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Deferred compensation is a benefit primarily available to corporate executives, as explained by Michelle Smallenberger from Financial Design Studio. The tutorial outlines key aspects, starting with the definition of deferred compensation, which is income earned today and postponed to a future date. Two main reasons for utilizing this benefit include tax savings and reducing taxable income in a high tax bracket. The key considerations include timing regarding taxes and the decisions around when to defer income. Finally, the tutorial discusses the pros and cons of deferred compensation and its impact on an individual’s overall financial plan.
