Garden of the mind: 457 plan: The little account that can make a big difference in retirement. Intro performed by Stephen Beasley. Learn about the deferred compensation account. Learn the benefits, the consequences and why you should have one if you are eligible….(read more)
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But the government always threatening to shut down so what happens if they shut down just for a week you lose all your money
Excellent video! So informative. Great humor. Thank you so much!
yeah but I cant put so much money into this account because I need to pay bills.
Wonderful
Wait a minute!! Did he say you can lose all you have put into a 457 if your workplace goes out of business? Is that what I heard???!!
Hi Mr. Phaire,
Great and informative video!
Thank you for sharing.
Best explanation i could find. I should have started this 10 years ago but have 12 more left and ready to hit it hard
Looks like I'm moving in with mommy
Presently working in California. I have a deferred compensation plan 457b. When I retire, can I elect to take a lump sum if I move to a tax free state such as Texas for one year and avoid the California tax? My federal tax will be the highest regardless as my RMD will be 20K+/month.
Thank you so much !
Very informative. I’m 26 and have been investing 20%in my 457planb. And I’m trying to retire around 40-45. This made me realize that I can reach it if I double it to 40-42% and live within my means. And with no penalties? Wow I can see me leaving the work force for sure haha!
What’s the name of the song at 0:33?
I've had mine for a very long time. I still have a ways to go before retiring. The pros are all fine and dandy but make sure that you have an exit strategy before retiring because if not YOU WILL PAY! If you can, max out a Roth or get a taxable account!
Thank you fir explaining this 457 plan. You mentioned one of the cons of 457 plan: if the company goes under contributions are gone too?
Thanks for the info. I've been contributing to my 457 plan, but I want to beef it up right now since I'm not spending money on travel or vacations. I figure increasing it now will help with the compound interest later even if I have to decrease my contributions in six months or so.