Manatee Your Choice 457(b) Plan - Reviews, Benefits, Fees & Ratings

Looking for a retirement plan that offers you a lot of flexibility? Check out the Manatee Your Choice 457(b) Plan!

This plan allows you to contribute money on a pre-tax or Roth basis, and you also have the option of taking loans against your account balance. In addition, the Manatee Your Choice 457(b) Plan has low fees and great ratings from past participants.

Keep reading for more information about this plan!

What is a Manatee Your Choice 457(b) Plan?

A Manatee Your Choice 457(b) Plan is a retirement savings plan available to employees of participating employers in the state of Florida. The Plan is sponsored by the Manatee County Employees Retirement System (MCERS) and administered by TIAA-CREF.

How Does a Manatee Your Choice 457(b) Plan Work?

A Manatee Your Choice 457(b) Plan works by allowing you to contribute a certain amount of money from your paycheck into the account. This money is then invested and grows over time. When you retire, you can use this money to help cover your living expenses.

What Are The Key Features of a Manatee Your Choice 457(b) Plan?

Some of the key features of a Manatee Your Choice 457(b) Plan include:

A wide range of investment options

You can choose from a variety of investment options, including stocks, bonds, and mutual funds.

Flexible contributions

You can contribute as little or as much as you want, up to the maximum contribution limit.

Tax-deferred growth

All of your investment earnings grow tax-deferred, which means you won't have to pay taxes on them until you withdraw the money.

Employer matching contributions

Many employers will match a certain percentage of your contributions, up to a maximum amount. This can be a great way to boost your savings.

Portability

If you leave your job, you can take your 457 plan with you. This is a big advantage over other retirement plans, such as 401(k)s, which often require you to cash out when you leave a job.

Now that we've covered the key features of a 457 plan, let's take a look at the benefits.

What Commissions and Management Fees Does a Manatee Your Choice 457(b) Plan Come With?

The Manatee Your Choice 457(b) Plan comes with a 0.45% commission and a 0.25% management fee. There is also a $50 annual account fee.

What Are The Advantages of a Manatee Your Choice 457(b) Plan?

There are many advantages of a Manatee Your Choice 457(b) Plan.

One advantage is that you can save for retirement on a tax-deferred basis. This means that you will not have to pay taxes on the money you contribute to your account until you withdraw it during retirement.

Another advantage is that the money in your account can grow tax-free. This means that you can reinvest your earnings and let them grow without having to pay taxes on them.

Another advantage of a Manatee Your Choice 457(b) Plan is that you may be able to take distributions before retirement.

You can use this money for any purpose, including buying a first home or paying for education expenses. If you take a distribution before you turn 59 ½, you may have to pay a penalty.

The last advantage of a Manatee Your Choice 457(b) Plan is that your account is portable. This means that if you change jobs, you can take your account with you.

What Are The Disadvantages of a Manatee Your Choice 457(b) Plan?

The main disadvantage of a Manatee Your Choice 457(b) Plan is that it can be expensive. The fees associated with this type of plan can eat into your investment returns, and over time, they can add up.

Another downside to consider is that these plans are not as flexible as some other retirement savings options. For example, you may not be able to access your money as early as you could with a traditional 401(k) or IRA.

Finally, keep in mind that a Manatee Your Choice 457(b) Plan is a long-term investment. This means that if you need to withdraw funds before retirement, you may be subject to taxes and penalties.

What Are Some Alternatives to a Manatee Your Choice 457(b) Plan?

There are a few alternatives to the Manatee Your Choice 457(b) Plan.

One is the traditional 401k plan offered by many employers. This type of plan allows you to contribute pretax dollars from your paycheck, and the money grows tax-deferred until retirement. Employers may also offer a matching contribution, which can be an incentive to save.

Another alternative is a Roth IRA. With this type of account, you contribute after-tax dollars, but the money grows tax-free and can be withdrawn tax-free in retirement. This can be a good option if you anticipate being in a higher tax bracket in retirement than you are now.

There are also other types of retirement savings accounts, such as 403b plans for public employees and 457 plans for state and local government workers. Each has its own rules and benefits, so be sure to research the best option for your situation.

How Do You Open a Manatee Your Choice 457(b) Plan?

The first step is to go to the Manatee Your Choice website and create an account. Then, you'll need to provide some personal information, like your Social Security number and date of birth. After that, you'll need to choose a password and set up two-factor authentication.

Once you've done all that, you'll be able to log into your account and start exploring the Manatee Your Choice 457(b) Plan. The website is pretty self-explanatory, but if you have any questions, there's a handy FAQ section that can help you out.

What is The Minimum Amount Required to Open a Manatee Your Choice 457(b) Plan?

There is no minimum required to open a Manatee Your Choice 457(b) Plan. You can start contributing any amount you want, and there is no penalty for starting small. The sooner you start saving, the better off you'll be in the long run. Even if you can only contribute a few dollars each week, it will add up over time.

