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When the 457 strategy will be the only 1 your business provides, the limits would be the exact same as having a 401(k) – a maximum of $16,500 in 2010 for all those below 50 years old, and as much as $22,000 for all those 50 and more than.

But here's the distinction: In case your employer also provides a 401(k) or 403(b) strategy, you are able to contribute to each the 457 and also the other strategy. Furthermore, you are able to invest as much as the maximum in every account. In 2010, the limits are $16,500 in every kind of account, plus catch-up contributions – so you can make a total retirement contribution of as a lot as $33,000 (or $44,000 if you're 50 or older). Investing the max in each is really a terrific choice if you are obtaining began saving a bit late, or you simply wish to maximize the benefits of those plans (tax breaks and matching, if any).

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