So...I'm looking to increase my contributions at work. Normally, I'd put more into the ROTH 401k and go on with my day, but my combined income is getting close to breaching the 75k mark which would increase our federal taxes by 10%. So hurray! :) :(
Anyways, I work in a governmental environment that has the 3 options, I listed in the title available to me.
ROTH 401k (Currently at 5% (My contribution)
PRETAX 401k (Currently at 9% (Employer Money))
PRETAX 457 (Currently at 0%)
I know that the 457 plan's main benefit over the 401k is that I can pull money out without waiting until I'm 59.5, but I'm unsure if I'm missing something.
I want to increase my contribution from 5% to 6%, my question is if it would make sense to do the 457 plan given my hope to retire by 50 (or sooner) or would it be wiser to stick with the more diverse option of the Pre-Tax 401k?