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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, tax timing, decision-making factors, and its impact on financial planning. Essentially, deferred compensation allows individuals to earn income now but receive it later, with major motivations being tax savings. For instance, if someone is currently in a high tax bracket (like 37%), they may defer income to a future period when they expect to be in a lower tax bracket (such as 24%). The discussion also touches on the pros and cons of this benefit.
