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Defered Comp Question - Roth or 457?
Posted on 6/2/15 at 8:52 am
Posted on 6/2/15 at 8:52 am
I have a government job with mandatory participation in retirement (8% to pension or self directed) money. I contribute another few percent (not a huge amount, $300 or so each month) to my optional 457 plan (have reduced it over the past year after a baby came along and wife is working less).
Anyways, the balance in this 457 is around 30k, plus I have another 25k in an IRA (roll-over from old employer 401k). I have about 7k in an existing Roth.
I will be eligible for full retirement in 22 years, I am 30 years old.
Currently, I can't really afford to contribute anymore to retirement than I am now. Should I redirect those funds (after taxes) to a Roth or keep them in the current 457? Any recommendations?
Anyways, the balance in this 457 is around 30k, plus I have another 25k in an IRA (roll-over from old employer 401k). I have about 7k in an existing Roth.
I will be eligible for full retirement in 22 years, I am 30 years old.
Currently, I can't really afford to contribute anymore to retirement than I am now. Should I redirect those funds (after taxes) to a Roth or keep them in the current 457? Any recommendations?
Posted on 6/2/15 at 9:37 am to CidCock
I am in an eerily similar situation to you. In January they offered a 457 Roth and I changed all of my contributions to go towards it to earn tax free.
This post was edited on 6/2/15 at 9:39 am
Posted on 6/3/15 at 10:26 pm to CidCock
Yes or another tax free account
Posted on 6/4/15 at 7:08 am to blades8088
quote:
Firefighter or police?
I am an engineer.
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