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Deferred compensation is a benefit typically available to corporate executives. Michelle Smallenberger from Financial Design Studio discusses the key aspects of deferred compensation, including its definition, timing related to taxes, and important decisions involved in its use. Deferred compensation allows individuals to earn income today while deferring it to the future, often for tax savings. For example, if someone is currently in a high tax bracket (37%), they might choose to defer income to a period when they expect to be in a lower bracket (24%). The tutorial also covers the pros and cons of this benefit and its implications on financial planning.
