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How to clean line in the Deferred Compensation Plan

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deferred compensation is a benefit thats available to most corporate Executives hi Im Michelle smallenberger with financial design studio and today thats what were talking about were going to cover a few key items with deferred compensation so first what it even is and when to use it secondly what are some key timings around taxes but also then decisions that you need to make when youre going to decide to use this and then finally were going to touch on some pros and cons for this benefit and how it affects your financial plan very simply deferred compensation is income that you are earning today and youre choosing to defer that to some point in the future now theres really two reasons or two big reasons why people want to use this as a benefit first is just tax savings so very simply if today Im in the 37 percent bracket income tax bracket because of my high income I may choose to defer some of this income into a time when I might be in a lower tax bracket for example the 24

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What is the maximum allowable deferred compensation?

Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).

What percentage should I put in deferred compensation plan?

One easy way to increase your retirement savings is to contribute a percentage of your income to your Deferred Compensation Plan (DCP) account. Consider saving between 7% and 10% of your salary.

Should I max out my deferred comp?

The further in the future youre trying to estimate, the harder it is. The key is the longer you have until receiving the deferred income, the smaller amount you should defer unless its apparent there is a tax benefit to deferring more docHub amounts.

Can I withdraw money from my deferred compensation plan?

Unlike a 401(k), there are few legal restrictions on when you withdraw deferred compensation or how long you must wait to withdraw it. Employers, however, impose restrictions to keep you with the company: If you quit or get fired, you lose some of the money.

Does deferred compensation make sense?

Deferring compensation reduces your current year tax burden, which is valuable for high income earners in top tax brackets. Recognizing deferred compensation income at lower tax brackets when youre retired can save you money on taxes. Choosing to defer income is very difficult to reverse if your circumstances change.

What is included in deferred compensation plan?

A deferred compensation plan withholds a portion of an employees pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.

How do I avoid paying taxes on deferred compensation?

Depending on your plan provisions, the payment of the deferred compensation can also be structured to reduce your tax liability based on a series of installment payments or lump sum payments based on a specified time. By spreading out the payments, you potentially could reduce your income for each applicable year.

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