457(b) accounts are an amazing tool available for retirement, especially early retirement, and financial independence. The 457(b) offers a few very unique advantages that other retirement accounts do not. This video explains all of the most important aspects of 457(b) accounts, especially the secrets that allow them to fast-track you to possibly retiring early.
#457b #Retirement #TaxSavings
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Timestamps:
0:00 Introduction
0:49 What Is A 457b
1:28 Who Can Use A 457b
2:29 When You Can Contribute To A 457b
3:30 Where You Contribute To A 457b
3:56 Why Contribute To A 457b
5:14 Why A 457b Is Great For Retiring Early
6:55 How Much You Can Contribute To A 457b
7:43 What To Keep In Mind About 457bs
8:34 The Best Investments Available In 457bs
9:32 Another BIG Advantage of 457bs
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I read in another video that if you invest in the 457b plan Roth you're not able to collect the money before 59 1/2 like the traditional plan. Any truth to this?
My retirement is from the Florida Retirement system, they offered a 457 B deferred retirement plan ( DROP)of which I participated in. The extra money came in handy.
Do you have to be a current employee to use it? I worked at a university in as a federal work-study employee about 2 years ago and still get yearly statements in the mail. Should I see what's up with that or open up an Roth IRA and roll it over, if thats even possible.
Great information and is true. Every year I contribute 26k to my 403b and 26k to my Roth 457. The 457 Roth at 72 or 73 year old has the RMD.
457B traditional have no early withdrawal penalties, and 457b also doesn't have the 10% penalty for early withdrawal, but a coworker said if you withdrawal early from a roth one you'd have to pay taxes on it. Could you confirm or deny?