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Money Girl

Can You Max Out 403(b) and 457(b) Retirement Plans in the Same Year?

Money Girl

Macmillan Holdings, LLC

Business, Education, How To, Entrepreneurship, Investing

4.61.9K Ratings

🗓️ 4 October 2023

⏱️ 11 minutes

🧾️ Download transcript

Summary

Laura answers a listener’s voicemail question about whether it’s possible to max out a 403(b) and 457(b) retirement plan in the same year. 

Money Girl is hosted by Laura Adams. A transcript is available at Simplecast.

Have a money question? Send an email to money@quickanddirtytips.com or leave a voicemail at 302-365-0308.

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Money Girl is a part of Quick and Dirty Tips.

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Transcript

Click on a timestamp to play from that location

0:00.0

Hi Laura, I enjoyed your recent episode about having multiple retirements accounts.

0:11.1

But it was really helpful to hear you talk about using a 403D and a 457D together.

0:17.6

My understanding is that I can have both of these accounts being a college professor and

0:23.5

I think that's uncommon knowledge.

0:25.2

As a matter of fact, I had an account and told me that I couldn't have both.

0:29.7

Based on the IRS website, I believe I can and the things have separate contribution maximum.

0:37.0

So I was wondering if you wouldn't mind addressing that issue on a feature episode.

0:41.2

Thanks so much.

0:42.2

I really love the show.

0:44.1

Thank you so much, anonymous caller, for your kind words and great question.

0:48.8

I'm going to answer it in this show.

0:50.7

We'll cover who can have 403B and 457B retirement plans.

0:56.0

We'll cover the account rules and whether you can max out both accounts in the same year.

1:01.4

Hey friends, welcome back to Money Girl.

1:03.2

I'm Laura Adams, an award-winning author and personal finance expert who's been bringing

1:07.9

you tips and advice every week since 2008 with over 41 million downloads.

1:13.8

I'm also a money speaker and I work with select brands doing on camera and writing work

1:18.8

as a financial spokesperson and consumer advocate.

1:21.7

Please reach out if you're interested in collaborating for a speaking event or PR campaign.

1:27.6

As always, you can reach me using my contact page at LauraDatoms.com.

1:33.2

That's also where you can learn more about my work, books, and money courses.

1:37.0

You can also leave a message, a show topic, or a money question by calling 302-3640308

...

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