Are you looking for ways to maximize your retirement savings while minimizing taxes? If so, then you need to know about 457a plans.
457a plans are tax-advantaged retirement accounts designed specifically for employees of state and local governments and certain tax-exempt organizations. They offer a unique combination of tax breaks and investment options, making them an ideal choice for those who want to save for retirement while also reducing their current tax burden.
457a plans are similar to 401(k) plans in that they allow you to contribute pre-tax dollars from your paycheck. However, there are some key differences between the two types of plans.
There are several benefits to using a 457a plan for retirement savings:
If you are eligible, you can get started with a 457a plan by contacting your employer's human resources department. They will be able to provide you with more information about the plan and how to enroll.
457a plans have helped many people save for retirement. Here are a few success stories:
457a plans are a powerful tool for retirement savings. They offer a unique combination of tax breaks and investment options, making them an ideal choice for those who want to save for retirement while also reducing their current tax burden.
If you are eligible for a 457a plan, I encourage you to learn more about it and consider enrolling. It could be one of the best financial decisions you ever make.
Year | Contribution Limit |
---|---|
2023 | $22,500 |
2022 | $20,500 |
2021 | $19,500 |
2020 | $19,000 |
2019 | $18,500 |
Advantage | Disadvantage |
---|---|
Tax-free growth | Withdrawals are taxed as ordinary income |
High contribution limits | No employer matching contributions |
Reduced current income taxes | Penalties for early withdrawals |
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