457 Plan Contribution Effects on Your Paycheck

An employer sponsored retirement savings account could be one of your best tools for creating a secure retirement. Pre-tax contributions are tax deferred, you only pay taxes on contributions and earnings when the money is withdrawn. After-tax contributions are after-tax and are tax free when the money is withdrawn. Use this calculator to see how increasing your contributions to a 457 plan can affect your paycheck as well as your retirement savings. This calculator uses the 2014 withholding schedules, rules and rates (IRS Publication 15).
 

 

 

Minnesota State Retirement System
60 Empire Drive, Suite 300
St. Paul, MN

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.