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Deferred compensation is a benefit primarily available to corporate executives. Michelle Smallenberger from Financial Design Studio explains its key aspects, including what it is, when to use it, tax implications, decision-making considerations, and its pros and cons. At its core, deferred compensation involves earning income now but choosing to receive it at a later date. The main reasons for utilizing this benefit include tax savings; for example, deferring income can be advantageous for those currently in a high tax bracket, allowing them to potentially pay taxes at a lower rate in the future. The tutorial aims to provide clarity on how deferred compensation impacts financial planning.
