Can you contribute to both a 403b and 457b?

A major benefit for those with access to both a 403(b) and 457 plan is the ability to contribute to both at the same time. Stated another way, you can contribute up to the maximum for each!

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Beside above, what is difference between 403b and 457b?

A 457(b) is offered to state and local government employees, while a 457(f) is for top executives in nonprofits. A 403(b) plan is typically offered to employees of private nonprofits and government workers, including public school employees.

Regarding this, what are 403b and 457 used for? Similar to 401(k) plans, 403(b) and 457(b) plans allow you to contribute pre-tax money from your paycheck to your 403(b) or 457(b) plan to invest in certain investment products. These pre-tax contributions and their investment earnings will not be taxed until you withdraw the money, typically after you retire.

Consequently, can you have 2 401k plans at the same time?

There are no rules or laws preventing you from having two or more 401(k) plans at the same time, but enrollment in multiple plans can affect your tax deduction for elective contributions to your 401(k) retirement accounts.

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