RMD
Hello Terry, I’m a 67 year old female retired. I Still have money in my company Deferred 457. I’m in the 22% tax bracket. Where can I put my money from my deferred 457, without adding it to my income and not putting into another deferred account. Bottom line don’t want to increase my income at the end of the year for tax purposes and I want a safe conservative product to invest in, it could be life insurance, Roth, etc.
Terry Says
That depends on the type of 457 plan, and whether you have left employment with the company (which I’m not quite sure of from reading your question). If it is a 457b plan, and you are no longer working there, then you could do a direct rollover to an IRA at Fidelity or Vanguard or T. Rowe Price. There would be no tax consequence. Once inside the IRA, you could invest in a money market mutual fund for safety.
But since there are several types of deferred comp plans be sure to check with the HR department at the company to find out your choices and the potential tax impact.
