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Deferred compensation is a benefit primarily available to corporate executives. In this tutorial, the speaker, Michelle Smallenberger, explains key aspects of deferred compensation, including its definition, timing for tax considerations, and important decisions associated with it. Deferred compensation allows individuals to earn income now while postponing its receipt to a future date. This strategy is often used for tax savings; for instance, deferring income when in a higher tax bracket (like 37%) to a time when in a lower bracket (such as 24%). The discussion will also cover the pros and cons of using deferred compensation and its implications for financial planning.
