Understanding the 457b Retirement Plan: A Hidden Gem

  Рет қаралды 1,560

WealthKeel LLC

WealthKeel LLC

Күн бұрын

Пікірлер: 9
@mplslawnguy3389
@mplslawnguy3389 Ай бұрын
This plan is a hidden gem for cops and firefighters. We tend to retire earlier than other professions, and the 457b is my main tool to do this. Not to get political, but after the events of 2020, a lot of people are looking for a way out. Set yourself up early so you have options at an earlier age.
@WealthKeel
@WealthKeel Ай бұрын
One of the first 457b plans I ever reviewed for a client/friend was for a PA State Trooper, powerful account. Thanks for the note and great job on your 457b 👊
@GSum-sq1dp
@GSum-sq1dp 2 ай бұрын
I have a tax deferred 457b with a 2% match from my employer. They also give us a pension that will pay 60% or higher of my final salary for life. Some of the younger guys don’t contribute to the 457 even just for the match just because they get the pension.
@WealthKeel
@WealthKeel Ай бұрын
Tell them it is a "free" 2% bonus every year just waiting for them. 🤷‍♂️ Good work on your side 👊
@microbiology4306
@microbiology4306 Ай бұрын
Great video, insightful. I work in healthcare, I have a pension that will pay 70% of my final salary at retirement, and on top of that I have a ROTH 403B plan and a ROTH 457 Plan, and I contribute to both. Is it true I am allowed to max out out both these Roth 403B and 457plans, meaning I contribute $22500 to each plan. Plus am I right to think that my withdrawals will be tax free since I contribute after tax money into both? :) cheers
@WealthKeel
@WealthKeel Ай бұрын
Thank you! 🙏 Yes, the 457b is on its own little island. So you are 100% correct that you can max out a Roth 403b and a Roth 457b. Limit for 2024 is $23,000 and $23,500 for 2025. Yep, tax-free withdrawals (age 59.5 and 5-year rules are implied). 🙌 If you haven't done so, be sure to open a Roth IRA to start your 5-year clock and then when you retire, you can roll those Roth 403b and Roth457b funds into your Roth IRA and already have the 5-year rule completed.
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