457 plan

Okay kiddo, have you heard of something called a 401(k) plan? A 457 plan is pretty similar to that, but it's a retirement savings plan specifically for certain types of people who work for the government or non-profit organizations.

Basically, when you grow up and start working for one of these organizations, you can choose to put some of your pay into a 457 plan. That money will automatically go into a special account that you can't touch until you're older and ready to retire.

The cool thing about a 457 plan is that you don't have to pay taxes on the money you put into it right now. Instead, you'll pay taxes on the money when you take it out later in life. That can help you save even more money for retirement because you'll get to keep more of your pay and your savings will grow even faster.

So, to sum it up, a 457 plan is a special type of retirement savings plan for people who work for the government or non-profit organizations. You can put a portion of your pay into it and won't have to pay taxes on the money until you retire and start taking it out. It's a great way to save money for your future, just like a piggy bank that you can't open until you're a little older!