We explain the 457(b) Deferred Compensation Plan. If you are a state employee or government employee you probably have access to a 457 Deferred Comp plan. How does a 457 b plan work? What’s the difference between a 457 and 401k? When can you take money out of your 457 plan?
457 deferred compensation plans are available to Police officers, Fire Fighters, Teachers, and all other government employees.
Don Anders discusses all of that in this video.
Would you like to review your 457 deferred comp plan? Visit our website to learn more:
0:00 Introduction
0:14 The 457 is for State/Government Employees
0:41 The 457 is a Government 401K with a few differences
1:06 Important Note if you Retire Early
1:37 The Employer Controls Your Plan
2:02 What can happen if you don’t have control
2:28 Final Worn on the 457…(read more)
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Hi great video. I have a question I'm a city worker and and I have calpers and icma rc .. are they different or the same thing I'm confused. Why I would have 2 retirement plans. Please help
Can you have a 457b and a Roth IRA at the same time?
Is Military high risk
After I retire and stop contributing can I transfer my 457 to another investment company without penalty as long as I obey the original 457 rules? IE: transfer from 457 company to a 401k in vanguard?
When I go to withdrawal my 457 what taxes am I subject to?
I have a 457 (b) with Equitable but I left the school a couple years ago and stop putting money in it I saw negative reviews of axa equitable and I am not sure what to do. I work now as a self employee.
Yooo depression Tom Cruise coming in clutch!
I just opted in for a 4% allocation with a match. I also have a 401(a). I just want to know how to invest it as everything is currently in the 2050 plan.
I'm working in healthcare and have recently been able to get into a position to pay off all of my massive student loan debts and my credit cards. I've been looking into investing and retirement funding and came across the 457 b plan. I saw it in my fidelity but didn't know what the heck it was and what the pros and cons are. You mentioning that I don't have any control was a huge con and that the employer controls the plan. If they aren't paying into the plan then why in the world should they control something that they do not pay for?
I've watched a couple of other videos and you are the first to mention that the employer controls the plan. Thanks for highlighting that point.
is the 457 plan taxable? My employer seems to have reported monies I placed in a 457 catch up on my regular W2. Thanks.
Thanks for the video man! Just found out I have this benefit at my job.
You didn’t say anything
Thank you for the info. I'm a city worker (20 years) with a 457 and eligible for retirement in about 5 months so I'm just trying to see foresee a strategy for exit when that time comes. Between my pension and my 457 theres no way I could retire and just sit on my porch every day so I'm trying to decide if I'll retire here and go to another city and start over or just stay. Any way great vid and btw you look like Ben Afleck.