Wondering about the differences between 457 and 403b in terms of leaving my employer well before traditional retirement age. Can both 457 and 403b be rolled over to IRAs? I'm unclear about if the 457 can be rolled over or if it has to be distributed upon termination of employment.
Here are my options and what I'm doing:
At my current employer I have a 401a where they plop their matching contributions then I have voluntary 457 and 403b plans. If I contribute 3% to the 457, they match 3%.
Currently I'm contributing about 18% pretax money to the 457 and just like 1% or 2% to a Roth 403b. I'm thinking about stopping the Roth 403b and instead contributing pretax to the 403b. Then I started wondering if should I contribute mostly to the 403b rather than the 457? In other words, just contribute enough to the 457 for the match and put the rest in the 403b?
If they can both be rolled over to a traditional IRA, I guess it doesn't matter, but that's what I can't seem to figure out. The plan summary says it allows withdrawals from the 457 after age 70 1/2 or after ending employment without penalty, but I don't know if that means as a distribution where I'd have to pay the taxes or if it could be put in an IRA.
TL;DR
1. Where would you focus contributions over the employer match: 403b or 457?
2. Can both a 403b and 457 rollover to an IRA without penalty after ending employment?
Thanks in advance.