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Deferred compensation is a benefit primarily available to corporate executives. Michelle Smallenberger from Financial Design Studio outlines key aspects of deferred compensation, including its definition, optimal timing, tax implications, and decision-making considerations. Essentially, deferred compensation allows individuals to earn income now but defer its receipt to a future date. This approach can offer tax savings, as one might defer income when currently in a higher tax bracket (e.g., 37%) to a time when they are in a lower bracket (e.g., 24%). The tutorial will also discuss the pros and cons of this benefit and its impact on overall financial planning.
