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Deferred compensation is a benefit typically available to corporate executives, as explained by Michelle Smallenberger from Financial Design Studio. The tutorial covers several key aspects of deferred compensation, starting with its definition and purpose. It explains that deferred compensation allows individuals to earn income now but receive it at a later date, often for tax savings. Two primary motivations for utilizing this benefit include the potential to pay lower taxes in the future by deferring income until retirement when one may be in a lower tax bracket. The video also discusses important tax timing considerations, decision-making factors, and the pros and cons of using deferred compensation and its impact on financial planning.
