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Celebrating Episode #50 of the Finance Flash Go! Podcast!

Unbelievably, we are already up to episode #50 of the Finance Flash Go! podcast! (Actually, we are well beyond episode #50, but are just catching up to it on my recaps here.) I want to thank you all so much for listening and subscribing and giving us reviews. You are what makes this podcast so much fun and so successful!

Anyway, let’s get into the actual content that you came here for!

In this recap of episode #50 of the Finance Flash Go! podcast, we are going to talk about 457 accounts!

Listen to the full episode here!

A 457 investment account is another tax advantaged retirement account. It comes in two flavors: governmental 457 and non-governmental 457.

Related Post:
A Quick and Dirty Guide to All Types of Investment Accounts: Where Should You Put Your Money?

Governmental 457 accounts are more common and cater to local and state public workers rather than for-profit employers like 401(k)s.

episode #50

Non-governmental 457s are available to certain tax-exempt non-governmental institutions. They are similar but, in general, governmental 457s are a bit better.

Like 401(k)s, 457s allow pre-tax contributions that grow within the account and are taxed upon withdrawal. The 2020 contribution limit is $19,500. While employer contributions are possible, the total limit stays $19,500. This means that is your employer will contribute $10,000, you can only contribute $9,500.

The disadvantage again is that you can only withdraw from this account without a 10% penalty at age 70Ā½ or for other qualified emergencies, etc.

I really hope that you are enjoying the podcast! If you do like it, please subscribe and give us a 5-star rating to help us spread our message!

We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to [email protected]!

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    Jordan Frey MD, a plastic surgeon in Buffalo, NY, is one of the fastest-growing physician finance bloggers in the world. See how he went from financially clueless to increasing his net worth by $1M in 1 year and how you can do the same! Feel free to send Jordan a message at [email protected].com.

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