Author Topic: 457 missed contributions  (Read 615 times)

BJC

  • 5 O'Clock Shadow
  • *
  • Posts: 26
457 missed contributions
« on: September 17, 2017, 07:39:47 PM »
Hello there!
My wife has a 457 plan that we didn't start taking advantage of until August. Would we generally be able to mail in a check to max out 2017,  or is it only allowed via payroll deductions?

MDM

  • Walrus Stache
  • *******
  • Posts: 7199
Re: 457 missed contributions
« Reply #1 on: September 17, 2017, 08:01:21 PM »
Payroll deductions.

But you may be able to have huge amounts deducted from pay while drawing down the checking balance to pay for food, etc.

BJC

  • 5 O'Clock Shadow
  • *
  • Posts: 26
Re: 457 missed contributions
« Reply #2 on: September 17, 2017, 08:26:09 PM »
Thanks,  we are currently maxing out 403 and 457.  Wife's last check was $45 😀😀😀

MDM

  • Walrus Stache
  • *******
  • Posts: 7199
Re: 457 missed contributions
« Reply #3 on: September 17, 2017, 08:33:41 PM »
Thanks,  we are currently maxing out 403 and 457.  Wife's last check was $45 😀😀😀
Well done!  Keep up the good work, and best wishes!

seattlecyclone

  • Magnum Stache
  • ******
  • Posts: 3982
  • Age: 33
  • Location: Seattle, WA
Re: 457 missed contributions
« Reply #4 on: September 17, 2017, 08:35:39 PM »
Sounds like you still have room to increase your contributions by $45! :-)

Good job doing what you can this year, and you're in position to do even better next year.
I made a blog! https://seattlecyclone.com/

The Roth IRA was named after William Roth, who represented Delaware in the US senate from 1971-2001. "Roth" is a name, not an acronym. There's no need to capitalize the final three letters.

BJC

  • 5 O'Clock Shadow
  • *
  • Posts: 26
Re: 457 missed contributions
« Reply #5 on: September 17, 2017, 08:40:23 PM »
Thank you both. Better late than never. Next year we'll crush it

facepalm

  • Stubble
  • **
  • Posts: 143
  • Location: California
Re: 457 missed contributions
« Reply #6 on: September 27, 2017, 10:41:56 PM »
If your plan has an administrator there may be a delays/deadlines with paperwork, so you will need to look at how many months you will have before you have to change your deductions for 2018.  If you can get three months higher deductions in, it might be worth it.