A 457(b) is similar to a 401(k) retirement savings plan. A 457(b) plan can be offered by state and local government to its employees, or by tax-exempt organizations to their highly-compensated employees. Those employees can contribute to a 457(b) retirement savings plan through payroll withholding. Employers may make matching contributions to these plans.
Employee contributions to a 457(b) can be made on a pre-tax or after-tax basis, much like a traditional and Roth 401(k). The key difference between traditional and Roth contributions is when you pay taxes on your contributions. Funds from your 457(b) retirement savings plan can replace your income in retirement.
Talk with your employer or financial professional to learn more about how you can maximize your retirement savings.
Retirement Smarts.
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