What Are The Manatee Your Choice 457(b) Plan Contribution Limits?

The contribution limits for the Manatee Your Choice 457(b) Plan are $18,000 for employees under age 50 and $24,000 for those over age 50.

There is also a catch-up provision for those over age 50 that allows them to contribute an additional $6000.

What Are The Eligibility Requirements for a Manatee Your Choice 457(b) Plan?

To be eligible for a Manatee Your Choice 457(b) Plan, you must:

• Be employed by a state or local government agency or non-profit organization
• Have worked for your employer for at least 12 months
• Be a U.S. citizen or resident alien
• Be 18 years of age or older
• Not be an active participant in another retirement plan

Do You Pay Taxes On a Manatee Your Choice 457(b) Plan?

The answer is no! You can contribute to your Manatee Your Choice 457(b) Plan on a pre-tax basis, which means that the money you contribute will not be subject to income taxes.

Additionally, the money in your Manatee Your Choice 457(b) Plan will grow tax-deferred, which means you won't have to pay taxes on the earnings until you withdraw the money from the account.

When Can You Withdraw Money From a Manatee Your Choice 457(b) Plan?

You can begin withdrawing money from your Manatee Your Choice 457(b) Plan once you reach age 59½. However, if you leave your job before then, you may be subject to an early withdrawal penalty.

How Does a Manatee Your Choice 457(b) Plan Compare to a 401K?

A Manatee Your Choice 457(b) Plan is very similar to a 401K in that it allows you to save for retirement on a tax-deferred basis. Both plans also have employer matching contributions and vesting schedules. However, there are some key differences between the two types of plans.

For example, a 457 plan has higher contribution limits than a 401K. In 2020, you can contribute up to $19,500 to a 457 plan (or $26,000 if you're over the age of 50).

By comparison, the contribution limit for a 401K is just $19,500 (or $26,000 if you're over the age of 50).

Another key difference is that 457 plans are not subject to the same early withdrawal penalties as 401Ks. With a 401K, you'll typically be hit with a penalty if you withdraw funds before age 59½. However, with a 457 plan, you can often take withdrawals without incurring any penalties.

So, which type of plan is right for you? Ultimately, it depends on your individual financial situation. If you have the ability to contribute more than $19,500 per year, then a 457 plan may be the better option. However, if you're only able to contribute the maximum amount to a 401K, then that may be the better choice.

What Assets Are Available With a Manatee Your Choice 457(b) Plan?

The 457 plan offers a wide range of assets, including:

• US stocks
• International stocks
• Bonds
• Commodities
• Real estate investment trusts (REITs)
• Mutual funds
• Exchange-traded funds (ETFs).

You can find the asset allocation for each fund in the fund's prospectus. The asset allocation will mix and match these investments based on the goals of the fund. For example, a stock fund will generally have a higher percentage of stocks than bonds.

Why Do People Use a Manatee Your Choice 457(b) Plan?

There are a few reasons that people use a Manatee Your Choice 457(b) Plan. The first reason is that it allows them to save for retirement without paying taxes on the money that they contribute. This is a huge advantage, especially if you are in a high tax bracket.

The second reason is that the money in the account grows tax-deferred, which means that you won’t have to pay taxes on the growth until you withdraw it.

And lastly, the money in a 457 plan can be withdrawn penalty-free if you meet certain conditions, such as reaching age 59½ or becoming disabled.

Does a Manatee Your Choice 457(b) Plan Accept Rollovers?

Manatee Your Choice 457(b) Plans do accept rollovers from other retirement plans, but there are some restrictions. For instance, you can only rollover money from another 457 plan if your new employer offers one.

lso, the amount you can rollover is limited to the amount of your previous employer's contribution plus any earnings on that contribution.

If you're thinking about rolling over your retirement savings to a Manatee Your Choice 457(b) Plan, be sure to consult with a financial advisor to see if it's the best option for you. There may be tax implications or other factors to consider before making the switch.

How Long Does It Take to Transfer to a Manatee Your Choice 457(b) Plan?

The average transfer time for a Manatee Your Choice 457(b) Plan is about two weeks. This may vary depending on the size of your account and the complexity of your investment portfolio. You should also factor in any applicable fees when considering a transfer.

How Do You Put Money Into a Manatee Your Choice 457(b) Plan?

You can make contributions to your 457(b) Plan in one of two ways: through payroll deductions or by making after-tax contributions.

Payroll deductions are taken directly from your paycheck before taxes are withheld. This means that the money goes into your account pre-tax, and you won’t have to pay taxes on it until you withdraw the money in retirement.

After-tax contributions are made with money that has already been taxed. You won’t have to pay taxes on these contributions when you withdraw the money in retirement, but you will have to pay taxes on the investment earnings.

Can You Open a Manatee Your Choice 457(b) Plan For a Child?

The beauty of the Manatee Your Choice 457(b) Plan is that it can be opened for anyone, including children. This means that you can start saving for your child's future education early on and take advantage of the tax breaks associated with this type of account.