Do you have access to a Deferred Compensation at work or just want to know more about them?

In this video, Curt explains certain aspects of deferred compensation plans and several strategies to ensure you optimize their use.

00:00 – Start
01:58 – Employee Benefits
02:59 – Employer Benefits
05:14 – Deferred Comp Risks
07:13 – Deferred Comp Strategies
11:10 – Wrap Up

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Deferred compensation is a type of employee benefit that allows individuals to defer receiving a portion of their salary until a later date, typically after retirement. This form of compensation can be a valuable tool for individuals looking to plan for their financial future and maximize their tax savings. Here are five strategies for using deferred compensation wisely:

1. Maximize tax savings: One of the key benefits of deferred compensation is the potential for tax savings. By deferring a portion of their salary, individuals can lower their current taxable income, potentially reducing their tax burden. Additionally, the funds in a deferred compensation plan can grow tax-deferred until they are withdrawn, allowing for potential tax savings in the future.

2. Supplement retirement savings: Deferred compensation can be a valuable tool for individuals looking to supplement their retirement savings. By deferring a portion of their salary, individuals can create a steady stream of income that can be used to supplement their retirement savings and provide financial security in retirement.

3. Hedge against market volatility: Deferred compensation plans often offer individuals the opportunity to invest their deferred funds in a variety of investment options. By diversifying their investments and spreading out their risk, individuals can hedge against market volatility and potentially earn higher returns on their deferred funds.

4. Create a financial safety net: Deferred compensation can also be used as a financial safety net in case of unexpected expenses or emergencies. By deferring a portion of their salary, individuals can create a pool of funds that can be accessed in times of need, providing a financial cushion and peace of mind.

5. Consider the long-term implications: When deciding on whether to participate in a deferred compensation plan, it is important to consider the long-term implications. Individuals should carefully evaluate their financial goals, risk tolerance, and investment options to ensure that they are making the best decision for their financial future.

In conclusion, deferred compensation can be a valuable tool for individuals looking to plan for their financial future and maximize their tax savings. By following these five strategies for using deferred compensation wisely, individuals can make the most of this valuable employee benefit and secure their financial future.