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A 457 program is a sort of defined contribution retirement approach available to point out and local community personnel, but may also be offered by particular nonprofit corporations. They work a lot a similar way as 401(k) strategies: you can decide to divert section of your salary into your strategy, along with the money is quickly deducted from a paycheck right before taxes are taken out. The cash grows tax-deferred until finally it truly is withdrawn, and afterwards Uncle Sam will come contacting.

However, you'll find variations from the highest annual contribution boundaries and also the therapy of early withdrawals.

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