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Deferred compensation is a benefit primarily available to corporate executives, as discussed by Michelle Smallenberger from Financial Design Studio. The video outlines key aspects of deferred compensation, including its definition, optimal timing for use, tax considerations, and crucial decisions associated with it. Essentially, deferred compensation allows individuals to postpone their income to a future date, often for tax savings. By deferring income, executives in a higher tax bracket, such as 37%, can potentially pay taxes at a lower rate, like 24%, when they access their funds later. The discussion also includes the pros and cons of this benefit and its implications for financial planning.
