Are you confused about what exactly a Deferred Compensation plan is? Do you have a 457(b) and wonder what the heck that is? Many firefighter’s do. We can help tune in and learn why you should be contributing to a deferred compensation plan.
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What does "I elect to defer distribution of my account at this time." mean? I had left a job for a better opportunity and I received a distribution eligibility notice. My options are to take it all in one lump some with 30% tax, 100% rollover into another trustee, or to "defer", which I have no idea what that means. I assume it means they keep my money till I decide to cash out or to transfer it, but I'm not quite sure. Any knowledge you might have will be greatly appreciated. Thank you.
Presently working 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.
How do you invest in your 457b to compensate for higher fees? Is your 457b a variable annuity platform?
Good job pal!
I prefer to call them deferred tax accounts. Sucks to realize a politician can dictate your retirment situation/ tax calculation and rate. The reason pensions are going away is because the employer wants to shift all the risk into the employee. If an employees 457/401k gets slaughtered they are not on the hook. It’s a win win for Wall Street and the employer compare to a pension where they are on the hook. I would also reevaluate your view on a “employer match” being free money. Government never gives anything away for “free” you are giving up control for 30 years and there is a cost to that well over what a match would earn.
Are you taking advantage of your workplace deferred compensation plan??? There are a few different types, but they all help us ave for retirement. Let me know if you have any other type of plan at your workplace.