I have a financial confession to make. I increased my 457 deferred compensation plan contributions for my new contract year.
People who work in education or government can frequently sign up for a deferred compensation plan. This can help you cut your tax bill in the current year, and it can also help you with flexibility if you want to change careers.
Why save in a 457b plan? Unlike 401k or 403b plans, people who save in a 457b can access their money without penalty immediately upon ending their service with an employer. Saving for a few years could provide a few months or a few years of expenses. That flexibility of a 457 plan is the reason I prefer saving in a 457 as opposed to an IRA. Save more in your 457b plan, and you’ll have more freedom.
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What funds do you recommend. I work for the State. Not sure which funds to invest in.
Great and very informative!
Thank you for sharing.
Great subject here and I used to work for a state govt and they never even mentioned their 457 until I learned about it on my own. Great video here!
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