457
Retirement savings options for state, local government employees. They offer tax-advantaged ways to save for retirement, reducing taxable income through pre-tax contributions.
TAX BENEFITS
-Contributions lower your taxable income.
-No penalty for early withdrawals.
-Offers unique flexibility as a retirement plan.
-Contribution Limits: $23,000 for 2024
-Catch-up contributions allowed .
Eligibility Criteria
-Must be employed by state, local government.
-Availability to All Employment Types
-No Age Limitations: all Ages can Participate.
-Automatic Enrollment Options Provided.
Tax Advantages
-Pre-tax Contributions: Contributions are made before taxes are applied.
-Tax-deferred Growth: Investment gains in a 457(b) -- -Catch-up Contributions: Make additional contributions above the standard limit.
Withdrawal Rules
-No Early Withdrawal Penalty:
-Participants can make withdrawals without 10%
-Taxation on Withdrawals: 457(b) plan are taxed as ordinary income.
-Required Minimum Distributions (RMDs): Participants must take at age 72.
Investment Options
457 allow a wide range of investment options, including stocks, bonds, mutual funds, and ETFs, providing the flexibility to tailor your investment strategy to your risk tolerance and retirement goals.
457 v 403b
457 and 403(b) plans offer tax-advantaged savings.
-457 plans provide more catch-up contributions.
-Choice between a 457 / 403(b) plan may depend on the specific benefits each plan offers.
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OPEN A 457
Our Services
PENSION:
Understand Your Retirement
-Challenge: Do you know when you can retire with a full pension?
-Solution: Understand how your pension works and find out your retirement date.
PERSONAL DEVELOPMENT : Educational Workshops
-Challenge: Is Your Family Safe from Life's Uncertainties?
-Solution: Shield Their Tomorrow with Comprehensive Life Insurance
-Act Now: Ensure Their Security Today
ESTATE PLANNING: Safeguarding Your Legacy
-Challenge: How will you ensure your wishes are honored?
-Solution: Create a solid estate plan with a Will & Testament, Trusts, and Health Care Directives.
PENSION: Understanding Your Retirement
Challenge: Do you know when you can retire with a full pension? Solution: Understand how your pension works and find out your retirement date.
PERSONAL PROTECTION: Securing Your Loved Ones' Future
Challenge: Are your loved ones protected from unforeseen events? Solution: Secure their future with comprehensive life insurance, mortgage protection, and more.
ESTATE PLANNING: Safeguarding Your Legacy
Challenge: How will you ensure your wishes are honored? Solution: Create a solid estate plan with a Will & Testament, Trusts, and Health Care Directives.
What are Sate Workers Saying...
"The information provided here has been invaluable in planning my retirement. I now feel more prepared and secure about my future."
Stephen Escobar
Educator
"As a firefighter, understanding my benefits and pension plan was crucial. This website made it easy and clear."
Gerald Nordstrom
Firefighter
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© 2024 State Workers Benefits | All Rights Reserved
© 2024 State Workers Benefits | All Rights Reserved