Should I Use my 457 (Non-governmental)?
In an episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss optimizing retirement plans, specifically addressing the complexities and benefits of 457 plans. The conversation emphasizes the need to distinguish between governmental and non-governmental 457 plans, analyzing their risks and benefits. Governmental 457 plans offer flexibility and can be rolled over into an IRA or another retirement account, while non-governmental 457s present more risks and limitations, such as forced distributions and potential employer insolvency. The hosts discuss the circumstances under which a taxable brokerage account might be a better alternative due to its flexibility and potential for tax efficiency. They also highlight the importance of understanding one’s long-term employment plans and financial goals when making these decisions. The episode includes listener questions and emphasizes the significance of disability insurance and comprehensive financial planning. Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com Every doctor needs own-occupation disability insurance. To get it from a source you can trust, Visit https://moneymeetsmedicine.com/disability