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A 457(b) is similar to a 401(k) in how it allows workers to put away money into a special retirement account that provides tax advantages, letting you grow your savings tax-deferred.
If you’re age 60–63, you’re eligible for super catch-up contributions in 401(k)s and other eligible retirement plans (403(b), governmental 457 plans, etc.). The super catch-up contribution ...
Thus, a person over 50 within 3 years of retirement and who has both a 457 and a 401(k) could defer a total of $66,500 [19,500 + 19,500 for 457 and 19,500 + 8,000 for 401(k)] into his retirement plans by using all of his catch-up provisions. The second type of catch-up provision is limited to unused deferral limits from previous years. An ...
That amount rises to $76,500 with catch-up contributions. Utilize Catch-Up Contributions. Another way to take advantage of contribution options is to utilize catch-up contributions allowed by the IRS.
As of 2008, the maximum qualifying annual income was $230,000. So, for example, if a company declared a 25% profit-sharing contribution, any employee making less than $230,000 could deposit the entire amount of their profit-sharing check (up to $57,500, 25% of $230,000) in their ERISA-qualifying account. For the company CEO making $1,000,000 ...
Catch-up contributions can also be made to Roth 401(k)s or split between traditional and Roth 401(k) accounts. While your tax break is not immediate with a Roth 401(k), you are eligible to make ...
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