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A 457b plan is similar to a 401k, offered for government or not-for-profit employees. Both 401k and 457b are for retirement investing with tax benefits. There are no income requirements for a 457b, unlike a Roth IRA. As of 2021, the contribution limit is $19,500, with catch-up contributions of up to $26,000 for those aged 50 and older. It's a way to invest for retirement and build wealth without income limitations.
