Increased 457b Contribution

[Sanitary Stache]

This is a small victory, but I find the bragging on this forum topic to be inspiring.

I got a step increase in pay this month so I increased my 457b contribution to put all the new pay into pre-tax retirement savings.  While doing it I noticed I was having income tax taken out of each paycheck, but paid no income tax last year, so I adjusted my income tax withdrawal to 0 and increased my 457b contribution by that amount as well.

Increase is modest, $375/paycheck to $455, but is a step closer to reaching the max!

[draco44]

Well done! Congratulations!!!

[Ladychips]

Excellent!  It will add up!

[Feebolob]

Congrats. Yay for 457bs (governmental)! I remember when as an educator I remember the day I learned that you can contribute both to a 403b and a 457b at the same time. Double the deferred compensation space, woah!

[Not Sure]

Congratulations!

[Edubb20]

I love the 457(b) for government employees.  A linchpin in my FIRE strategy.

[PhrugalPhan]

I love my 457b account & you should too.  I just finished my 18th year of contributions this weekend and the amount is amazing.  After a few years you'll start to see super growth as well.

[cool7hand]

Impressive. Most impressive.

[Morning Glory]

Congrats. Yay for 457bs (governmental)! I remember when as an educator I remember the day I learned that you can contribute both to a 403b and a 457b at the same time. Double the deferred compensation space, woah!

I have all that plus a 401a, so I get a little more than double. I just got access to the 457 this year though, and I'm planning on this being my last year of full-time work.

[FLBiker]

DW and I both worked at a state university in before relocating last year to Canada -- having access to both 403(b)s and a governmental 457(b) was fantastic!  Congrats on bumping up the contribution!

[px4shooter]

And don't forget not maxing it out early still allows you to use the catch-up provision in your last 3 years. If you get cashed out for any unused vacation/sick time, it is easy to roll over that into your maxing out your last year.