Google, Spotify, Amazon and more!!

--

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.

Want to create live streams like this? Check out StreamYard: https://streamyard.com/pal/4718936395612160