Learning about by 457b was one of the greatest things that has ever happen to my retirement savings. 457’s are only available to a select few and most don’t even know they are eligible for one. They come with all the amazing benefits of a 401k or 403b with one MAJOR perk which has led me to max this out BEFORE my 403b!
After listening to ChooseFI Ep. 13 with The Millionaire Educator I realized I was eligible for one of the best retirement plans for Financial Independence and wasn’t taking advantage of it. Are you?
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A detailed look at my 4 Retirement Accounts Including my 457! https://youtu.be/DK269LwwG2c
Can you rollover your DROP money account to my 457b when I retire? I am a government worker.
My city matches 2% I've been employed 4 years decided to stop throwing away free money.
Thank you for this video. I'm an NJ State employee and employees are automatically enrolled in Mandatory Pensions, and in conjunction I've been contributing to my Roth 457b. Not sure if it's under the "non-governmental or governmental" plan though. It's via Prudential. Have to look that up.
does anyone know if the NYC deferred compensation plan fees are worth enrolling to? It has a $20 / quarter fee and an asset – based fee of 0.04%? Does anyone know if there is a cap, similar to the NYSDCP? Thanks!!!!
I was a part time city employee for 3 years, and part timers weren’t allowed to participate in the 457b. Now I work for the state and started contributing to the 457 immediately.
Thanks for the video, which apparently premiered on my 49th birthday! I’ve been contributing to a 457b for over 20 years and just recently realized the benefit of being able to withdraw as soon as I retire (before 59 1/2). I work as an engineer for a Dept of Transportation and also will receive a pension, so I’m in a unique position among my piers who work in the private sector. I have over 27 years of service, so retirement could come soon for me, we’ll see! Keep making great videos, I just found your channel and subscribed.
I’m trying to leave my investments in it for life. I’m aiming to start a change in my family for generational wealth, so the second and third generation will be wealthy and I’ll have started it.
Are all teacher plans governmental or how does one verify? Thank you!
Great video thank you!
Please look into the Rule 55. It lays out 3 easy ways that you can take out money in your retirement accounts before turning 59 1/2 without the 10% penalty.
Bro thank you!!
Work for ny state and only heard of the 403b. Pension is great but was looking for 401k info for tax deductions. Glad i found your video! Definitely want a 457!
Super helpful and informative. Thank you so much!
Would Postal Workers qualify?
How can you roll a 457 into Roth? I think you mentioned that.
Roth 457. Tax-free growth
Friendly tip: It's not the 1950s. The word is fireFIGHTER, not fireMAN. Women do exist. Thank god.
Brad, I'm a teacher and our district has started to use a company for 457Bs. The Quarterly Managed Account Fee is 0.1375% and the Annual Managed Account Fee
is 0.55%. Is this high? Also, there is no match from my employer. I'm thinking if this is too high I'll just put my money in a Roth IRA. What do you think?
I have an employer paid pension, 401k, 457, and IRA Roth. Trying to lay a solid foundation for retirement.
i know someone who has a 457 plan. is there a difference between 1) 457 2) 457b 3) 457f plan?
Great and very informative video!
Thank you for sharing.
Hey Brad! Thanks to you I found out that I can contribute to a 457(b) – NYSDCP.
The thing is I just started with my Roth IRA with 6k in it. What do you recommend? Should I start contributing to the 457b and stop the Roth until able to max the 457b?
My employer’s brokerage is charging me 3% for every money I contribute into my account… my employer matches 2% of my contribution.
I don’t think it’s a nice plan for me . If I put in money in my free_commission Roth IRA. I would make more
Nice information. I am a 911 Dispatcher and our pension is awful, but I have access to a 457 with a 6% match. I’ve been putting as much into it as I can for about 11 years now. Thanks for the video, I leaned some new things.
Great video, I live in NY as well. Im Graduating State Police Academy in August and I am starting my 457 right away at 27 years old. Hope you are well and stay safe!
So I’m trying to decide which vanguard to chose? Or which one is the best?
Hi, Brad. Presently living in California. I have a deferred compensation plan 457b. 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.
Hey Brad I appreciate all the info! But still have a few questions,
1. Just got hired for a city job and they offer 457 and 401a through Voya, do I need to sign up for both or just 1 plan?
2. What is a 401a, I couldnt find alot of videos regarding this plan.
If it helps, I got hired for the city's water district.
Which fund did you get through nycdcp that had the .01 expense ratio?
I'm a state employee with a 457b plan and started investing in it right away, we also have the option to put money from that into a td ameritrade account (self directed brokerage account) to invest in mutual funds. Im doing that also. Good stuff!
I just found out about this through my work. I have a pension plan and now 457b. I still have 30 years to go before I retire. I am putting 200 a month in my 457b will that be decent money when I retire?
What is your opinion on DC vs DB retirement plans?
Brad first of all thanks for the great info. I was looking into investing more looking at 403b and run into your video. As healthcare worker we do have pension (which I am enrolled), plus 403b & 457b and I was deciding to invest into the one more retirement plan but did not know which one to decide. I looked up 457b plan that my employer offers and it says "the 457b plan is a deferred compensation plan described under 457b of the Internal Revenue Code", does this mean it is a governmental 457 plan?? But, when I read the contributions info it does state that "according to IRS rules…IRC limits", I am assuming government 457b?? Please help. Thanks a bunch.
Employer match does NOT allow you to go over the limit. Just fyi folks
Do I need 407b if I open a Roth IRA? My intention is to retire early and in these both cases I can withdraw before age 59 & half
I have a governmental 457b with my current employer. If I roll over the current 457 to a new 457 (say I find a new job with a different municipality) then I will be hit with to 10% withdrawal fee since technically haven't separated with the employer? If I chose not to roll over and keep the old 457 then I could withdraw those funds without being hit with the 10% withdrawal rate?