Timothy Sumer

You might be wondering, "What is the best retirement savings account?" One of the best options (if not the best option--I like it) when you're working for a public employer is a 457b deferred compensation account. These accounts provide many benefits for future retirees, and this video will discuss 4 benefits of saving in a 457b account. A 457b allows for automatic savings. David Bach recommends this in his book The Automatic Millionaire. All you'll need to do is head to your HR director and sign up. Saving a percentage allows for your savings rate to stay the same if you get a raise. However, the amount of money you'll save will increase as your income does. There are tax benefits associated with a 457. Saving in a 457b cuts your tax bill in the current year. When looking at 457s and tax-deferrals, a 457 allows for tax-free growth. You'll only owe taxes when you withdraw the money. A 457b can help you save for early retirement. You can access...