If you are employed and work for a hospital system or plan to work for one in the future, do you have access to a 401(k), 403(b), and/or 457(b) retirement plans?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how different retirement plans interact collectively. Can you max out both your 403(b) and 457(b) plans?
Tax shelter limits for 401(k), 403(b), and 457(b) retirement plans
- Maximum for Employees:
- 401(k)/403(b) is $20,500 combined per year
- 457(b) is $20,500 separate limit
- Retirement plans with mandatory and required contributions
- 457(b): Governmental or non-governmental plan, which is better and why?