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Like its better-known sibling — the 401(k) — a 457(b) retirement plan is a tax-advantaged way to save for retirement. But the 457(b) is designed especially for employees of state and local ...
With current expenses around $65,000 a year, they have about $700,000 saved across their 401(k) and 457(b) plans, Roth IRAs, and Health Savings Accounts (HSA). All of that is supported by a ...
Saving for retirement in a dedicated account is always a wise idea, but the best account to use will vary by age. That's because your income tends to increase over time, so what makes more sense...
Taxes need to be paid during the year of the conversion. Also, the non-basis portion can be rolled over into a 401(k), if allowed by the 401(k) plan. Changing Institutions Can roll over to another employer's 401(k) plan or to a rollover IRA at an independent institution. Can roll over to another employer's Roth 401(k) plan or to a Roth IRA at ...
Continue reading → The post Roth IRA vs. 457(b) Retirement Plans appeared first on SmartAsset Blog. Almost anyone can open a Roth IRA account with after-tax dollars that then grow tax-free.
In addition to 401(k) plans, there are also 403(b) plans for employees of public schools and certain tax-exempt organizations, and 457(b) plans for state and local government employees.
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