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Ready For Retirement

How to Supercharge Your Retirement with Deferred Comp Plans

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5706 Ratings

🗓️ 21 March 2023

⏱️ 30 minutes

🧾️ Download transcript

Summary

In this episode of Ready for Retirement, James discusses Deferred Compensation Plans and how to consider them within your overall retirement strategy. Questions Answered: How should I think about Deferred Compensation in context of my overall plan?When does it make sense to defer compensation (and when does it NOT)?How can your overall retirement strategy be improved?Timestamps: 00:00 - Introduction 2:30 - Deferred Compensation 101 3:25 - Retirement Expenses 5:04 - Tax Planning 8:...

Transcript

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0:00.0

If you're a high earner and you have the option of contributing to a deferred comp plan through work,

0:04.3

then this episode is for you, and I think you're going to find it extremely helpful.

0:08.0

Because over the next few minutes, what we're going to do is we're going to break down what a deferred comp plan is,

0:12.7

how it compares to other retirement savings options, and then some key considerations you need to know

0:17.7

so that you can use your deferred comp plan to supercharge your retirement. This is another episode of Ready for Retirement. I'm your host, James Cannell,

0:25.5

and I'm here to teach you how to get the most of the life with your money. And now, on to the episode.

0:31.8

There's lots to break down today, and I'm excited for this episode because you don't typically

0:35.1

see a ton of good information on how to make the most of your deferred comp plan. So let's jump in. But before we do, want to quickly highlight

0:41.1

the review of the week. This comes from username Thinking Listener, five-star review, and

0:45.6

Thinking Listener says, if you want to know more, learn key underlying details of financial planning

0:50.2

concepts, this is a great podcast. No empty noise or opinions, just mostly lots of

0:55.0

useful facts and clear presentation style filled with useful situation examples. Thank you very much

1:01.1

for that review. I appreciate those of you who have taken the time to do that. More and more people

1:05.1

are finding this podcast every month and it's great to see the feedback from people saying how

1:09.4

much it's impacted their ability to plan for their retirement.

1:12.3

So if you're listening, if you've enjoyed this podcast, if this has contributed in any meaningful

1:16.6

way to your ability to plan for your retirement or just overall financial situation,

1:21.2

I would appreciate if you took a few moments to click the five stars, if you're on Apple

1:25.2

podcast or Spotify, and if you're on Apple Podcasts, leave a written

1:29.0

review as well so more people can find this show. And again, thank you to all of you who've already

1:33.7

taken the time to do so. So let's jump in. And I'm excited to be back this week. I hope you enjoyed

1:38.7

the last three episodes. They were hosted by Ari Taublipe, who's the vice president at Root Financial, and he is the host of

...

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