So you’re a high-ranking officer in your company or organization, and you’re enjoying generous compensation for your services. With your salary, you can be expected to enjoy the finer things in life.
While there’s nothing wrong with spending your hard-earned on whatever you want, you might also want to set aside some of it for your retirement. And with your higher-than-usual pay, you should consider a deferred compensation retirement plan.
Deferred compensation plans are typically offered to highly-compensated company officers or other high earners. In this plan, employees agree to set aside a portion of their annual salary or bonus, and all that money will grow tax-deferred until it’s paid out to the employee at a certain point in the future.
Under a deferred compensation plan, handsomely-paid employees can set aside more money than other similar retirement plans would allow. The interest on the deferred money may be shouldered by their companies. The owners of the plan may also choose from a menu of investments.
Deferred compensation, however, is not without its risks.
Call us at Bennett & Porter, and we will tell you everything you need to know about a deferred compensation retirement plan, and more.
Bennett & Porter has been helping clients manage their retirement plans and other financial concerns since 2002. With our experience in the fields of wealth management and insurance, we know than we can guide you on how to go about your retirement options, and should you go for deferred compensation, lead you to the best deferred compensation Arizona has to offer.