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MPG1

457b Question

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Thanks in advance. I have a 457b with Hartford Insurance in NYS as a local county employee. I will be retiring in 3 years at the age of 55. I plan on moving from NY to SC. I need to make income from the 457b but donot plan on touching the principal. I would be very happy with a 5 percent return. What type of tax would I be looking at from the interest or what do you think would be my best options? I also plan on passing the principal on to my daughter when I die. Thanks again.

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I would be very happy with a 5 percent return. What type of tax would I be looking at from the interest or what do you think would be my best options?

 

Hi MPG,

In this day and age of stock market volitility, wouldn't we all be very happy with just five percent return. But I digress.

 

I am not a tax expert, so all I can say about your question on taxes is that when you retire at 55 and start taking distributions from a 457 (which is a tax deferred plan) you will be paying ordinary income tax based on your tax rate and the state you live in.

Not sure what you mean about options, options about taxes, options about another company besides Hartford, options so that you can leave the principle with your daughter? Please elaborate or for more information about 457 plans: Click here

 

Your questions were discussed a year ago and you already got some good suggestions. click here

Do you have additional information that you have not shared before to help us help you?

 

Regards,

Steve

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