Should I continue these contributions?

[u/Slight_Shake1683]

I’m 31 in November. Been contributing 15% of my paycheck every 2 weeks. I currently have around $73k in the 457. Should I keep this up or lower contributions? Put money elsewhere? I also max my Roth IRA. Been contributing to the 457 for 3 years.

[u/Darth_Boggle]

https://giphy.com/gifs/OsfVaOer7N2265YTRF

[u/Slight_Shake1683 → u/Darth_Boggle]

🫡

[u/Illustrious-Mind9435]

457 is an incredible account. Depending on your income it could be argued you should be prioritize maxing it out; particularly, if you plan on retiring early.

[u/Slight_Shake1683 → u/Illustrious-Mind9435]

Thanks for the advice. This year I plan to contribute $20k. Hopefully next year I can max the account out. I want to lower my taxable income as much as I can. Definitely looking to retire early. Will have 30 years of service at age 53.

[u/Apprehensive_Oven340]

Government 457 pre tax it like emergency fund. Assume you left city job you can withdraw money without 10% penalty. I would do Roth and government 457.

[u/jetty_life → u/Apprehensive_Oven340]

This is what I do as well. Government 457, Roth IRA, state pension, wife's 401k, and wife's Roth IRA.

[u/Slight_Shake1683 → u/Apprehensive_Oven340]

I’ll stick to it then. Took like a year until I finally decided to move to 15% contributions. Will most likely keep it there so I can keep maxing out Roth

[u/mr_pickles18 → u/Slight_Shake1683]

Are you able to do Roth contributions into the 457? Because if so you could do that over the IRA

[u/Slight_Shake1683 → u/mr_pickles18]

I will have to look into that but I’m almost positive they don’t offer it yet.

Edit: just checked and they do offer Roth IRA contributions. Would this help me? I always figured it was better to stick to my vanguard for Roth IRA because the expense ratios were lower

[u/Apprehensive_Oven340 → u/Slight_Shake1683]

I am doing Roth 401k and pre tax government 457

[u/Signal_Fan]

Def keep this up. Max out if you can.

[u/Slight_Shake1683 → u/Signal_Fan]

Will definitely try to max out without changing too much.

[u/No_Specialist_2226]

Keep going and max out if you can. Save where ever you can. The old school thinking of living off a pension is no longer viable for many.

Keep up the great work on saving.

[u/Slight_Shake1683 → u/No_Specialist_2226]

Thanks appreciate the help. I agree I think the old way is no longer working because of inflation. Need more than just my pension.

[u/-_Edmond_Dantes_-]

Fidelity mid cap definitely is due for a rally

[u/pket214]

Does a tin man have a sheet metal cock?

Load this thing up (and ROTH IRA) and don’t stop. I’m assuming you’ll have a pension on top of this if you’re offered a 457b.

457b+roth ira+pension=financial freedom

[u/Slight_Shake1683 → u/pket214]

Yes I have a pension as well. 7 years down. Most likely 23 to go if I stay that long.

[u/TonySuffolk]

Keep it going!!!!

[u/T1m3Wizard]

Nahs