Okay, I looked at the 457b plan and I told you guys I was dumb lol So, you do invest it.

But you have to pick your own investments and that makes me really nervous. How do I know the percent to contribute to each fund? Or pick which funds to do at all? Ahhh!

Also getting mixed answers when reading about whether to focus on the 457 versus a Roth IRA. I’m thinking the 457 would be more beneficial to me since it doesn’t have withdrawal restrictions starting at age 59.5 like most retirement accounts. Sounds like if/when I separate from my current employer, I could take that money in a lump sum, pay taxes, and decide what to do from there.

Thanks! Yes, we have a 457 plan that I could opt into, but I didn’t see the point because.. that money doesn’t grow, does it? Isn’t it almost like having a “savings account” with 0 interest, with taxes to be taken out whenever you withdraw?

Points taken! You’re killing it with the advice, man. :) Thanks a billion.

Awesome! Thanks again, this has been super informative. I’ve read a little about IRAs but didn’t know if it was an option for me. Excited to delve further in and get one started!

Okay, yeah, that stinks a little! Was hoping to put it in the 401(a) and just let it do its thing lol. Would you recommend a Roth or Traditional IRA? I don’t feel like my salary will get much higher than it is now tbh. I really lucked out with this last promotion — I think I’ve already hit a lofty ceiling for my line of work.

Thanks! This is really helpful. Based on my other retirement accounts, would you recommend I try to max out the IRA each year? (Or is that unnecessary?) I usually save around $2000 a month after all my expenses, which I’ve been putting in a HYSA because I don’t know what else to do with it.

Thank you! Good to know I wasn’t too far off with my understanding… We have a handbook for with all the formulas for calculating pension benefits, and it makes me really nervous and unsure about the future... I like working here but who knows what will happen in 40 years! It’s a relief to know that in a worst-case-scenario, I should back my 8%.

Also, I just confirmed my DC plan is a 401(a), if that makes any difference. We had open enrollment this past month for benefits, and there wasn’t an option to adjust the contribution. I’ll have to look into it more because I’d definitely like to contribute additional money if possible.

I do this too! It’s working out for me very well so far — in fact both of my bosses are out this week, so they told me to just “take it easy and watch your emails.” I’ve still got little things to finish up here and there but for the most part, I can take my time and relax. I worked about 2 total hours on the 23rd and called it a day.