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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.
For 2025, you’ll be able to increase your annual contribution to your 401(k), 403(b), governmental 457 plans, and the federal government's Thrift Savings Plan to $23,500, up from $23,000. The ...
Starting in 2025, taxpayers ages 60 and 63 years old can qualify for catch-up contributions on 401(k) as high as $11,250 — or 50% more than the normal catch-up contribution limit.
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 ...
Health savings account ... traditional retirement plans and ... those aged 60 to 63 can contribute the greater of $10,000 or 150% of the regular catch-up amount ($7,500 for 401(k)s and 403(b)s in ...
Learn more about high-yield savings accounts, ... Required Minimum Distributions from my 457(b) and traditional IRA accounts this year. ... older who take advantage of the $1,000 catch-up ...
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