457b Plans Everything You Must Know

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There are several retirement options available, but the process of choosing the right one can be overwhelming. It can be a daunting task, but we are here to help make it easier for you. Retirement savings mostly depend on individual contributions, so it's vital that you understand all the savings options available to you. • Key Insights 💡 • 💡 The 457(b) plan is a valuable retirement vehicle that allows for additional pre-tax savings, similar to a 401(k) or 403(b) plan. It provides an opportunity to save more money on a pre-tax basis and benefit from tax-deferred growth. • ⚠️ It is important to be cautious when considering non-governmental 457(b) plans, as there may be more risk associated with these plans. Government-run 457(b) plans have safeguards in place to protect the assets, while private plans may carry more uncertainty. • 💰 Investing in a 457(b) plan can be beneficial for high-income professionals, such as physicians, as it allows for the deferral of taxes and the potential for lower tax rates in retirement. It is a valuable tool for retirement savings. • 🔄 Coordinating a 457(b) plan with other retirement accounts, such as a 403(b) or Backdoor Roth IRA, can maximize pre-tax savings and provide a comprehensive retirement strategy. Prioritizing pre-tax savings is especially important for high-income individuals. • 🏥 Teaching hospitals and non-profits often have a unique setup with three separate plans: a mandatory contribution plan (often labeled as a 401(a)), a 403(b) plan, and a 457(b) plan. This setup allows for even more pre-tax savings and should be taken advantage of if available. • 💼 Retirement savings should be a priority, especially for high-income professionals. By deferring taxes through retirement accounts like the 457(b), individuals can potentially lower their tax burden in retirement and achieve their long-term financial goals. It is important to make the most of available tax-advantaged accounts. • Highlights 🕒 • 0:00 📅 Introduction to the topic of 457(b) plans and their importance • 1:10 💡 Explanation of what a 457(b) plan is and how it relates to other retirement accounts • 2:25 ⚠️ Caution about the risks associated with non-governmental 457(b) plans • 3:50 💰 Benefits of investing in a 457(b) plan, including tax-deferred growth • 5:15 🔄 Overview of how to coordinate a 457(b) plan with other retirement accounts • 📚 Full Blog Post: https://wealthkeel.com/blog/what-is-a... • • -------------------------- • Please share any topics or questions you would like to see featured in our videos in the future! Drop us a line in the comments 🙏 • 👉 Follow us on socials, join our weekly newsletter, get our free eBook, and more: https://go.wealthkeel.com/m/WK • Music from Intro Video: Sunburst by Tobu Itro - http://bit.ly/2p6JaWw • Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.

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