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An IRA is a tax-advantaged retirement savings plan that’s distinct from workplace plans, such as a 401k or 457b. There are different types of IRAs, with the most common being traditional and Roth.

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457 plan. The 457 plan is a type of nonqualified, [1] [2] tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre tax or after-tax (Roth) basis.

The Internal Revenue Service announced record-high maximum annual contributions to 401 (k) and similar retirement accounts for 2023. Workers who have a 401 (k), 403 (b), most 457 plans, and the ...

An IRA is an individual retirement account. A 401 (k), on the other hand, is a corporate retirement plan sponsored by a business. As 401 (k) administration can be expensive, these types of plans ...