Easily Replace Date Field into the Deferred Compensation Plan

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How to Replace Date Field into 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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Is 401k better than deferred comp?

Deferred compensation is often considered better than a 401(k) for high-paid executives looking to reduce their tax burden. As well, contribution limits on deferred compensation plans can be much higher than 401(k) limits.

Do you have to take a RMD from a deferred compensation plan?

If you take your deferred compensation payments over a period of 10 years or more, those payments will be taxed in the state where you reside, rather than in the state in which you earned the compensation, possibly reducing your state income taxes.

What is the benefit of deferred compensation?

While taxes need to be paid on the withdrawn funds, these plans give the benefit of tax deferral, meaning withdrawals are made during a period when participants are likely to be in a comparatively lower income tax bracket. Deferred compensation plans also reduce the current years tax burden on employees.

How much should I put in deferred compensation?

Your Contributions 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. The DCP makes it easy for you to save a percentage of your income through the percent-of-pay feature.

What are the pros and cons of deferred compensation?

The Pros And Cons Of Using A Deferred Compensation Plan Deferred compensation plans can save a high earner a lot of money in the long run. These plans grow tax-deferred and the contributions can be deducted from taxable income. There are risks to these plans, such as the company declaring bankruptcy.

What Are the Benefits of a Deferred Compensation Plan?

You have to decide how much income to defer prior to the beginning of the compensation performance period (usually 12 to 24 months before you receive it)and you generally cant change your mind midyear if your circumstances change.

Can I change my deferred compensation plan?

Since the assets in a deferred compensation trust are accessible by the companys general creditors, they are treated as corporate assets for accounting purposes (i.e., shown as assets on the balance sheet).

Is Deferred Compensation a Good Idea?

Deferred compensation plans dont have required minimum distributions, either. Based upon your plan options, generally, you may choose 1 of 2 ways to receive your deferred compensation: as a lump-sum payment or in installments.

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