- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Roth IRA vs. 457 Plan (LA State Employee)
Posted on 1/1/13 at 10:39 pm
Posted on 1/1/13 at 10:39 pm
I'm a Louisiana state employee. Currently I'm contributing around $3k per year to the LA Public Employees Deferred Compensation Plan in addition to my mandatory LASERS contributions. I was hoping the board could give me some advice on this plan compared to a Roth IRA. I've done some research and both plans obviously have their benefits, but I'm not going to pretend to know which plan would be better for me and why.
I'm 25, have been working for 18 months, and am just trying to build a nest egg. I have no debt and don't plan on accessing this money until retirement age unless I absolutely need it. Also, I do not know that I will remain a state employee for the duration of my professional career.
My Questions. As I begin to increase my contributions, should I open up a Roth IRA or continue to just put in to the 457 plan? Should I just drop the 457 plan and contribute to a Roth until I'm maxing it out? Any advice is appreciated.
I'm 25, have been working for 18 months, and am just trying to build a nest egg. I have no debt and don't plan on accessing this money until retirement age unless I absolutely need it. Also, I do not know that I will remain a state employee for the duration of my professional career.
My Questions. As I begin to increase my contributions, should I open up a Roth IRA or continue to just put in to the 457 plan? Should I just drop the 457 plan and contribute to a Roth until I'm maxing it out? Any advice is appreciated.
1
Posted on 1/2/13 at 1:02 am to PhiTiger1764
quote:
should I open up a Roth IRA
Yes. $450/month for the rest of your working life and you should be good to go @ retirement
quote:
Should I just drop the 457 plan
Nope. Contribute to both. No reason not to plan for your future
Posted on 1/2/13 at 2:06 am to ATL TGR
quote:
Nope. Contribute to both. No reason not to plan for your future
If you can afford to put money in both why not? Short term sacrifice for long term happiness.
My dad isnear retirement who is a top 1-2% income earner is having problems because he started saving late then had problems with how he has saved. Said that his biggest mistake was not saving early when he could have
Posted on 1/2/13 at 4:01 pm to GenesChin
If you only save $450/mo and get a 5% return, in 35 years you will have a little over $500K. Sounds like a lot but it is not. Do both!!!
Posted on 1/3/13 at 9:39 pm to ATL TGR
quote:
Nope. Contribute to both. No reason not to plan for your future
Which one first? Is there a consensus on which is better?
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News