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The Risks Of Deferred Compensation Plans The biggest downside to most of these plans is the risk of the company declaring bankruptcy. It is surprising that most, if not all, of these plans arent in a trust that cannot be touched by creditors.
What is the 10 year rule for deferred compensation?
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.
How do I avoid paying taxes on deferred compensation?
When you defer a portion of your salary, you dont have to pay taxes on that deferred money until you receive it unless youre enrolled in a Roth plan. This helps you build your savings faster than you could by contributing post-tax dollars.
Is it a good idea to have a deferred compensation plan?
Deferred comp plans are a good way to save for retirement, because of the tax advantages. But those tax advantages come with rules about withdrawals, designed to discourage you from spending the money before you retire. Please ask for a copy of plan summary, so you understand the rules for your plan.
What are the risks of deferred compensation?
The Risks Of Deferred Compensation Plans If you switch jobs you might lose the entire account or you might have to take all of the money in a lump sum, which would trigger a big tax bill. The biggest downside to most of these plans is the risk of the company declaring bankruptcy.
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What age can you withdraw from deferred comp in NY?
WHAT DOES DEFERRED COMPENSATION MEAN TO ME? It means that you may defer a portion of your salary on a pre-tax, or after-tax basis. The amount of your salary that you defer pre-tax to the Plan is not subject to current Federal or New York State income taxes.
Related links
New York State Deferred Compensation Plan
The New York State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and employees of participating employers. Our Mission: A
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