Can I contribute to both a 403(b) and a 457(b)?

Yes — they have separate limits, so you can defer up to $23,000 in each, for a combined $46,000 in 2024 ($61,000 with catch-ups). This is a major advantage for eligible employees.

What's the difference between a 457(b) and a 401(k)?

A key 457(b) advantage is no 10% early withdrawal penalty after you separate from service, regardless of age. Contribution limits are otherwise similar.

Who is eligible for a 457(b) plan?

457(b) plans are offered to state and local government employees and some non-profit (501(c)) organization employees.

When can I withdraw from a 457(b)?

Governmental 457(b) funds can be withdrawn penalty-free once you separate from service at any age, or while employed at 59½. Non-governmental plans have stricter rules.

457(b) Calculator

By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the 457(b) calculator?

In short

A 457(b) plan lets government and non-profit employees defer up to $23,000 in 2024 ($30,500 if 50+). Contributing 10% of a $70,000 salary ($7,000/year) for 25 years at a 7% return projects to roughly $470,000.

Projects the retirement balance of a 457(b) deferred compensation plan based on your salary, contribution rate, and expected investment return.

How to use this calculator

1Enter your annual salary and the percent you contribute.
2Enter your age — those 50+ can add a $7,500 catch-up contribution.
3Set years to retirement and expected annual return.
4See your annual contribution and projected balance.

The formula

C=min(salary×pct,$23,000)

FV=C×(1+r)n−1r×(1+r)

C = min(salary × pct, 23000); FV = C × ((1+r)^n − 1) / r × (1+r)

C: — Annual contribution = min(salary × pct, $23,000)
r: — Annual return rate
n: — Years to retirement
FV: — Future value of contributions

Worked example

The scenario

$70,000 salary, 10% contribution, age 40, 25 years, 7% return.

gives

The result

Annual contribution: $7,000. Projected balance: ~$470,000.

Common use cases

State and local government employees with a 457(b) plan.
Non-profit and hospital workers maximizing tax-deferred savings.
Employees with both a 403(b) and 457(b) stacking contributions for higher limits.

Limitations & assumptions

Assumes constant salary and contribution rate over time.
Governmental and non-governmental 457(b) plans have different withdrawal and rollover rules.
Projection does not account for inflation or employer contributions, which are rare in 457(b) plans.

Frequently asked questions

The limit is $23,000 in 2024, plus a $7,500 catch-up contribution if you're 50 or older (total $30,500). Some plans also offer a special 'last 3 years' catch-up.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.

Your 457(b) plan