A 457(b) can be one of your best tools for creating a secure retirement. It provides you with two important advantages. First, all contributions and earnings to your 457(b) are tax-deferred. You only pay taxes on contributions and earnings when the money is withdrawn. Second, many employers provide matching contributions to your 457(b) account which can range from 0% to 100% of your contributions. The combined result is a retirement savings plan you can not afford to pass up.