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What is the difference between a 401k and 457?

The main distinguishing factor between 457 and 401 (k) is how the retirement plan is offered. 457 plans are common in government entities such as state governments, as well as non-profit organizations. In contrast, 401 (k)s are offered by private companies to their employees.

When can you withdraw from a 457 deferred compensation plan?

You'll have to make mandatory withdrawals after age 70 ½, and your beneficiary can withdraw money from the plan upon your death. When you retire or leave your job for any reason, you're permitted to make withdrawals from your 457 plan.

What is the difference between a 401k and a 457b?

That’s great if you’re funneling a big chunk of your income into your account each year. A 401(k) may also carry fewer fees compared to a 457(b) plan, and have a wider range of investments to choose from. Some drawbacks to 401(k)s include the fees and investment choices linked to individual plans.

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