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What is a 457 Plan?
Why would I want to consider this type of retirement savings plan?
A 457 Plan is a tax-exempt deferred compensation program made available to employees of state and federal governments, agencies and some school districts.
A 457 plan is similar to a 401(k), except there are never employer matching contributions and the IRS does not consider it a qualified retirement plan. Participants can defer some of their annual income (up to an annual limit), and contributions and earnings are tax-deferred until withdrawal.
Distributions start at retirement age but participants can also take distributions if they change jobs or in certain emergencies. Participants can choose to take distributions as a lump sum, as annual installments or as an annuity. However; it is important to know that distributions are subject to ordinary income taxes and the amounts cannot be transferred into an IRA.
Due to the taxation and rules that must be followed we encourage anyone considering any type of retirement plan to consult with an experienced advisor and a tax expert.
With Master Capital Wealth Management, you have a team of professionals at your service under one roof and complimentary, of course, to help guide you in making an informed decision.
What are you waiting for? Let us help you make that informed decision by contacting us today
at 407-339-5222 or toll free at 800-865-0001.
You may also CONTACT US completing the form on the page. We will have one of our retirement specialist contact you within 24 hours.
We look forward to working for you. We know you have worked hard for your money and we want to make sure your money works hard for you!