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A 457b plan is similar to a 401k and is offered for government or not-for-profit employees. Both plans help you invest for retirement with tax benefits. There is no income requirement to contribute to a 457b, and the contribution limit for 2021 is $19,500, or $26,000 for those 50 and older. You can invest in a 457b through your employer if they offer it, allowing you to build wealth for retirement.