I have access to a 457(b) at work and am wondering if this could prove to a be a good vehicle to park funds needed to FIRE before the age at which I can withdraw from my 403(b) without penalty.
(my most vexing obstacle to FIRE is that the vast majority of my NW is in either the house - which I plan to still live in - or retirement accounts I can't access without penalty until I'm older than I hope to FIRE).
Interested in knowing whether others have/are utilizing these and what their thoughts and experience have been?
I'm guessing you work for a government entity?
I contribute the max to a 403(b) and a 457(b), which in my case is 48K per year (I am over age 50). If you can contribute to both, and you have the funds, it's a great way to sock away some extra $$ pretax.
Also, if you have not been contributing to a 457 since the beginning of your employment, there is a provision to double your base contribution the last 3 years before retirement. That works out to 36K per year (the base contribution is 18K). Others have mentioned when you can withdraw from a 457, so I won't.
403 and 457 plans are not as tightly regulated as 401 plans, so be aware of the fees and potential crummy investments.