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You missed the fact that some 457s have a Roth option. I can shovel money in addition to my Roth IRA. The only weird thing is that the Roth 457 has RMDs. I will avoid those by rolling it over at some point to my Roth IRA.
Another big factor is the state you live in or plan to retire to. In NY any money going into 457, 401k is not taxed AND when you take it out the first 20k is not taxed as well (plus your states standard deduction) in NY MFJ that's 16k so the first 36k withdrawals have no state tax. Also if you plan to move in retirement to Florida again 0 state tax.
What in the hell are you talking about?
I currently have $300 a month going into a traditional 457b plan with about 27k in it. Would it be a good idea to also open a roth ira and put that $300 a month towards that instead? I could only contribute $300 a month to one or the other… i don't want to miss out on the compound growth in the 457b plan. Btw, I am not getting a company match, but I will have a pension.
Thank you! This was helpful. It almost seems better to do a Roth IRA where money is put in after tax and at the end you end up with that plus the growth and then only the growth is taxable right?
Why are you yelling at me?
If I spend most productive years at a lower tax bracket and then retire at a higher tax bracket, doesn’t that make the taxed-in Roth better than the taxed-out 457, i.e. I take home a greater portion of what was previously contributed?
Can’t you just make it Roth ? And invest taxes dollars into a 457?
I am retired and have a 457b. I haven’t made contributions for 3 years. Should I just take it all out?
Ji Josh. I enjoy your videos and value your advice. Your video makes the assumption that government/non-profit agencies don't offer Roth 457 plans. I work a state agency and it offers both Roth 401k and Roth 457 plans. Have a blessed new year!
I work for local government. I already have a pension. They also offer 457b but they don’t not match. Once I retire in 30 years will it be worth it? I put 200 a month in.
Josh, I think 457 plans protected from creditors, not 401k. Josh thank you. You make it easy to understand but, self-directed Roth had limits. My 457 plan didn't have any other option. I retired at 49 y/o didn't need the money rolled to Vanguard 401k.
Hi Josh. Thank you for what you do. It’s very much appreciated.
There doesn’t seem to be a lot of videos on 457 B withdrawals and the tax implications in retirement. Would you consider putting a video out with an analysis of a hypothetical situation? You may have something already out there but I haven’t come across it so far. Thanks again.
Thanks Josh good food for thought.
Here's the benefit. YOU ARE INVESTING MONEY INTO THE STOCK MARKET WHICH HELPS YOUR MONEY GROW. Tax benefits only have 50% to do with the 457 plan, investment growth in a 457 is the rest of the 50%. Its a investment, not a savings account.
This was annoying
I could do a pre tax 457 or a Roth 457, which is the better option?
Would you then recommend a roth 457 plan?
Was the ultra stereotype family example really necessary? Geez
should i have both deferred comp and roth or should all my eggs in one basket?